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West Africa Property Investment Summit Holds November 28



West Africa Property Investment Summit Holds November 28

By Dipo Olowookere

November 28 and 29, 2017, have been fixed for the West Africa Property Investment WAPI) Summit at the Eko Hotel & Suites, Lagos.

During the event, stakeholders will discuss ways to overcome current obstacles in the real estate industry and uncover the countless opportunities across Nigeria and the broader West African region.

It is no doubt that the Nigerian real estate sector is turning the corner as the country’s economy appears to be emerging from recession.

The easing of inflationary pressure, improved investment inflows, increased oil production and an improvement of foreign exchange liquidity, have all contributed to a positive growth outlook for the country.

Nigeria has faced strong headwinds in the past two years however, the currency uncertainty and falling oil price and production that have weighed heavily on consumer confidence are giving way.

The World Bank predicted an exit from recession this year and economic growth of 1 percent, which was later reviewed to 1.2 percent by mid-year.

The trend towards recovery is permeating throughout West Africa with the Ivory Coast and Senegal showing continued growth and Ghana’s peaceful elections cementing the country’s political and democratic maturity.

This bodes well for business in Ghana as the International Monetary Fund has pegged the country’s GDP growth at around 6 percent for the year.

“With a population of over 185 million people, strong real estate development fundamentals and a +6 percent contribution of real estate to GDP, we believe in the long-term potential of Nigeria’s real estate sector and are excited to host our conference in Lagos, says Kfir Rusin, Managing Director of API Events.

“Whilst there have been some short-term headwinds there are encouraging signs of market improvement and the summit will provide a vehicle in driving back prosperity into the local and regional property market,” he adds.

The West Africa Property Investment (WAPI) Summit is a high-calibre two-day real estate focused conference with very specific objectives related to changing the West African Narrative.

The conference aims to restore global confidence in Nigeria’s real estate sector; identify critical factors for survival and growth in a recession; highlight new funding and building solutions tailored to West Africa’s property market; and uncover emerging and untapped opportunities within the West African market.

The summit will also define a new agenda for private and public-sector partnership as a bolster for growth in the local and regional property market; outline a sustainable framework for pricing rent and services in West African retail; create a platform for dialogue and knowledge sharing between local and international stakeholders; and improve market transparency and efficiency through regulations, data capture, technology and government interventions.

With participation from over 350 delegates and 175 companies the WAPI Summit will offer insights, thought-leadership and solution-focused tools with an emphasis on driving further development and investment in the local and regional real estate market.

Key focus areas will include debt and lease restructuring in a recession, managing FX risks, uncovering emerging asset classes, navigating the new normal in West African retail, improvements in the ease of doing business and jumpstarting the Nigerian housing finance market, among other things.

More broadly, The WAPI Summit will provide the perfect platform for initiating a dialogue between West Africa’s private and public sectors.

Specifically, the co-ordination of public infrastructure development with local and global real estate investment.

“This presents Nigeria and the West African region with an opportunity to re-invigorate the country’s commercial and residential real estate sectors, and once again position itself as the number one investment destination for local and global capital,” notes Rusin.

Key government stakeholders from the Federal Ministry of Power, Works and Housing, Ministry for Industry, Trade and Investment, Lagos State Ministry of Physical Planning and Urban Development as well as the Nigeria Investment Promotion Centre are expected to attend and share insights on government projects relevant to the real estate sector.

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan. Mr Olowookere can be reached via


NGX Upgrades Price Stock Group of Eterna



price stock group of Eterna

By Dipo Olowookere

The price stock group of Eterna Plc has been moved upward by the Nigerian Exchange (NGX) Limited, Business Post reports.

In a regulatory notice on Monday, the bourse noted that it upgraded the stock category of the energy company from a low-price stock group to a medium-price stock group.

This action, according to the exchange, was necessitated after the stability in the price of the company’s equities within four of the last six months in the new price category, in line with its price methodology framework.

“Equity securities of quoted companies on the exchange (NGX) are classified into three stock price groups or categories; high-priced, medium-priced, and low-priced stocks, based on their market price.

