Kenya Moves to Reserve Hawking and Small Retail Trade for Citizens

The Kenyan government has announced plans to begin shutting down small-scale businesses operated by foreign nationals from September 7, 2026.

President William Ruto issued the directive while addressing micro, small and medium-sized business operators at State House in Nairobi.

The planned enforcement is expected to focus on foreign nationals engaged in hawking and small retail businesses that the government believes should primarily provide livelihood opportunities for Kenyan citizens.

Ruto said Kenya would continue welcoming foreign investment but argued that foreign investors should concentrate on ventures capable of creating jobs, expanding local production and contributing more significantly to the economy.

The announcement has created uncertainty among foreign traders, including Nigerians operating businesses in Kenya.

However, the directive does not appear to impose a blanket closure on every foreign-owned company. Its immediate focus is small-scale and informal trading, although the government has yet to provide detailed guidance defining the businesses covered or explaining how valid permits will be treated.

Kenya currently issues Class G permits to foreigners intending to operate a specific trade, business, consultancy or profession. Applicants must demonstrate that their ventures will benefit the country and provide evidence of at least $100,000 in investment capital.

Nigerians operating small shops or hawking businesses could be affected if their activities fall within the targeted categories. Legally established businesses may also need clarification from Kenyan authorities on whether existing permits provide protection from the enforcement exercise.

The directive comes as Kenya’s Parliament considers the Local Content Bill 2025. Among its proposals, foreign companies would be required to employ Kenyan citizens as at least 80 per cent of their workforce and source a minimum of 60 per cent of specified goods and services locally.

The implementation of the crackdown will determine whether the policy protects local entrepreneurs without unfairly disrupting legitimate foreign-owned businesses.

Sources: Pulse Nigeria and Anadolu Agency.

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Building Materials Now Account for Up to 75% of Construction Costs — Experts

Industry stakeholders have warned that the escalating cost of building materials is making homeownership increasingly difficult and contributing to higher rents and abandoned construction projects across Nigeria.

Professor Bolaji Wahab, a former chairman of the Nigerian Institute of Building, said materials now represent between 65 and 75 per cent of the total cost of delivering a building project.

Wahab attributed the increases to Nigeria’s dependence on imported materials and inputs, foreign-exchange pressures, expensive energy, poor roads, high transportation costs, multiple taxes, insecurity and commercial lending rates reportedly reaching 26.5 per cent.

Building engineer Adekunle Balogun said a 50-kilogramme bag of cement, which sold for between ₦2,500 and ₦3,000 in 2020, now costs approximately ₦12,500 to ₦15,000, depending on the location.

He added that the price of a tonne of 12mm reinforcement steel had risen from about ₦250,000 to between ₦800,000 and ₦950,000. Blocks, roofing sheets, timber and nails have also recorded significant increases.

Stakeholders said the rising costs were forcing private builders to suspend projects while developers reduced the scale of planned developments. The resulting pressure on housing supply has also contributed to rent increases in major cities.

Wahab urged the government to support domestic manufacturing through single-digit financing, tax incentives, improved electricity supply and better transport infrastructure.

He also recommended increased investment in research, technical education and nationally recognised certification for construction artisans.

Greater local production of cement, steel, tiles, roofing materials and fittings, stakeholders argued, would reduce exposure to foreign-exchange fluctuations and make housing delivery more affordable.

Source: The Sun Nigeria.

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FG Approves ₦25m Each for 18 Businesses Hit by Calabar Mall Fire

The Federal Government has announced financial assistance for 18 business owners affected by the recent fire at the Calabar Mall in Cross River State.

First Lady Senator Oluremi Tinubu unveiled the intervention during a visit to Calabar, where she launched the South-South phase of the National Community Food Bank Programme.

Under the arrangement, each affected business owner will receive ₦25 million, bringing the direct support for the fire victims to ₦450 million.

An additional ₦50 million will be provided to women’s groups in Cross River State, taking the total package announced by the First Lady to ₦500 million.

