Business
Property Developer Bemoans Business Lull
An estate manager and property developer based in Opobo in Opobo/Nkoro Local Government Area, Engr. Magnus Pepple, says investing in landed properties in the area in particular and Rivers State in general is no longer as lucrative as before.
Speaking to The Tide in an interview yesterday in Opobo Town, Pepple, who is the Managing Director of Landscape Investment and Development Company Limited, said business for most property developers in the area has not been encouraging lately, a situation he attributed to the economic depression being experienced across Nigeria.
He said, unlike about four years ago when the economy was still favourable for business, he could hardly be seen in the office, “and I am yet to receive any customer. There are properties for sale but there are no buyers. Nowadays, we look for property buyers, they are nowhere to be found.”
Pepple said, as developers, their major challenge is the very low circulation of money in the state.
“Shops are being closed, clients no longer patronise us. We hardly receive calls for sale of property,” he lamented.
Also greatly affected, according to him, are hoteliers who are complaining of low patronage. He said hotel business, both in Opobo and Port Harcourt, used to be very lucrative.
“Rivers people and indeed Nigerians used to patronise hotels a lot. A lot of entrepreneurs invested in hotels and it turned out to be profitable for them.
“With proper management, quality service delivery, well equipped with modern facilities and secure environment, you were bound to enjoy good patronage,” he said.
Pepple said while many hotels have been converted to residential buildings and given out for rent, some have closed down.
He further stressed that most hotels both in Opobo and Port Harcourt have been shut down due to lack of patronage while some of the existing ones have been put up for sale.
Bethel Sam Toby
“Payment of tuition fees for undergraduate/postgraduate studies shall be subject to a maximum limit of $25,000.00 per semester,” the Manual states.
The expansion of international card limits also reflects growing confidence among lenders that foreign exchange liquidity has improved enough to support retail dollar transactions.
Speaking recently at the BusinessDay 14th Annual CEO Forum in Lagos, CBN Olayemi Cardoso, governor of the CBN said buying and selling activities now increasingly determine outcomes in the foreign exchange market, unlike in the past when market participants relied heavily on routine Central Bank interventions.
According to Cardoso, Nigeria’s net foreign exchange reserves have risen from just over $3 billion at the start of the reform programme to more than $40 billion, while gross reserves have climbed to about $52 billion, providing stronger confidence for investors and enabling the Central Bank to reserve interventions for periods of market stress rather than day-to-day liquidity management.
The restoration and expansion of international naira card spending limits are increasingly being seen as one of the clearest signs that the benefits of the CBN’s foreign exchange reforms are beginning to reach households, students and businesses making legitimate cross-border payments.
The Secretary-General and Chief Executive Officer, WEC, Dr Angela Wilkinson, disclosed this in a statement, last Thursday.
“Nigeria’s participation comes at a pivotal time as the country seeks to expand energy access, strengthen energy security, accelerate gas development and mobilise the capital required for industrialisation and sustainable economic growth.
“WEC Nigeria will convene leaders from across the energy ecosystem, apply the WEC’s globally recognised Energy Trilemma framework to Nigeria’s unique context, and promote evidence-based dialogue, practical collaboration and informed policymaking.
“It will also ensure that Nigerian and broader African perspectives contribute meaningfully to global energy conversations,” she said.
Wilkinson expressed confidence that Nigeria would play a significant leadership role at the World Energy Congress scheduled for Riyadh in April 2027 and beyond.
The statement also quoted the Chairman of WEC Nigeria, Isa, as describing the country’s participation as an opportunity to deepen national and African leadership within the global energy community through practical solutions tailored to regional development priorities.
He said the platform would promote collaboration across sectors and attract sustainable investments into Nigeria’s energy sector.
The Chief Executive Officer of WEC Nigeria, Wunti, was quoted in the statement as saying that the council would connect leadership, evidence and investment to build a secure, affordable and sustainable energy system.
“This system will be capable of driving economic growth and shared prosperity.”
According to him, the platform will also connect Nigerian institutions and businesses with international knowledge, technology, partnerships and investment opportunities through the World Energy Council’s global network.
Recall that WEC, founded in 1923, is the world’s oldest independent and impartial community of energy leaders and practitioners, advancing informed, collaborative and practical action across the global energy system.