“In this regard, securities must have traded for at least four out of the most recent six-month period within a stock price group’s specified price band to be classified into the category.

“Accordingly, a review of Eternal Plc stock price and trade activities over the most recent six-month period provides the basis for reclassifying the security from the low-priced stock group to the medium-priced stock group.

“This reclassification also necessitates the attendant change in the tick size change from N0.01 kobo to N0.05 kobo, in line with Rule 15.29: Pricing Methodology, Rulebook of the exchange, 2015 (trading license holders’ rules),” the statement from the platform stated.

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Unlisted Securities Investors Gain N18.29bn in Five Days



unlisted securities investors

By Dipo Olowookere

It was another positive week for unlisted securities investors in Nigeria as they smiled home with N18.29 billion last week on the floor of the NASD over-the-counter (OTC) Securities Exchange.

This was buoyed by the 1.98 per cent week-on-week growth recorded by the alternative bourse in the country during the five-day trading week, which had five stocks closing on the gainers’ chart, with none on the opposite table.

Data harvested by Business Post indicated that FrieslandCampina Wamco Nigeria appreciated by 10.44 per cent to settle at N69.00 per unit. UBN Property Gain 7.14 per cent to trade at 75 Kobo per share, Niger Delta Exploration and Production improved by 6.95 per cent to N200.00 per unit, Geo-Fluids rose by 6.12 per cent to N1.04 per share, and Central Securities Clearing System (CSCS) increased by 3.85 per cent to N13.50 per unit.

In the week, the volume of trades declined by 35.51 per cent to 24.5 million units from 62.6 million units, the number of deals went down by 12.82 per cent to 66 deals from the preceding week’s 71 deals, while the value of transactions increased by 122.48 per cent to N96.6 million from N87.6 million.

The most active security for the week by volume was Geo-Fluids, with the sale of 20.0 million units, followed by UBN Property with 3.4 million units. FrieslandCampina traded 581,021 units, CSCS transacted 375,512 units, and VFD Group exchanged 111,104 units.

However, the most active equity by value for the week was FrieslandCampina, with a sale of N38.5 million. VFD Group recorded N27.2 million, Geo-Fluids traded N20.7 million, CSCS transacted 5.1 million, and UBN Property traded N2.6 million.

Data showed that the NASD unlisted securities index (NSI) increased in the week by 13.92 points to 717.15 points from 703.23 points, as the market capitalisation grew by N18.29 billion to N942.35 billion from N924.06 billion.

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Nigeria’s External Reserves Shed 0.14% to $37.020bn



Nigeria's external reserves

By Aduragbemi Omiyale

In one week, Nigeria’s external reserves depreciated by a marginal 0.14 per cent to $37.020 billion from $37.070 billion in the preceding week.

Data obtained by Business Post from the Central Bank of Nigeria (CBN) disclosed that the balance in the coffers was as of Thursday, February 2, 2023.

The FX balance in the country’s purse was supposed to expand during this period when prices of crude oil were relatively stable, but this has not been the case because of low production.

Nigeria relies heavily on the sale of crude oil to earn forex, which is currently scarce in the country, putting the Naira under pressure.

The federal government has blamed low crude oil output on the theft of the commodity and has promised to make efforts to address the issue.

Recall that in August 2022, Nigeria’s crude oil production plunged below one million barrels per day (972,394 bpd), the lowest ever in several years.

However, according to the Organisation of Petroleum Exporting Countries (OPEC), the output improved by 171,000 barrels per day in November to 1.186mbpd, though about 700,000 barrels per day less than its quota for the month.

The Minister of Finance, Budget, and National Planning, Mrs Zainab Ahmed, said the federal government plans to improve the country’s crude oil production to 1.6 million barrels per day by the first quarter of 2023.

It is believed that this would boost the FX earnings of the nation and bolster the reserves and the local currency in the foreign exchange market.

Last week, the Nigerian Naira depreciated against the United States Dollar on a week-on-week basis by 25 Kobo or 0.05 per cent to N461.50/$1 compared with the preceding week’s N461.75/$1.

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