Rullion's Blog

The Federal Government has announced that it will use $1.1 Billion borrowed from the Chinese Export Import Bank to finance the construction of 11 international airport terminals across the country; build a light rail line for its capital city, Abuja, and improve local communication systems. The minister of aviation, Stella Oduah, announced that the $550 million being earmarked for airports will be used to construct six commercial and five cargo terminals over the next two years. Abuja, Enugu, Kano and Port Harcourt and Lagos are set to benefit from the loan.  The light rail project, expected to cost $500 million, will transport commuters from Abuja's suburbs and neighbouring Nasarawa state to the city's international airport, while another $100 million will be used to improve Nigeria's internet capability.  Can you read in between the lines? The Chinese are penetrating Africa real good.

The buzz around is that after politicians, builders are the most despised lot. Everyone has a story of someone who got a raw deal. The keys were handed over three years after the promised date; buyers had to cough up more midway, thanks to a clause that initially appeared insignificant; the redeveloped apartment had two-and-a-half bedrooms instead of three; and a year later, another 10-storied tower sprung up on the "open space", blocking the view or the sea — for which the owner, taken in by pictures on glossy brochures, had paid a premium. The list is endless.  Some angry buyers move to court while others grudgingly accept what they get. A few years down the line, they stop cribbing as properties in the neighbourhood change hands for double the price they had paid. By then, they could be browsing another brochure that has found its way into the inbox, planning a second home that comes across as the only sensible, even if a little sticky, investment.  The housing ma...

In 1990, estimates indicated that 82 million hectares out of Nigeria's total land area of about 91 million hectares were arable. However, only about 34 million hectares (or 42 percent of the cultivable area) were being cultivated at the time. Much of this land was farmed under bush fallow, a technique whereby an area much larger than that under cultivation is left idle for varying periods to allow natural regeneration of soil fertility. Another 18 million hectares were classified as permanent pasture, but much of this land had the potential to support crops. About 20 million hectares were covered by forests and woodlands. Most of this land also had agricultural potential. The country's remaining 19 million hectares were covered by buildings or roads, or were considered wasteland. Nigeria's soil is rated from low to medium in productivity. However, the Food and Agriculture Organization of the United Nations (FAO) concluded that most of the country's soil would have ...

The National Council on Privatisation (NCP) has approved the commercialisation of the Federal Housing Authority (FHA). Consequently, the Minister of Lands, Housing and Urban Development had been appointed to chair the steering committee constituted to work out details of the exercise. This was one of the fallouts of a recent meeting of the Council, which was held in Abuja. The NCP said the decision was taken to address the huge housing deficit in the country. The FHA is a parastatal under the supervision of the Federal Ministry of Lands, Housing and Urban Development, established in 1973 and vested with the responsibility of preparation and execution of a National Housing Programme as may be approved by the Federal Government from time to time. FHA has a wholly-owned subsidiary, FHA Homes and Savings Limited, which serves as its Primary Mortgage Institution (PMI) with the mandate to maintain savings and mortgage loan accounts of customers. However, the noble objective of t...