Wednesday, 22 February 2023

Nigerians lead Dubai property investors as market recovers




 


Yemi Olakitan


Despite the worldwide economic downturn, high-net-worth individuals, especially Nigerians, invested in Dubai, boosting the luxury market and setting a new record of 90,881 residential sales in 2022.


According to CBRE, the overall amount of transactions in Dubai reached 8,662 in December 2022, up 63% from the previous year.
Off-plan sales rose 92.5 percent and secondary sales 35.4 percent.


2022 smashed several residential market records in Dubai.
Almost 10,000 residential transactions exceeded the 2009 high.
In 2022, apartment and villa rents rose 27.1 percent and 24.9 percent, respectively, reaching historic highs.


In December 2022, average property prices jumped 9.5 percent and average apartment prices rose 9.0 percent, according to the data.
Average villa prices rose 12.8% throughout the same period.
Dubai's average apartment and villa prices were $318 and $377 per sqft in December 2022.


The average apartment and villa prices are 21.5 percent and 4.2 percent below the 2014 record highs.
Palm Jumeirah's villa sales rate per square foot is $1,067, whereas Jumeirah's apartment sales rate is $632.


Rents rose 26.9% in 2022. Average apartment and villa rents rose 27.1 and 24.9 percent, respectively. The Palm Jumeirah has the highest annual apartment and villa rents at $67,644 and $277,000, respectively.


Dubai's strong economic growth has driven demand for residential and commercial real estate, according to a JLL poll.


Foreign investment in real estate has grown due to the government's programmes and laws.
Dubai Land Department (2020) announced real estate sales above AED 257 billion.


Dubai's tax rules and reputation as a global business and tourist hub have also helped its real estate market.


The numbers show that Nigerians invest heavily in Dubai real estate.
Nigerian investors were fifth in the Dubai real estate market in 2018, with 1,092 deals worth AED 4.6 billion (roughly $1.25 billion), according to the Dubai Land Department (Dubai Land Department, 2018).
This shows that even though there were fewer transactions than in other countries, their value was still high.


Nigerians were the second-largest foreign buyers in Dubai's real estate market in 2019, with 1,824 deals totaling AED 7.2 billion (roughly $1.97 billion) (Dubai Land Department, 2019).
The volume and value of transactions increased significantly over the previous year.
These figures show that Nigerian real estate investment in Dubai is growing.


Dubai apartment sales drive the market.Villas and townhouses remain popular.
Location, price, and facilities might affect the appeal of city home styles. Most properties are multi-use and holiday rentals.


Real estate specialists, notably estate surveyors and valuers, claimed Nigerians are driven to the Dubai real estate market due to its security, stability for investment, and low property prices compared to other large cities.


Dr. Samson Agbato, Director, Faculty of Environmental Studies, Moshood Abiola Polytechnic, Ogun State, said: “One aspect is the reputation of Dubai as a secure and reliable site for investment, which is particularly enticing to Nigerian investors who may be searching for a shelter for their wealth.


Dubai is a global business and tourist hub, offering many alternatives for Nigerian investors seeking a stable and growing city.


An estate surveyor and valuer, Agbato, also attributed Dubai's appeal to its low property prices compared to other large cities.
“This may make it cheaper for Nigerian purchasers to acquire property in Dubai, which leads to better returns on investment,” he said.


He said: “Dubai's solid economy, stable political climate, and cutting-edge infrastructure may attract wealthy Nigerians to real estate investments.
Dubai's status as a global commercial and tourist hub may also attract real estate investors.


The city's tax-free status and lack of foreign property ownership restrictions may attract wealthy Nigerians.
Dubai's real estate industry attracts international investors due to its high returns on investment and possibilities for capital gain.


Ademola Adetola, ACMV Secretary, said high-net-worth Nigerian investors are fleeing to Dubai due to the naira's depreciation.


The naira's fall makes Nigerian investors important.
He said informed investors seek to avoid portfolio and capital value losses.





"The city's real estate has continued to remain solid and steady, bucking global markets slowdown and recession trend," he said.
The current epidemic, rising taxes, cost of living problem, natural disasters, and Russia-Ukraine war have driven many citizens seeking protection for their families and businesses to travel to Dubai, the top destination for high-net-worth migrants.


Dubai's world-class education, healthcare, security, and property ownership make it appealing.
According to the UBS Bubble Index, the city gives investors one of the finest global values.


The city has benefited from increasing oil costs, which are driving worldwide inflation, and cash purchasers make up more over 70% property purchases, according to Better Homes data.