The intervention is expected to help the affected entrepreneurs rebuild their businesses and recover from the losses caused by the mall fire.

During the visit, Tinubu also inaugurated three food banks intended to provide nutritional assistance to vulnerable residents, particularly children below six years, pregnant women and breastfeeding mothers.

According to a statement issued by her Senior Special Adviser on Media, Busola Kukoyi, 1,179 people had been enrolled in the food-support programme, while 2,089 packages had already been distributed.

The First Lady urged state governments to support and expand the initiative to reach more vulnerable households.

She also inaugurated a TETFund/Renewed Hope Initiative ICT Experience Centre at the University of Cross River State. The facility includes technology and innovation laboratories as well as an engineering workshop.

Sources: PUNCH and Leadership.

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The Federal Ministry of Housing and Urban Development has expressed interest in expanding cooperation with TEC Engineering Company Nigeria Limited to support large-scale housing delivery and urban-renewal projects across the country.

Permanent Secretary of the ministry, Dr Shuaib Belgore, disclosed this while receiving a delegation from the company during a courtesy visit in Abuja.

TEC Engineering Company Nigeria Limited is a subsidiary of China Railway International Group.

Belgore said Nigeria remained open to credible investments and partnerships capable of supporting national development, particularly efforts to provide affordable housing and reduce the country’s housing shortage.

According to him, the ministry is pursuing several housing-delivery options, including direct government construction, public-private partnerships and collaboration with private developers possessing the capacity to execute projects on a large scale.

He said the Federal Government intends to make significant progress in addressing Nigeria’s estimated housing deficit of about 15 million units over the next decade. Achieving this objective, he noted, would require stronger private-sector participation.

The Permanent Secretary explained that the government’s urban-renewal programme extends beyond residential construction to the provision and improvement of essential infrastructure.

These interventions include roads, water supply, drainage systems, electricity, healthcare facilities and other amenities needed to improve living conditions within communities.

Belgore also commended TEC Engineering for the progress recorded on the reconstruction of covered conduits and roads in Kano State. He acknowledged delays in budgetary releases and urged the company to maintain the pace of work while the relevant funding provisions were being addressed.

President of China Railway International Group, Zhao Jinxiang, thanked the ministry for awarding the Kano project to TEC Engineering.

Jinxiang said the company would continue working on the project despite challenges encountered at the site.

He added that the delegation’s visit was intended to identify further areas of cooperation with the housing ministry, including urban infrastructure, underground ducts, wastewater management and sewage-treatment projects.

The discussions signal potential collaboration between the Federal Government and the Chinese engineering company. However, no specific housing target, investment value, project location or implementation timetable was announced.

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The Joint Revenue Board says 18 state Houses of Assembly have adopted a model tax harmonisation law intended to reduce overlapping charges on individuals and businesses.

Executive Secretary Olusegun Adesokan disclosed this at the board’s 160th meeting in Kaduna, where officials reviewed progress and implementation challenges.

According to Adesokan, the framework consolidates more than 50 state and local government collection items into nine categories. He said it also prohibits cash collection and revenue-collection roadblocks.

Adesokan rejected suggestions that the reforms had increased taxes across the board, saying low-income earners and micro-businesses were receiving relief.

Opening the meeting, Kaduna Governor Uba Sani urged revenue authorities to address administrative weaknesses and use technology to improve collection processes.

He emphasised that reform should make compliance easier and strengthen taxpayers’ willingness to meet their obligations, rather than focus solely on increasing revenue.

The board said the meeting would help identify outstanding gaps in implementation. Punch

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Morocco’s preparations to co-host the 2030 FIFA World Cup are generating growing interest in the country’s property market, as major rail, airport, tourism and urban-development projects move from planning into implementation.

Despite the rising investment activity, national housing prices have not yet recorded the rapid increase typically associated with a speculative property boom.

Residential prices rose by approximately one per cent year-on-year in the second quarter of 2026, according to property-market data from Bank Al-Maghrib and the National Agency for Land Conservation, Cadastre and Cartography.

