Amidst rising inflation across all sectors of the nation’s economy due to harsh economic climate currently facing the country, the Managing Director, Mallinson and Partners Limited, a Lagos-based building materials manufacturing company, Mr. Afam Mallinson Ukatu, has decried government’s policy on gas consumption by local manufacturers that pay in US dollars for the supply, lamenting that this has caused over 25 per cent increase in the cost of locally produced building materials. Mallinson and Partners are producers of range of floor tiles and plastics.

A foremost Lagos-based real estate development company, Megamound Investment Limited has introduced a new housing model known as County Apartments at its popular Lekky County Homes Estate, Lekki, Lagos aimed at affording prospective home owners to have roof over their heads in this time of harsh economic climate in Nigeria.

The Lagos State Emergency Management Agency (LASEMA) has confirmed that concrete walls erected by some Tank farm companies has permanently blocked the natural water ways at Liverpool Community Development Association in Ijegun Egba in Oriade Local Council Development Area, Satellite Town, resulting in flooding and other environmental degradation in the area.

This simply means that government has decided to reserve the land for specific projects, such as constructing a railway, building a bridge or even a standard stadium. Invariably, there is always a use attached to a land that is under Committed Acquisition and it is usually stated from the onset such that it is difficult for such land to later become free and be available for other uses. When the land status indicates that the land is committed, don’t deal. It’s always difficult to do anything about it. Be wary dealing in such land.

Analysts at Vetiva Capital Management have stated that capital imports in the country declined 8.98 per cent Quarter on Quarter, q/q to hit a fresh low of $647 million. This compares unfavourably to $2.66 billion in the second quarter of 2015.