He added that the international character of the business caused property values and prices to soar in the city, yielding 6.5 percent average rental returns despite meltdowns in most other countries.


Emeka Okoronkwo, Principal Partner of Emeka Okoronkwo & Associates, remarked that established and stable structures attract economic investments. It determines expected returns.
The Dubai design was well thought out, and all funnels that will produce traffic to sustain and yield predicted returns in their real estate industry are effective.


They developed a globe tourism thrill centre with a supportive airline and visa system and time-share property ownership.
Since they appreciate, Nigerians invest a lot on them.
"It generates enough returns and affords them a lifestyle they can enjoy more easily than in Europe or America," he continued.

Wednesday, 16 November 2022

History Beckons and I will not be Silent (Part 1) By Chukwuma Charles Soludo, CFR

 14th November, 2022


 



 

 



 

 

My attention has been drawn to some of the tirades on social media following my frank response during an interview on Channels TV regarding the “investments” Mr. Peter Obi claimed to have made with Anambra state revenues. Sadly, several of the comments left the issue of the interview to probe or suggest motives, inferred from my response on “investment” that I am opposed to Peter Obi’s ambition and therefore committed a “crime” for which the punishment is internecine abuse and harassment even to my family. Some people even suggest that the gunmen who went to attack a checkpoint at my hometown on Saturday 12th November but were gunned down was part of the mob reaction. I used to think that for decent people, certain conducts are off-limits, and that in Anambra, politics is not warfare.

 


Of course, as a Christian, I know that telling the truth can be very costly, even suicidal. Our Lord and saviour was crucified simply for telling the truth the people did not want to hear. I promised that I won’t be the usual politician, and will not knowingly lie to the people. I am not an Angel but rather than knowingly repeat the same deceitful character that politicians are known for, I would leave public office. It is a vow I made to my God and to my family. Only God knows how many days I will be on this seat but whether I am on it or not I will always say it as it is--- knowing fully the suicidal consequences of telling the truth in a political arena, especially in a country where lying and deceit by politicians have become culture and celebrated as being “smart”.

 


Ideally, I should just have laughed off the infantile exuberances as many friends advised (I am used to this, having been in the ‘Arena’ for a while). I always re-read the quote “The Man in the Arena…” by President Theodore Roosevelt (1910) to remind myself of the burden of public office. Several well meaning Nigerians and Ndigbo called to advise that I should just ignore them. A respected Igbo elder-statesman who called, advised that I should just ignore what he described as “Peter Obi and his social media mob”. According to him, “everyone knows that he is going nowhere, but they are looking for who to blame”. After some 20 minutes of discussion, he advised that I should personally author a response— just for the records.

 


Everyone knows that I don’t follow the winds nor one to succumb to bullies, nor shy away from a good fight especially when weighty matters of principles and future of the people are involved. One lesson I learnt from my former boss and mentor, President Obasanjo, is never to be on the fence. I learnt that one must always take a stand: for better or for worse. I do so with every sense of humility, and leave history to judge. Most people have commended me for “tactfully avoiding being drawn into the Peter Obi issue” until now.  Since I am now being forced into the Arena on this matter, I have a duty and a right of reply, if only for the records, and to also give the social media mob something substantive to rant upon and rain their abuses for weeks. In this preliminary response, there are some things I will refrain from saying here because, in the end, February/March 2023 will come and go, and life will continue.

 


At the outset, let me state that this exhibition of desperation, intolerance and attempt to bully everyone who expresses the slightest of dissent is reprehensible. This is Hitler in the making. When the revered Arch Bishop Chukwuma stated that in Enugu State, they were not obedient, he was ferociously bullied on social media. Any dissent is tagged a saboteur or, in my case, it could be that I want to contest for president after office or that I am envious of Peter Obi. Soludo envious of Peter Obi? Totally laughable! But this is the same person I was asking to return to APGA in March 2022 and contest for president and yet envious or doesn’t want him to be president. This is madness! Seriously speaking, the obdurate attempt to muscle the republican Igbos to maintain the silence of the graveyard is antithetical to everything Igbo. It is not who we are. Insulting other ethnic groups and religions or denigrating others is certainly not the path to Aso Rock. If this is not checked, it may indeed endanger the future political and economic interests of the Igbos.

 


In his time, Dr. Nnamdi Azikiwe was the undisputed all-time leader of the Igbos but he had his arch-rivals and even independent candidates won landslide elections against his party, NCNC, in Igboland. Obafemi Awolowo had stiff opposition among the Yorubas while Ahmadu Bello had his share of opponents in the Northern region. Today, no one has accused Afenifere or other strong presidential candidates from the South West of being “anti-Yoruba” because Tinubu is a frontrunner, nor has anyone accused Kwankwaso and several other Northern candidates of being “anti-North” for not supporting Atiku. As a full-blooded republican Igboman and democrat, I reject this despotic intolerance.