Apartment prices increased by 1.1 per cent, while house prices declined by 0.7 per cent and villa prices fell by 0.3 per cent.

The figures suggest that Morocco’s residential market is recovering gradually rather than experiencing a nationwide World Cup-driven surge.

Transaction volumes, however, are increasing faster than prices. Total property transactions rose by 11 per cent between the first and second quarters of 2026, while residential transactions increased by 6.3 per cent.

Apartment sales rose by 5.2 per cent, house transactions increased by 25.4 per cent and villa sales climbed by 34 per cent during the quarter, although some of the growth followed weak activity earlier in the year.

The rising transaction volume could indicate that buyers are returning to the market before prices begin accelerating significantly.

A major factor supporting investor confidence is Morocco’s infrastructure programme ahead of 2030.

The country’s railway operator, ONCF, is implementing an investment programme valued at approximately 96 billion Moroccan dirhams.

The programme includes about MAD53 billion for the 430-kilometre Kenitra–Marrakech high-speed railway extension, MAD29 billion for 168 new trains and MAD14 billion for upgrading the existing rail network.

The high-speed line is expected to connect Marrakech with Casablanca, Rabat and Tangier, while new metropolitan rail services are planned around major urban centres.

Morocco has also committed about MAD38 billion to airport expansion, with national passenger capacity targeted to increase from approximately 34 million to 80 million by 2030.

The planned expansion covers Casablanca’s Mohammed V International Airport and airports serving other World Cup host cities.

Improved transport links could strengthen property values in neighbourhoods that gain permanent access to employment centres, railway stations, airports and tourism districts.

However, proximity to a stadium or infrastructure project does not automatically guarantee strong property returns. Actual commuting times, road connectivity, local employment, rental demand and the volume of new housing supply will remain important.

Casablanca, Rabat, Tangier and Marrakech appear to have the strongest combination of economic activity, population, tourism and transport investment.

Casablanca benefits from its position as Morocco’s leading commercial centre, alongside proposed airport, railway and metropolitan-transport improvements.

Rabat combines government employment with population growth, high-speed rail access and airport development, while Tangier already benefits from an operational high-speed railway and a strong industrial and port economy.

Marrakech has significant exposure to international tourism and will become the southern destination of the expanded high-speed railway.

Morocco reportedly received 19.8 million international tourists in 2025, representing a 14 per cent increase from 2024. Tourism receipts exceeded MAD138 billion.

The tourism growth could support hotels, holiday accommodation and short-term rentals, particularly in Marrakech, Agadir and Tangier.

Nevertheless, premium villas, renovated riads and luxury apartments marketed to foreign buyers may already include a significant 2030 price premium.

Affordability also remains a constraint. The average interest rate on property loans stood at about 5.06 per cent, while average annual household income was estimated at approximately MAD89,000.

Household debt reached MAD456 billion in 2025, with housing loans accounting for about 60 per cent of the total.

Supply presents another risk. Morocco’s urban housing stock increased from 6.2 million dwellings in 2014 to 8.34 million in 2024.

About 1.1 million urban homes were vacant, while another 1.3 million were classified as secondary or seasonal residences. Together, they represented almost 29 per cent of the urban housing stock.

These figures indicate that Morocco’s housing challenge involves a mismatch between location, price and demand rather than a straightforward nationwide shortage.

The strongest property opportunities ahead of 2030 are therefore likely to emerge in neighbourhoods where permanent infrastructure, employment and tourism demand grow faster than new housing supply.

Investors should examine property titles, planning approvals, rental demand, local incomes, project completion risks and neighbourhood-level supply before purchasing.

Morocco’s World Cup preparations provide a credible long-term development story, but investors must distinguish between property benefiting from lasting economic improvements and developments relying mainly on 2030 marketing.

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FTSE Russell has included 10 Nigerian companies in its Frontier Index Series as Nigeria prepares to regain Frontier Market status after nearly three years outside the classification.

