CBN Urged to Cushion the Effects of Forex in Real Estate Sector
Ugo Aliogo
The Central Bank of Nigeria (CBN) has been urged to cushion the effects of forex scarcity in the economy by ensuring enough supply in order to assist investors in the real estate market to procure building materials from overseas.
Speaking at a media briefing in Lagos, the Group Manager, Project, HEREL Global, Osemudiamen Ogbeide, said forex is a serious concern for investors in this sector because many of the building construction equipment especially for finishings are imported from Europe and Asia such as elevators, light fittings, and tiles, as a result, “we cannot run away from the search for forex.”
He expressed frustrations over the fluctuations in the parallel market.
He revealed that due to the constant increase in the rate of forex on a daily basis, it has made producers of building materials to increase their prices, “even people that have production factories today in Nigeria, who would typically base their prices in naira are now making it US dollar dominated.”
Ogbeide lamented that the inflation in the prices of building materials, noting that it is also impacting the sector negatively, and has created several shifts in prices of commodities.
According to him, “We have to consider inflation as something we cannot run away from. So, if you are looking at a project that will run for say 24 months or even 12 months, right, because we have seen shifts between prices as high as 10x 5x in the space of a month or two. So, you are not talking about 24 months, you’re talking about 14 months depending on the project. You have to postulate inflation and study the trend.”
In commemoration of this year’s World Youth Skills Day and the desire to tackle the scourge of unemployment in Nigeria, HEREL, organised a free internship opportunities seminar to empower young people.
The seminar, which took place at its premium facility, Boardroom Apartments in Lekki, Lagos, was themed: “Establishing yourself in the real estate space,” and designed to educate and provide young people in the built space with the necessary skills to succeed in the real estate industry.
In addition, as an institution that is passionate about accelerating young people faster to their goals, the event also provides young Nigerians with lofty aspirations they can reach as HEREL was privileged to equip them with the necessary skills they need to excel in real estate will creating internship opportunities to participants so they get hands-on experiences in the built industry.
Ogbeide, said: “This seminar will provide young people with a road map to excelling in real estate, as well as information on project management and how to navigate the real estate sector. As young people, there’s the need to learn the proper skills required to attain ideal results in life, and at HEREL, our goal is to make a long-lasting impact that will shape the future.”
Also speaking, Head of Business Development HEREL Global, Olatade Daranijo, added: “HEREL is enthusiastic about the youth, and we are delighted to have come up with this impactful event to celebrate World Youth Skills Day.
“As a brand, our focus is to ensure that we have provided job opportunities for people in the communities where HEREL developments are situated, both directly and through our ecosystem. With this event, we’re taking it a step further by passing on the relevant skills to people to ensure they are/remain employable in this space.”
Reacting, one of the attendees, Akinrinmade Abigail said: “It was an awesome event, and I am looking forward to working with the young and vibrant team.’’ She also urged young people to follow the fast-growing real estate firm HEREL Global as they have so much more in store for young people.”