 


Yes, I fully understand the anger of some urban and Diaspora youths and some Nigerians who are dissatisfied with the trajectory of the country or with the candidates of the major parties and wished other options. Not knowing much about others, some see Peter Obi as the contrast they wished for. I get the point. But this is a democracy: the minority will have their say, but the majority their way. Translating anger and social media agitation into political outcomes requires humongous work.

 


For full disclosure, let me state that Peter Obi and I are not just friends, we call ourselves “brothers”. But we have political differences: he left APGA for PDP after his tenure as Governor while I have remained in APGA since 2013. During the last two governorship elections in Anambra in 2017 and 2021, he led the PDP campaigns but APGA won a landslide in both elections. By the way, in 2016, he visited and proposed that I defect to PDP and contest the 2017 election against the incumbent Willie Obiano, but I declined. After my victory in November 2021, he called to congratulate me as I did to him in 2010. That is the Anambra way: we fight fiercely during campaigns but share drinks at the next social events. After all, it was the great Zik of Africa who taught us that in politics, there are no permanent friends or permanent enemies but only permanent interests.

 


We sat next to each other during the Emeka Anyaoku lecture at Nnamdi Azikiwe University on 8th March, 2022 and I made an offer for him to return to APGA and contest as its presidential candidate. Yes, I did. In my mind, it was time for the Igbos to organize their region politically before stepping out to bargain power with other organized coalitions. On his part, he tried to convince me that he expected APC to unravel while PDP would be the “only one” standing. We debated and he proposed that we could meet later to discuss further. He attended my inauguration on March 17.  A few weeks later, he requested and I obliged him to use the Anambra State government house facility to launch his presidential bid under PDP.  I was surprised to read in the news later that he had defected to LP (a party with literally zero structure), thereby attempting to weaken the same PDP he saw as the saviour a few weeks earlier. He paid me a courtesy call as the presidential candidate of LP, and we had frank discussions.

 


During our meeting, I reminded him of my proposal to him to come and contest under APGA. More importantly, I told him (possibly to his surprise) that I did not make the proposal in the belief that he will win in 2023 but that it would give us the opportunity to get our people organized as a bargaining force, with him leading the effort since I was busy as Governor (my immediate predecessor, Willie Obiano had indicated to me that he was not disposed to contest an election). We noted that we were in opposing political parties and in response to my direct question as to how I might help him, he requested that I should just ensure a “level playing field” and let the people decide. In fidelity, my government has provided the atmosphere for him and his supporters to operate freely in Anambra without any molestation (compare with treatments to LP even in other South East states), and allowed his billboards which are, in many places, wrongly placed almost on the roads.  As a person, I have several shortcomings but being petty is not one of them. We have shown him tremendous goodwill—which he did not extend to the same Labour Party when he was Governor (Senator Ifeanyi Ubah, as LP governorship candidate in 2013 was denied the use of Ekwueme Square for his rallies).

 


Someone reminded me that a mob has no head and hence cannot reason. The same Peter Obi was one of those who told Ndigbo that APGA was the vehicle through which Igbos would organize to engage the rest of Nigeria politically. He was said to have sworn to Ojukwu and publicly that he would quit politics the day he leaves APGA. The rest is history. When he was the Vice-Presidential candidate under PDP in 2019, the emotive train then dubbed the ticket “the Igbo project”. As the chairman of the planning and strategy committee of Ohanaeze Ndigbo Worldwide, I cautioned for a more pragmatic approach but the emotive blaze of the time held sway. We were vindicated afterwards.

 


By the way, APGA is Nigeria’s third largest political party today (after APC and PDP, it is the only other party with a state governor and third largest presence at the National Assembly). And some people have the temerity to suggest that APGA’s candidate should “step down” for Peter Obi as the “Igbo candidate”. I wonder when Igbos met to choose a candidate. They even argue that afterall APGA supported President Jonathan and did not field a candidate then. Well, the fact as I was told was that no candidate showed interest under APGA then. Besides, APGA’s unwritten rule then was to support the party at the centre --- which, if we apply this time, should actually be APC. But we have our own candidate. Recall that all the political parties had their primaries during the same period. Once Peter Obi realized that he won’t get the presidential or vice-presidential ticket of PDP he ran to Labour Party (a political party known as a transit camp for aspirants who lost primaries in APC, PDP and APGA), and the chorus by a vociferous minority now is that LP has become the “Igbo project”, and the APGA candidate who emerged the same time as Peter Obi should “step down”. Ridiculous! Now I truly understand that a mob cannot reason.

