Economy
Currency Flotation to Benefit Morocco’s Real Estate Market—JLL
By Modupe Gbadeyanka
A new report by JLL has thrown its weights behind the floatation of currency by the Moroccan Central Bank (Bank Al-Maghrib), saying it would benefit the nation’s real estate industry.
Recall that earlier this year, Bank Al-Maghrib introduced the gradual floatation of the Moroccan Dirham, providing more flexibility to real estate investors and paving the way for a more buoyant real estate market in the year ahead.
According to JLL’s Morocco 2018 report, the bank widened the official band within which the dirham may fluctuate to 5 per cent, with a maximum daily move of 2.5 per cent above or below the official rate.
As part of a broader monetary reform, this move is intended to bolster the competitiveness of Morocco’s economy and will potentially position the country as a regional economic hub, and the gateway to Africa.
The Moroccan economy is expected to record real growth of 4 per cent in 2018, primarily driven by increased domestic consumption and public investment, highlights the report. The economy has attracted increased levels of FDI yearly since 2005 (with the exception of 2015) with real estate attracting around half of the total FDI.
The significant increase in FDI aligns with the Moroccan government’s Vision 2020 outlining Morocco’s goals of becoming one of the world’s 20 leading tourist destinations by 2020.
Almost 40 per cent of foreign investment is from the GCC region, with a significant proportion of this total being invested in the real estate sector.
“The reforms introduced by the Moroccan government, will have a ripple effect on the real estate sector, as investors across all sectors now have the opportunity to be more flexible in their decision making,” said Craig Plumb, Head of Research, JLL MENA.
“If the currency softens against the Dollar and the Euro, this will effectively make Moroccan property cheaper for investors from markets denominated in these currencies and attract further FDI into the real estate sector across Morocco and most specifically into Casablanca,” he added.
Another factor likely to result in additional investment into the real estate sector is the launch of REIT’s that will reduce the level of investment required to own real estate and therefore expand the market to a wider range of investors.
Although there are no listed REITs on the Moroccan stock exchange as of yet, the merger of VLV and Petra in 2017 resulted in the creation of a new commercial real estate platform comprising of 27 assets (with a total GLA of more than 215,000 sq m) across 15 cities in Morocco.
Grit real estate income group (previously known as Mara Delta) has also announced plans to list its Moroccan assets separately as a REIT (with Anfa Place being a prime asset in its portfolio).
“REITs will boost the demand for investment in the office market. Casablanca is Morocco’s main commercial centre and has a significantly bigger office market than the capital Rabat. With many national and international companies located in the city there is a growing need for modern office space in Casablanca,” said Craig Plumb.
The retail market in Casablanca is largely dependent on street retail, however, organised retail malls are becoming increasingly preferred, reflected in the high footfall levels across major centres such as Morocco Mall and Anfa Place Shopping centre. “The continued move towards retail malls will create future opportunities for both developers and investors,” said Plumb.
Casablanca’s hospitality market is largely dependent on business travellers and has relatively limited hotels in the luxury segment. Occupancy rates recovered in 2017 from 62% in 2016 to 66% in 2017, owing to the performance of the 4-start hotel segment catering to conferences and exhibitions across the city.
“With the government’s vision 2020 of converting Morocco into one of the world’s hottest tourist destinations by 2020, occupancy rates seem to be growing positively. We look forward to seeing strong results in the hospitality market this year as performance shows an upward trajectory,” he added.
Being the gateway location between Europe and Africa, Morocco has attracted a number of major international manufacturers such as Renault Nissan investing in the key industrial areas. The government launched an industrial acceleration program in 2014, which is designed to generate half a million jobs in the industrial sector that will in turn significantly increase Morocco’s GDP as well as providing further opportunities for real estate developers and investors.
By Dipo Olowookere
It was bearish start of the week for the Nigerian Exchange (NGX) Limited after it printed a marginal 0.01 per cent loss on Monday due to mild profit-taking.
It was observed that the 0.47 per cent decline recorded by the consumer goods index and the 0.06 per cent shrink posted by the insurance counter crumbled the Nigerian bourse during the session, as they overpowered the gains achieved by the other key sectors of Customs Street.
The banking space grew by 0.28 per cent, and the energy industry expanded by 0.06 per cent, while the commodity and the industrial goods indices closed flat.
At the close of business, the All-Share Index (ASI) decreased by 17.00 points to 166,112.50 points from last Friday’s 166,129.50 points and the market capitalisation contracted by N11 billion to N106.343 trillion from the previous session’s N106.354 trillion.
Industrial and Medical Gases gave up 9.95 per cent to sell for N34.85, Haldane McCall lost 9.88 per cent to close at N3.83, LivingTrust Mortgage Bank depreciated by 9.57 per cent to N4.44, Ikeja Hotel slipped by 7.28 per cent to N32.50, and Union Dicon dipped by 5.26 per cent to N9.00.