The newly eligible companies are Aradel Holdings, Dangote Cement, First HoldCo, Guaranty Trust Holding Company, MTN Nigeria Communications and Nestlé Nigeria.

Others are Nigerian Breweries, Presco, Stanbic IBTC Holdings and Zenith Bank.

FTSE Russell identified all 10 companies as newly eligible large-cap stocks in its September 2026 index review.

Their inclusion will become effective when Nigeria’s reclassification from Unclassified to Frontier Market status takes effect at the opening of trading on September 21, 2026.

The FTSE Frontier Index Series provides benchmarks for the performance of large-, medium- and small-cap companies across eligible frontier markets.

The indices can be organised by company size, region, country and industry. They are also used by institutional investors, asset managers and investment funds to measure performance and create index-tracking products.

The addition of Nigerian companies could increase their visibility among international investors whose portfolios or investment strategies are linked to FTSE Russell benchmarks.

It could also support market liquidity and foreign portfolio participation, although index inclusion does not guarantee that investors will purchase the affected shares.

Nigeria was removed from the Frontier Market category and assigned Unclassified status in September 2023.

The decision followed persistent difficulties faced by international institutional investors in accessing foreign exchange and repatriating investment proceeds from Nigeria.

The country’s journey towards reclassification began in October 2025, when FTSE Russell placed Nigeria on a watchlist after observing improvements in foreign-exchange liquidity, market accessibility and capital repatriation.

In April 2026, the global index provider announced that Nigeria would return to Frontier Market status on September 21.

The process was later subjected to further assessment after the Nigerian capital market transitioned from a T+2 to a T+1 settlement cycle on June 1, 2026.

Under the T+1 system, equity trades are settled one business day after the transaction, compared with two business days under the previous arrangement.

Some international investors expressed concerns that the shorter settlement period could create a practical prefunding requirement, particularly for institutions needing additional time to complete foreign-exchange transactions and transfer money across markets.

The concerns led to consultations involving FTSE Russell, NGX Group, the Securities and Exchange Commission, global custodians and international institutional investors.

Following further assessment, FTSE Russell confirmed on August 27 that Nigeria’s return to the Frontier Market category would proceed as planned.

The selection of Dangote Cement provides additional international visibility for a company that plays a major role in Nigeria and Africa’s building-materials market.

The cement producer is separately pursuing a secondary listing on the London Stock Exchange as part of efforts to broaden its shareholder base and improve access to international capital.

Nairametrics reported that companies categorised as Nigerian megacaps added ₦46.69 trillion in market value between December 31, 2025, and August 31, 2026.

The publication defines a megacap company as one with a market capitalisation of at least ₦5 trillion.

Nigeria’s return to the FTSE Frontier Index Series represents an important step in rebuilding the international credibility of the country’s capital market.

Sustaining the benefits will depend on continued foreign-exchange stability, efficient settlement, reliable capital repatriation and investor confidence in Nigeria’s regulatory environment.

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More than 20,000 Lagos families have benefited from government-backed mortgage and rent-to-own housing programmes since the establishment of the Lagos State Mortgage Board, according to the agency’s General Manager and Chief Executive Officer, Bayowa Foresythe.

Foresythe said the Lagos Home Ownership Mortgage Scheme, popularly known as LagosHOMS, was created to provide a more affordable pathway to homeownership for low- and middle-income residents.

The Lagos State Mortgage Board was inaugurated in 2014 following concerns over the state’s growing housing deficit and the inability of many residents to purchase homes through outright payment.

According to Foresythe, the government recognised that the conventional cash-and-carry property market excluded many working families whose incomes could support gradual repayment but not immediate property acquisition.

The state consequently introduced mortgage and rent-to-own options that allow eligible residents to make an initial equity contribution and spread the outstanding cost of their homes over 10 years.

Foresythe said LagosHOMS properties had been allocated across the state’s five administrative divisions, known collectively as IBILE: Ikeja, Badagry, Ikorodu, Lagos Island and Epe.