 


When will Ndigbo understand and learn politics, especially of Nigeria? When Bola Ahmed Tinubu defied the political wind of the time and stood out as the “only man standing” in AD and later AC (before ACN) against a sitting president of Yoruba descent, no one accused him of being “anti-Yoruba”. Indeed, everyone recalls that both Tinubu and President Obasanjo disagreed politically, and probably still disagree—but none is being accused of being “anti- Yoruba”. Under Tinubu, the South West strategically organized under a different political party, the ACN and went into a formidable alliance that kicked out a sitting president (in Africa?), and that alliance is not broken yet. Igbos, in their frenzied Nzogbu nzogbu politics, have sadly found themselves in a political cul de sac. Tragic indeed! When will my people smell the morning coffee?

 


Let me now address the substance of my response during the interview, and I stand by what I said. On record, I doubt that any governor in Nigeria has paid as much tribute to his predecessors as I have done during campaigns and in office. I always said that ALL of them did well and to the best of their abilities. Yes, Peter Obi was governor for 8 years (2006 -2014) during a period of unprecedented oil boom and prosperity in Nigeria (the Nigerian economy was growing at an average of 6-8% per annum, and oil price was highest during this time). I have seen all kinds of funny comments and interpretations regarding what I said about the value of his “investments”. Some refer to SabMiller and bandy all kinds of figures as to how the investment of $12 million is now worth less than $3 million. Of course, there is room for legitimate debate about the logic or quality of the investments. For example, people might differ as to the propriety of using taxpayers' money to promote a company in which one is a shareholder in the name of “investment”, or even whether so-called “savings” are warranted when there were dozens of schools without roofs or classrooms, or local governments without access roads or hospitals without doctors/nurses. A Bishop recently publicly advised that I should please try to construct the “Ngige type of quality roads”, stating that the ones done by his successor (that is, Peter Obi) had washed off, while Ngige’s remained. I promised and we are delivering quality roads that Anambra has not seen before.

 


For sure, prudence in public resource management is desirable and we are opening new frontiers in that area. People will however differ as to whether saving money in the bank account is a KPI (key performance indicator) for a government where poverty is escalating except where its institutions for absorption are weak or where the government has no robust/big agenda for transformation. Governments exist to save lives, not to save money. We can debate and differ on this--- (by the way, I know when/how it is appropriate to “save” as I built Nigeria’s foreign reserves from $10 billion I inherited to all time $63 billion, and even after paying $12 billion to pay-off Nigeria’s external debt and going through unprecedented global financial crisis, I still left behind about $45 billion--- Go and verify!).

 


Funny, in the rabid frenzy to grab every straw, they cut a clip during our governorship debate where I was stating vital statistics and they claimed that I was “praising” Peter Obi then while committing a crime now by “criticising” him. Hahahaha! Well, it is true that I said during the debate that, according to National Bureau of Statistics, poverty in Anambra actually grew (from less than 25% in 2005) to about 53% under Peter Obi in 2010/2011 but fell under Willie Obiano to 14.78% in 2020. Yes, poverty more than doubled under Peter Obi and more than 50% of Ndi Anambra were in poverty under him. Go and verify! I am Governor, and sitting on privileged information which I will not want to use against a political opponent. But on matters of facts, I will always state same as is. As the saying goes, you can fool some of the people some of the time but never all the people all the time. Enough said for now!

 


Where do we go from here? I listened to my friend Gov El-Rufai on TV explaining why the northern governors decided that power should shift to the South. According to him, they asked themselves what would their founding fathers—Ahmadu Bello, Tafawa Balewa or Aminu Kano have done in the circumstance. Today, I ask my people, Ndigbo: do we ask what Azikiwe or M.I. Okpara or Akanu Ibiam would do in the present circumstance? I worry that Ndigbo as Nigeria’s foremost itinerant tribe and with the greatest stake in the Nigerian project does not yet have a strategy to engage Nigeria—politically! Every four years, we resurface with emotive Nzogbu Nzogbu political dance (“it is our turn dance” but without organization or strategy) and fizzle out afterwards while others work 24/7 strategizing and organizing.