Conversely, Learn Africa gained 10.00 per cent to sell for N7.15, Champion Breweries appreciated by 10.00 per cent close at N19.25, NCR Nigeria also grew by 10.00 per cent to N141.40, Trippe G jumped by 9.94 per cent to N5.86, and Neimeth soared by 9.90 per cent to N11.10.
Business Post reports that 45 stocks ended on the gainers’ log during the session and 24 stocks finished on the losers’ chart, representing a positive market breadth index and strong investor sentiment.
Traders bought and sold 629.6 million shares worth N14.8 billion in 57,858 deals on Monday versus the 539.9 million shares valued at N16.7 billion transacted in 48,023 deals last Friday, showing a moderation in the value of trades by 11.38 per cent, and a spike in the volume of trades and the number of deals by 16.61 per cent and 20.48 per cent apiece.
Secure Electronic Technology led the activity log with 83.3 million equities valued at N98.2 million, Access Holdings traded 52.9 million units worth N1.2 billion, Jaiz Bank exchanged 39.7 million units for N339.1 million, Tantalizers sold 34.2 million units valued at N103.1 million, and Fidelity Bank transacted 23.7 million units worth N473.5 million.
By Adedapo Adesanya
The oil market steadied on Monday as civil unrest in Iran subsided, reducing the likelihood of a US attack that could disrupt supplies.
Brent crude was up by 4 cent or 0.02 per cent to $64.14 a barrel while the US West Texas Intermediate traded at $59.44 a barrel due to a US federal holiday in honour of Martin Luther King Jr.
Pressure eased from last week’s highs over Iran tensions and its handling of the protests started to ease and US President Donald Trump appeared to back off from a strike on Iran, for now.
Officials say over 5,000 people have been killed in the protest which was sparked by economic conditions and graduated to call for a regime change in the country which is a member of the Organisation of the Petroleum Exporting Countries (OPEC).
Meanwhile, President Trump stirred a commotion in another part of the world after saying the US would slap tariffs on its European and NATO allies Denmark, Norway, Sweden, France, Germany, the United Kingdom, The Netherlands, and Finland, for supporting Greenland’s status as an autonomous Danish territory.
The return of the US-EU tariff row, now over Trump’s obsession to take over Greenland, threatens to return the cross-Atlantic trade row as European leaders have suggested the EU could pull out of the trade deal with the US.
The European leaders will convene in Brussels, Belgium, on Thursday for an emergency summit.
Following renewed threats from the US against Greenland, gold and silver prices jumped on Monday, while European equities fell. However, as Greenland does not produce oil, market analysts noted that there is no direct connection for crude markets.
Also, the Dollar eased against the safe-haven Yen and Swiss Franc on Monday on concerns about the possible trade war between the US and Europe.
The market was also looking at the risk of damage to Russian infrastructure and distillate supplies at a time when colder weather is forecast to cross North America and Europe, adding to market unease.
By Modupe Gbadeyanka
The Governor of Lagos State, Mr Babajide Sanwo-Olu, on Monday signed the 2026 appropriation bill of N4.45 trillion into law.
At the signing ceremony in Alausa, Ikeja in the presence of his deputy, Mr Femi Hamzat, the Governor thanked the Lagos State House of Assembly, led by the Speaker, Mr Mudashiru Obasa, for passing the 2026 budget christened Budget of Shared Prosperity.
He said though the appropriation bill was increased from N4.2 trillion to N4.45 trillion, this only showed the independence of the parliament, promising that the executive arm of government will accountably implement the bill.
“On behalf of the people and the government of Lagos State, let me thank the House of Assembly. This is a budget that you have had your full input into, you have scrutinized, you have dissected, and you have taken your time to do the very constitutional provision, which is enshrined in our constitution. I want to thank you for the work you have done.
“You will notice that there is a slight increase from what we put forward, but that goes to show that the independence that you have, and the fact that you believe that Lagosians actually also deserve more, and the fact that you believe that we also can do more. So we’re excited and we’re happy with the way that you have brought it forward here to us.
“For us in the executive, it is another opportunity for us to be able to work together. It is a budget of shared prosperity that has been properly christened, and sharing prosperity means that it’s an inclusive government, it’s a budget that must carry everybody along irrespective of what part of the state, what division in the state, what sector you are from you must feel governance, you must feel the essence of why we’re in government in one form or the other,” Mr Sanwo-Olu said.
The Speaker, represented by the Majority leader of the Lagos Assembly, Mr Noheem Adams, praised the Governor for his people-oriented policies.
Business Post recalls that on November 25, 2025, Mr Sanwo-Olu presented a proposed to spend N4.237 trillion this year, higher than the N3.366 trillion approved for 2025.
But the lawmakers increased the budget to N4.445 trillion and passed it on January 8, 2026, and transmitted to the Governor for assent.
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