Latest news with #AIHS
Zawya
31-07-2025
- Business
- Zawya
Nigeria: Real estate overtakes oil as third-largest contributor to Nigeria's GDP — Statistician General
Statistician General of the Federation, Mr. Semiu Adeniran says with the recent rebasing, Nigeria's real estate and sector currently accounts for a substantially larger portion of the country's GDP, increasing from of total GDP to 15.9 percent. Mr. Adeniran disclosed this in Abuja while addressing Stakeholders during the ongoing African International Housing Show (AIHS), with the theme: 'Re-imagining housing through innovation, collaboration and policy'. While stressing the need for urgent need to rethink Africa's housing landscape with fresh ideas, strong partnerships, and effective public policy, Mr. Adeola underscored the 'significance of reliable data in this regard is not in doubt. It guides policy formulation, fosters investor confidence, and supports sustainable solutions to the housing challenges on our continent. 'The housing sector acts as a cornerstone of economic development, creating jobs in construction, manufacturing, retail, finance, and beyond, while directly improving the quality of life for millions of Nigerians. 'With the recent release of the results of the rebasing of Nigeria's GDP, we have achieved a more comprehensive understanding of our economy, with the reference year having shifted to incorporate emerging sectors and capture recent economic dynamics, including the growing importance of real estate and housing within our national output. 'The rebased GDP figures reveal that the real estate sector now accounts for 10.7%, up from 6.2%, while the construction sector now accounts for 5.2% of total GDP. 'Combined, both sectors account for a substantially larger portion of Nigeria's GDP, increasing from 12.4% of total GDP to 15.9%. While this 3.5 percentage points increase may seem like a small increase, in value terms, we are talking about N14.6 trillion naira increase. 'This is highly significant by any measure and reflects the expansion of housing activities, from urban development to infrastructure projects, underscoring the sector's growing influence on national growth. Construction 4.2%, Real estate 7% – 2024. 'Growth in the real estate sector, which essentially involves the buying and selling of properties, including the management of the facilities, outpaced several traditional industries, contributing not only to GDP but also to employment, innovation, and value addition across supply chains. It is now ranked as the 3rd largest contributor to total GDP, overtaking Crude Oil and Natural Gas, due to the heavy involvement of informal operators in this economic activity. 'Nigeria's population has surpassed 200 million, with projections indicating continued rapid growth. The United Nations estimated that by 2050, Nigeria will be the third most populous country in the world, resulting in an exponential increase in housing demand. 'Urbanisation trends are accelerating—over half of the Nigerian population is expected to reside in urban centres within the next decade, fuelled by migration, youth demographics, and changing lifestyles. This urban influx intensifies the pressure on the existing housing stock and creates tremendous opportunities for new developments. 'Access to affordable housing, be it in terms of ownership or rent, is natural human desire and development objective. This is enshrined in the Sustainable Development Goal 11 (SDG11) of the global developmental agenda, which deals with ensuring access for all to adequate, safe, and affordable housing and basic services and upgrade of slums by 2030. 'Available data indicates that only 38.2% of urban dwellers own the houses they live in, making over 60% of those living in the urban areas so not own the properties they live in. This not only highlights the need for more housing but also underscores the significant opportunities and demand in the rental market. 'Investment in housing and construction generates powerful multiplier effects, stimulating demand for materials such as cement, steel, glass, tiles, and providing livelihoods for millions in manufacturing, trade, and professional services. 'Given these new realities in the housing space, the demand and opportunities that exist within the sector. The need for more granular and sector-specific data on housing, real estate, and construction is now more apparent than ever. 'Till now, the available data on housing have been generated through general household or firm-level surveys, where only little information on the sector is collected, analysed, and reported. With the increased contribution and relevance of the sector, more investment is needed to produce the data required to maximise the potential and exploit the opportunities within the sector.' Copyright © 2022 Nigerian Tribune Provided by SyndiGate Media Inc. (
Business Insider
14-06-2025
- Business
- Business Insider
Senmiao Technology Stock (AIHS) Plummets 40% on Changsha Yipeng Agreement