 


Let’s be clear: Peter Obi knows that he can’t and won’t win. He knows the game he is playing, and we know too; and he knows that we know. The game he is playing is the main reason he didn’t return to APGA. The brutal truth (and some will say, God forbid) is that there are two persons/parties seriously contesting for president: the rest is exciting drama! That many Americans may not like the fact that Joe Biden (79 years) and Donald Trump (76 years) are two frontrunners for president in their parties does not remove the fact that if both of them emerge as candidates, definitely one of them will be president in 2024.

 


As my brother, I wish him well and even pray for him. I told him during his courtesy call that my prayer is that himself or Prof Umeadi of APGA would win, why not? That is from my heart, but I also told him that my head and facts on the ground led me to know that it’s probability is next to zero (what I cannot say before you, I won’t say behind you). So I already told him my opinion. Indeed, there is no credible pathway for him near the first two positions, and if care is not taken, he won’t even near the third position. Analysts tell him you don’t need “structure” to win. Fantasy! Of course, LP won governorship elections in Ekiti and Osun on social media and via phantom polls, while getting barely 2,000 votes on ground. Creating a credible third force for presidential election in Nigeria requires a totally different strategy and extreme hard work.

 


Of course, Peter Obi will get some votes, and may probably win in Anambra state--- as “home boy”. But Anambra is not Nigeria. If he likes, I can even campaign for him but that won’t change much. From internal state by state polling available to me, he was on course to get 25% in 5 states as at August this year. The latest polling shows that it is down to four states, and declining. Not even in Lagos state (supposed headquarters of urban youths) where Labour Party could not find candidates to contest for House of Reps or Senate. The polls also show that he is taking votes away mostly from PDP. Indeed, if I were Asiwaju Tinubu, I would even give Peter Obi money as someone heading one of the departments of his campaign because Obi is making Tinubu’s pathway to victory much easier by indirectly pulling down PDP. It is what it is!

 


The current fleeting frenzy, if not checked, will cost Ndigbo dearly for years. The South East has the lowest number of votes of any region, but it is also the only region where the presidential race might be a 4-way race (it is a two-way race in the other 5 regions) thereby ensuring that our votes won’t count in the making of the next president of Nigeria. Afterwards, we would start complaining that we don’t get “what we deserve” or cry of marginalization. During the 2019 presidential election, the five South East States were united for PDP but contributed merely 1.6 million votes to PDP which was about the votes that Kano state gave to Buhari. The emotions might run to heavens but politics-power is about cold calculations, organization and building alliances for power. In a democracy, it is a game of numbers. So far, I don’t see any of these--- and 2023 might again be a wasted opportunity for Ndigbo! What is our Plan B when Peter Obi loses in February 2023? Some people prefer that we should play the Ostrich while Peter Obi toys with the collective destiny of over 60 million Igbos. Yes, you pray that he wins, but what if he fails as he is certain to? The Bible says that my people perish for lack of knowledge. As the saying goes, only those who Plan can control the future. Ndigbo, wake up and smell the coffee!

 


What would Zik of Africa or M.I. Okpara do in this circumstance? Our founding fathers understood that in politics, you don’t get what you deserve but what you bargain/negotiate, and you negotiate with your organization and VOTES. Not social media militancy or bullying (where over 90% of actual voters are not on social media)! Our fathers built alliances with other major political parties in other regions (not with socio-cultural groups that don’t command any votes), and Ndigbo were in the reckoning in the first and second republics. After the elections, we will see how many votes any of the leaders of the socio-cultural groups will get for Peter Obi from their wards. Sometimes I even sense a conspiracy to nudge us on a path to nowhere thereby further pushing us into irrelevance, and I pray that I am wrong. Just my two cents!

 


It is not too late for Ohanaeze Ndigbo and progressive Igbo leaders to pre-emptively start charting a pragmatic future for Ndigbo in Nigeria after the elections.  Armchair social media analysts can have the luxury of fantasizing with wild speculations. Right or wrong, they earn their pay and with no consequences. For us as leaders, the lives of tens of millions are at stake. We have a historic duty to act and being silent or politically correct is not an option. For starters, Ohanaeze should study the report of my committee (planning and strategy) in 2019. It may still be relevant today. Second, Ndigbo should seriously study the MoU signed at the Yar’Adua Centre in 2010. The leader of Igbo Political Association, Chief Simon Okeke and our members are still there. Thirdly and for me, Ndigbo should strategize and bargain especially with the TWO candidates likely to be president on at least four central issues:

 


A) Lasting peace and security in the South East, including the release and engagement with Nnamdi Kanu.

