In same vein, foreign investors’ appetite for real estate sector is taking a back seat. The sector had been worse hit in recent years due to recession and unhealthy economic policies that have stifled investment. This unconducive environment has led to the shrinking of industry operations and weakened housing supply.
In a tweet, Sheikh Mohammed said: “Despite the UN’s estimates that global FDI flows decreased by 42 per cent in 2020 due to COVID-19, the UAE witnessed 44 per cent growth in FDI flows in 2020, compared to 2019. Good crisis management is a guaranteed investment.” THE Attorney-General of the Federation and Minister of Justice, Abubakar Malami, said Africa is estimated to lose $148 billion or about 25 per cent of its Gross Domestic Product to corruption through IFF. The minister stated this at an international conference on IFFs and asset recovery.
She said: “Nigeria and across the African continent, we continue to suffer various forms of IFFs, including tax evasion and other harmful tax practices, illegal export of foreign exchange, abusive transfer pricing, trade mispricing, mis-invoicing of services, illegal exploitation and under-invoicing of natural resources, organised crimes and corruption.
Findings show that Nigerians’ holdings are more in Spain, Malta, Portugal, United States, Greece, Germany, Ireland, United Arab Emirates, Turkey, Bulgaria, Cyprus, Seychelles and Austria. FOR Nigeria, the reverse is the case. There has been lack of programmes to attract foreigners. The Foreign Direct Investment through the real estate sector is almost zero. The lack of impact of FDI could be felt in the National Bureau of Statistics figures released recently that shows the real estate sector grew by 9.15 per cent in the fourth quarter of 2020.The sector contracted by 3.55 per cent in the full year 2020.
He enumerated three major attractions for Nigerian investors abroad. “Nigerians are looking for stable investment. With a national currency that loses value almost daily and an inflationary rate that is in double digits, many purchase real estate outside the country as a store of value. A professor of estate management, University of Lagos, Timothy Nubi, explained that Nigeria’s economy is volatile, that the value of the naira is depreciating and government’s only solution to solving the problem was to further devalue its currency, which has caused inflation and increased the cost of doing business.
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