Among the locations identified under the programme are Sangotedo Phases I and II, Surulere, Igbogbo and Ibeshe in Ikorodu, Epe, Ogba, Ilupeju, Ajara in Badagry, Odonosa and Idale.

The housing portfolio includes 360 units in Igbogbo, 420 units in Ibeshe and about 360 units in Epe.

Other developments include 96 and 144 units within the Sir Anthony Enahoro Housing Scheme in Ogba, 120 units at the Oba Mufutau Olatunji Hamzat Housing Estate in Ilupeju and more than 400 units in Ajara, Badagry.

Foresythe said additional housing developments were still under construction as the state worked to expand the supply of homes.

He explained that reduced equity requirements, relatively lower interest rates and the 10-year repayment period had made the programme more accessible to participating residents.

The state government has also introduced an optional early-completion arrangement for beneficiaries with consistent payment records.

Under the arrangement, qualified beneficiaries who have maintained uninterrupted payments for six years may be permitted to settle their outstanding balances instead of waiting until the end of the original 10-year period.

Foresythe identified life insurance, fire insurance, estate-management services and continuing support for beneficiaries as important measures introduced to sustain the scheme.

Despite the reported progress, he acknowledged that Lagos continues to face a substantial housing shortage because demand is growing faster than supply.

The state attracts new residents daily, and each additional household requires accommodation, placing further pressure on the existing housing stock.

Foresythe said neither the government nor private developers could independently deliver all the homes required in Lagos. He therefore advocated stronger partnerships with private investors to accelerate housing construction.

He also urged existing beneficiaries to meet their repayment obligations promptly, explaining that recovered funds would help the government extend housing opportunities to other residents.

The LagosHOMS experience demonstrates how rent-to-own and long-term mortgage arrangements can help workers move from tenancy into homeownership without paying the full property price at once.

However, meeting Lagos’ housing demand will require significantly increased construction, serviced land, affordable development finance and sustained public-private collaboration.

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The dream of building a personal home is becoming increasingly difficult for young Nigerians as rising construction costs, expensive land, limited mortgage access and declining purchasing power combine to weaken housing affordability.

For many young people, securing employment and maintaining regular savings no longer provide a reliable path to homeownership. A growing proportion of household income is now spent on food, rent, transportation, electricity and other necessities, leaving little for land acquisition or construction.

A 2024 savings report by PiggyVest indicated that 65 per cent of Nigerians surveyed either earned below ₦100,000 monthly or had no income.

Only 57 per cent reportedly had some form of financial safety net, down from 64 per cent in the preceding year. The report also found that just 15 per cent had increased their savings, while 19 per cent of those who previously maintained emergency funds had lost them.

The income challenge has been compounded by sharp increases in the prices of essential building materials.

A March 2026 market report placed the price of a 50-kilogramme bag of cement at between ₦11,500 and ₦15,000, compared with about ₦2,500 to ₦3,000 in 2019.

This represents an increase of as much as 367 per cent within seven years.

For a residential project requiring hundreds of bags of cement, the price difference can add several millions of naira to the construction budget.

Other building inputs, including reinforcement steel, sand, granite, roofing sheets, tiles, electrical materials and plumbing products, have also recorded substantial price increases.

Some major building materials reportedly rose by more than 60 per cent, with the increase attributed to inflation, exchange-rate instability, transportation expenses, taxes and higher production costs.

These price changes create severe difficulties for individuals constructing their homes in phases. A budget prepared at the foundation stage may no longer be realistic by the time the owner is ready to begin roofing or finishing work.

Land acquisition presents another major obstacle. In Lagos, Abuja and other rapidly growing urban centres, the cost of land can consume a substantial portion of a young worker’s lifetime savings before construction even begins.

Prospective homeowners must also pay for surveys, title documentation, planning approvals, architectural drawings and other preliminary requirements.

Borrowing is equally difficult. Commercial interest rates remain too high for many individuals seeking loans to build or purchase residential properties.