 

B)South East Economic transformation agenda and the FGN’s Marshall Plan for the South East as promised since the end of the Civil War (the post war ‘reconstruction’). We appreciate the Second Niger Bridge and recent contract for MTN to reconstruct the Onitsha-Enugu expressway. But the rail-lines to the five state capitals, speedy access to the sea, highways linking South East to the North and South South, addressing our existential threat as gully erosion capital of Africa, Free Trade and Export Processing Zones, etc.

 

C) Restructuring Agenda for Nigeria that devolves powers/resources to the subnational entities and in which it would no longer matter where the President comes from.

 

D) Levelling the playing field for the unleashing of the private sector and the full participation of Ndigbo in the economic and governance space; etc.

 


To conclude, let me once again wish my brother Peter Obi good luck. He should have fun and enjoy the fleeting frenzy of the moment. But he must moderate the desperation as exhibited by his social media mob. There is a limit to propaganda. A mob action often reflects the character of its leader. No one has a monopoly of social media violence, and no one should play God. Life won’t end by February/March 2023. 


I hope that after February 2023, Peter Obi will return to APGA (the party that made him everything he is political) as I offered him on 8th March 2022 and begin the hard work, if he truly wants to be president of Nigeria. It won’t happen by desperately jumping from one party to another or by unleashing a social media mob on everyone who slightly disagrees with you. I decided to pen my views personally -- again for the records. On this, I don’t mind being a one-man minority. As history beckons, my conscience and sense of duty to my people dictate that I should never be silent. I will happily accept the judgment of history for standing by the truth!

Sunday, 6 November 2022

Another Win for Nigeria: A British Nigerian Becomes Minister in the UK Government


 


Kemi Badenoch was appointed Secretary of State for International Trade and President of the Board of Trade on 6 September 2022. She was also appointed Minister for Women and Equalities on 25 October 2022.

Previously she was Minister of State at the Department for Levelling Up, Housing and Communities between 16 September 2021 and 6 July 2022.

She was Minister of State (Minister for Equalities) in the Equality Hub between 14 February 2020 and July 2022.

She was previously Exchequer Secretary to the Treasury from 13 February 2020 to 15 September 2021 and Parliamentary Under Secretary of State at the Department for Education from 27 July 2019 to 13 February 2020.

Saturday, 29 October 2022

Lagos Film And Media City Will Boost Nollywood

 Yemi Olakitan,


Nollywood, the Nigerian film industry is blessed with abundant human resources, seen in the array of extraordinary actors, writers, producers etc. who can craft African experiences with elegance, and draft scenes and scripts that tell a thousand stories of Nigeria’s rich cultural heritage and traditions.







It has a projected annual growth rate of 8.6%, and the industry accounts for ₦ 853.9 billion ($7.2 billion), or 1.42% of the Nigerian GDP. More than one million people are employed by Nollywood, either directly or adjacent to the industry. Next to agriculture, it is Nigeria’s largest job market, according to reports.

However, some things are missing; the infrastructure to tell those stories so that it can compete with international markets; found in Hollywood, USA and India Bollywood.

Speaking with Veteran film producer Obafemi Lasode, he emphasized that the Nigerian film industry has a multibillion-dollar potential but the lack of the required infrastructure had continued to hinder it.

This is about to change with the intervention of the Lagos state Governor, Babajide Sawo-Olu, who has vowed to provide the infrastructure and technology that the sector needs to move to the next levels through the Lagos Film and Media City.

Storyland Studios, a design and production studio with offices in the US and Europe, was selected by the Lagos State Government to do the master plan and design of the film city and entertainment industry campus, a first-of-its-kind film industry hub in Lagos, Nigeria.

The project sponsor, according to reports, is Del York International Group in partnership with the Lagos State Government.

This project aims to position the state as a focal point for the entertainment industry–primarily film–and its peripheral industries, where both new and traditional media will be produced and celebrated for generations to come.

The facility is envisioned as a sanctuary of leisure, entertainment, and learning. A place where film and all types of creative industry professionals can live, work, and learn in a serene and conducive environment with best-in-class facilities intermingled with amenities and infrastructure that support a modern sustainable city.

Mr Femi Lasode who spoke with the New Telegraph praised the Lagos state Governor for his sagacity and foresight. Lasode said he had been working on such a city for the past two decades. According to him, the project will revolutionize the film industry in Nigeria.

 ‘‘What a filmmaker requires is a place to shoot movies without undue interference or distractions. I remember when we were shooting the Sango movies, we travelled to several locations in the country including the northern part of Nigeria and spent millions to build sets, only to live them behind. As we were driving out of the locations, I was looking at my sets. We had to leave them behind, though it costs us a lot of money to build. We couldn’t take them with us. While we gained a great movie, with the money spent, that set could have been re-used for many other movies, if we had done it at a film city but we didn’t have a film city when Sango was shot.’’

‘‘This is why the Lagos Film and Media City is such an important project for Nollywood’’

The film city’s campus is located in Lagos’ Epe area, in Ejirin City. The 100-hectare, the mixed-use campus will have the capacity to support anywhere from 5,000 to 10,000 daily visitors. Both production, post-production, and editing facilities and services will be housed on campus, open to both local and international filmmakers. There will also be educational facilities, including a Creative Academy for film students.

Mr Femi Lasode said that we must note that the Lagos Film and Media city will promote tourism.

‘‘The Nigerian filmmakers have the capacity. I had a script for years called the ‘‘Amazon of Africa,’’ long before the Americans produced Black Panther and the recent Woman King. This multi-billion Dollar movie, Woman King had the same storyline as mine. It’s a historical movie, a war film between Dahomey and Oyo Empire but did that really happen?’’

‘‘Our story is more historically accurate because it talks about what really happened. The war was between Dahomey and the Egba people of Abeokuta. The amazon women warriors were from Dahomey and were expected to be celibate and courageous. My point is we are the ones who can tell our stories more accurately to the world, but without the required infrastructure, the outside world will beat us to It.?

‘‘Nigeria is sitting on a multibillion-dollar industry that must be tapped. ‘‘That is the reason I say, the Lagos Film and Media City at Epe is a step in the right direction’’

In another discussion with Mr James Olorunosebi, Vice President of Creative Majesty, a film production company in Lagos, he said the Film City will fill a vacuum that has held the industry back for years in terms of infrastructure and technology. ‘‘It will also create more jobs for the sector. The world will come to us when we know that we have the infrastructure to make movies that can compete favourably in the marketplace. This will bring millions of dollars into the country and further develop Lagos economy and by extension, Nigeria. I believe that this is an opportunity for stakeholders in the Nigerian film industry to take the industry to the next level. I am truly excited about it.’’ He said.

Veteran actress, Mrs Joke Silva described typical movie sets in which power generators are placed somewhere far away from the location during a movie shot, in order to prevent unwanted noise from interfering with the recording, as some of the challenges of movie production in Nigeria. She opined that there are some infrastructural deficits that only the state and federal governments can provide for the industry. ''An enabling environment will stimulate our creativity in such a way that we can produce world-acclaimed movies.'' 

Governor Babajide Sanwo-Olu of Lagos has been outstanding in many things. The proposed Lagos Film City, which Del-York International and its American partner, Storyland Studios with Linus Idahosa pulling the strings is surely one of them.

Tuesday, 4 October 2022

Mayor of Washington Declares Oct 1 As Nigerian American-Day

 




The City of Washington D.C. in the United States has proclaimed October 1 as Nigerian-American Day. The declaration is in consonance with the celebration of Nigeria’s 62nd Independence Day anniversary.

The proclamation was made in a statement by the Mayor of Washington DC, Muriel Bowser.

Bowser noted that the District of Columbia had one of the largest Nigerian immigrant populations in America.

The Mayor hailed the contributions of Nigerian-Americans some of whom are civic leaders, innovators, and entrepreneurs.

Bowser said Nigerian music and art, particularly Afrobeats and Nollywood, enrich the cultural economy and strengthen cultural ties.

The Nigerian Center provides a platform for heritage preservation and expands the pathways for Nigerian immigrants to become Nigerian-Americans.

“The city’s Office on African Affairs works with the Nigerian Center to foster economic inclusion and advancement and to promote Nigerian culture”, Bowser noted.

The Nigerian Center is the first immigrant and cultural centre for the Nigerian diaspora in America.

The establishment offers financial inclusion and social justice opportunities for members of the Nigerian-American community in the U.S.

Monday, 3 October 2022

NBC Calls for Sustained Climate Action at Annual Stakeholders Forum

  



Reaffirms commitment to accelerating sustainable manufacturing in Nigeria

Leading consumer packaged goods company and member of the Coca-Cola Hellenic Bottling Company (CCHBC), Nigerian Bottling Company (NBC) Ltd., has urged stakeholders in the manufacturing sector to embrace sustainable manufacturing across their operations as a tool to mitigate the impact of climate change in Nigeria.

Speaking at the 3rd edition of the annual NBC Stakeholders Forum themed Combating Climate Change Through Resource Efficiency, which was held in Lagos on Thursday, Managing Director of the Company, Matthieu Seguin, explained that the event was aimed at exploring opportunities to co-creating sustainable solutions to the challenges of climate change.