Although mortgage products are available, eligibility conditions, equity contributions, property-documentation requirements and repayment obligations can exclude workers with modest or irregular incomes.

Labour and professional services add another layer of expense. Residential construction requires masons, carpenters, plumbers, electricians, roofers, painters and tilers.

Developers and individual builders must also engage qualified architects, engineers and quantity surveyors to ensure that projects comply with planning requirements and safety standards.

Attempts to reduce costs by avoiding competent professionals can expose homeowners to defective construction, project abandonment, building failure and future legal problems.

The seven major pressures affecting young prospective homeowners are declining disposable income, expensive cement, rising prices of other materials, high land costs, costly credit, increased labour and professional fees, and inflation during construction delays.

The situation underscores the need for housing policies that recognise the income realities of Nigeria’s young population.

Government interventions could include serviced land schemes, single-digit mortgages, rent-to-own programmes, housing cooperatives, affordable building-material initiatives and support for professionally managed incremental construction.

Reducing the cost of homeownership will require more than encouraging young Nigerians to save. It demands coordinated reforms covering land, finance, infrastructure, construction materials, wages and property documentation.

Without such reforms, owning a home could remain beyond the reach of millions of young Nigerians despite their willingness to work, plan and save.

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Nigeria’s manufacturing sector continued to face prohibitively expensive credit in 2025, with the average interest rate on industrial loans standing at 32.1 per cent.

Although the figure represented an improvement from the 35.6 per cent average recorded in 2024, borrowing costs remained too high to support sustainable industrial expansion and long-term investment.

Data from the Manufacturers Association of Nigeria showed that the average lending rate was 32.5 per cent during the first half of 2025 before declining slightly to 31.8 per cent in the second half.

Despite the moderation, every major manufacturing segment surveyed by MAN recorded an average borrowing rate above 30 per cent.

Chemical and pharmaceutical manufacturers faced the lowest annual average rate at 30.4 per cent, followed by wood, furniture and related producers at 30.8 per cent.

Manufacturers of textiles, clothing, carpets, leather and footwear obtained loans at an average rate of 31.6 per cent.

Metal, iron, steel and fabricated-metal producers paid an average of 32.3 per cent, while electrical and electronics manufacturers faced a rate of 32.4 per cent.

The average borrowing rate for food, beverage and tobacco companies stood at 32.5 per cent. Plastic, rubber and foam manufacturers paid 32.6 per cent.

Motor vehicle and miscellaneous assembly companies recorded an average lending rate of 32.8 per cent. The pulp, paper, printing, publishing and packaging sector faced the same rate.

Non-metallic mineral-product manufacturers recorded the highest average borrowing cost at 33 per cent.

The high rate in the non-metallic mineral sector could have direct implications for Nigeria’s housing and construction industries because the segment produces important building inputs, including cement, ceramics, glass, tiles and related materials.

When manufacturers finance production, machinery, raw materials and expansion at interest rates above 30 per cent, part of the cost may eventually be transferred to consumers through higher product prices.

Elevated borrowing costs can also discourage companies from increasing capacity, upgrading equipment or developing new factories. This could further weaken local production and increase dependence on imported goods.

MAN attributed the slight reduction in lending rates during 2025 to improving economic conditions, including lower headline inflation, greater stability in energy prices and the appreciation of the naira.

However, the association maintained that the cost of credit remained a serious obstacle to manufacturing competitiveness and output growth.

Manufacturers require financing to purchase raw materials, maintain equipment, meet working-capital obligations and expand production. At prevailing commercial lending rates, many businesses may struggle to generate returns sufficient to cover their financing costs.

The situation is particularly concerning for small and medium-sized manufacturers, which generally have fewer financing options and weaker balance sheets than large corporations.

The figures suggest that Nigeria must move beyond modest reductions in commercial lending rates and develop more accessible, long-term industrial finance for productive sectors.

Without affordable credit, efforts to increase local manufacturing, reduce building-material costs, create jobs and improve the competitiveness of Nigerian products could remain constrained.

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