“We recently unveiled a roadmap to renewable energy transition in our manufacturing operations. This move is coming on the heels of a series of steady investments made by our Company towards sustainable manufacturing to achieve our set target of Net Zero emissions by the year 2040,” he said.

“Our commitment to the environment is total. However, we recognize that the goals we have set for ourselves are by no means easy. We therefore need all our stakeholders on board with us on this journey to make the desired change that will positively impact the environment and make a difference,” Seguin added.

In his remark, the Minister of Environment, Barr. Mohammed Abdullahi, who was represented by Dr. Salisu Dahiru, Director General of the National Council on Climate Change, commended the contributions of the Coca-Cola System towards environmental sustainability, particularly its ambitious targets to achieve net zero carbon emissions across its operations by the year 2040.

“Interestingly, this target is ten years ahead of several others, including that of the Federal Government of Nigeria. For Nigeria, the target for net zero is to be achieved by 2060 and for NBC to come up with these ambitious targets means a lot of investment and changes in its technology, approach, and resource utilization. This is a big plus for the company and I believe there are opportunities for other companies and industrial magnates to tow this line,” he said.

 

 

 

“This Forum, being the third edition, shows that NBC is not only committed to talking about the climate change discourse but is also taking actions in a sustainable manner. The climate change challenges are enormous and require participation by every sector. We are glad to see the steps being taken by NBC and we hope to continue to partner and increase our collaboration to make more progress.”

In his keynote address, Dr Newton Jibunoh, Founder of Fight Against Desert Encroachment (FADE) lauded NBC for taking decisive actions to address the challenge of climate change through several interventions.

Dr. Jibunoh, popularly known as the desert warrior, noted that collaboration among relevant stakeholders is crucial to mitigating the impact of climate change in the country.

“I must commend NBC for hosting this stakeholder’s forum at a time when half of the global community is experiencing the debilitating impact of climate change. I urge that we must continue to collaborate and make efforts, no matter how little, to address this issue. We must all start taking the needed actions today.”

The annual NBC Stakeholders’ Forum is designed as a platform for robust and authentic conversations between Nigerian Bottling Company and its valued stakeholders, attracting participants from Regulatory Agencies, relevant MDAs from both the federal and state governments, the diplomatic community, the Academia, Industry Associations, NGOs, consumers, suppliers, and other trade partners. Conceived as part of NBC’s contribution to national development as a responsible organization, the event serves as a platform for robust discourse, exploration of new ideas and knowledge sharing on some of the most important issues facing businesses and communities where it operates.

This year, the Forum focused on exploring exciting new opportunities to reduce global biodiversity loss, water stress and global greenhouse gas emissions through material efficiency. The event also provided a platform for key stakeholders to broaden climate mitigation initiatives beyond plastic waste recovery, energy efficiency and transition to renewables, and water stewardship.

About Nigerian Bottling Company

Nigerian Bottling Company Ltd (NBC) is a member of the Coca-Cola Hellenic Bottling Company (CCHBC) Group, an anchor bottler for The Coca-Cola Company in 28 countries with over 715 million consumers and more than 197 brands in these markets. Their operations have continued to grow over the years and today NBC operates 8 manufacturing plants and 14 distribution centres across Nigeria. NBC serves consumers

across Nigeria by manufacturing, marketing and distributing a portfolio of strong brands including Sparking Soft Drinks which has the iconic Coca-Cola, Coke Zero, Fanta, Sprite, Schweppes and Limca; Still Drinks including the Five Alive range and Eva water as well as Monster and Predator energy drinks.

Wednesday, 28 September 2022

Peter Obi visits Ooni of Ife

 



The presidential candidate of the Labour Party, Peter Obi and his running mate Datti Baba Ahmed are currently visiting the Ooni of Ife, Adeyeye Enitan Ogunwusi.

As of press time, the details of the visit have not been made public.

The visit may be in connection with the continued consultation and visits by the duo to notable Nigerians ahead of the 2023 elections.

Recall that Peter Obi and his running mate had on Monday, September 26, 2022, paid a visit to former President, General Ibrahim Babangida and former Head of State, General Abdulsalami Abubakar in their Minna, Niger State homes.

Meanwhile, political campaigns for the 2023 general elections are expected to kick off on Wednesday, September 28, 2022.


About Ojude Oba festival

 The Ojude Oba festival is an annual celebration by the Yoruba people of Ijebu-Ode, a major town in Ogun State, Southwestern Nigeria. This v...