Senmiao Technology (AIHS) stock took a beating on Friday after the financing and servicing company announced a collaboration agreement with Changsha Yipeng Information Technology. The two companies will work together to develop an artificial intelligence (AI)-backed data management system. Confident Investing Starts Here: Easily unpack a company's performance with TipRanks' new KPI Data for smart investment decisions Receive undervalued, market resilient stocks right to your inbox with TipRanks' Smart Value Newsletter The system created by these two companies will be used to 'improve efficiency of online ride-hailing management platforms.' Changsha Yipeng will bring its experience creating AI management systems, while Senmiao Technology will contribute its data from the Chinese online ride-hailing industry. The two companies also intend to seek financing for the development and deployment of this system. Investors were not pleased by today's announcement, which sent shares of AIHS stock down 38.83% in pre-market trading, following a 10.43% drop yesterday. Shares of AIHS have also fallen 3.74% year-to-date. As of this writing, more than 9 million shares of AIHS have traded, compared to a three-month daily average of 1.4 million shares. Is Senmiao Technology Stock a Buy, Sell, or Hold? Wall Street doesn't have the best coverage of Senmiao Technology, but TipRanks' AI analyst Spark has it covered. Spark rates AIHS an Underperform (36) with no price target. It cites 'significant financial challenges with declining revenues and negative equity,' as reasons for the rating.
Zawya
29-04-2025
- Business
- Zawya
Nigeria: Oba of Lagos expresses interest to attract investors for housing development
The Oba of Lagos, HRM Oba Rilwan Babatunde Osuolale Aremu Akiolu, has expressed his enthusiasm for attracting investors to Lagos State to develop the housing sector. The monarch made this known during a courtesy visit by the Board Members of the Africa International Housing Show (AIHS) to his palace. According to the Oba, one of the most effective ways to create wealth globally is through real estate. He, therefore, urged the organisation to expand its reach globally to attract foreign investment and develop housing projects in Lagos State. To facilitate this, he pledged to provide up to 1,000 acres of land for housing development, assuring his full support for the initiative. The monarch also appealed to the government to find ways to alleviate the suffering of citizens and called on Nigerians to work together with the government to build a better country. He advised citizens to be hardworking and avoid greed, emphasising the importance of collective effort in national development. The Africa International Housing Show is advocating for affordable housing, with the organisation's board member, Olutoyin Ayinde, a former President of the Nigerian Institute of Town Planners (NITP), highlighting the need for collaborative efforts to make housing more accessible. The Oba's influence, Ayinde noted, would be crucial in advancing this cause, potentially even drawing the attention of the President of Nigeria to the event. The 19th edition of the Africa International Housing Show is expected to feature a session with foreign investors who will exhibit their products. The CEO of Housing TV Africa and Coordinator of AIHS, Festus Adebayo, emphasised that the event's main focus is to promote locally made housing materials. He, therefore, sought the Oba's blessing to enhance advocacy for home ownership and affordable housing. In a related discussion, Olajumoke Akinwunmi, Managing Director and Co-Founder of Alitheia Capital, stressed the importance of self-regulation within the industry. She called for the adoption of local building materials and backwards integration in the construction value chain to reduce reliance on imported goods. According to her, this approach would not only create jobs but also make housing development more sustainable. Adeniyi Akinlusi, Managing Director and CEO of Lekki Worldwide Investments Limited, echoed this sentiment, noting that attracting foreign investors who produce goods locally would create jobs and stimulate economic growth. He expressed optimism that Lagos State is open for business and ready to provide an enabling environment for investors. The Oba's endorsement and support are seen as pivotal in advancing the goals of the Africa International Housing Show and promoting affordable housing in Lagos State.
Scoop
27-04-2025
- Business
- Scoop
Warning Of Impact Of AI This Workers' Memorial Day
As we mark Workers' Memorial Day (28 April), the national peak body for workplace health and safety is paying respects to workers who have lost their lives, while also warning of emerging trends taking a toll on Australian workers. In 2024, 168 people were killed at work in Australia, and already this year, more than 30 workers have lost their lives. Transport, postal and warehousing; agriculture, forestry and fishing; and construction are the highest represented industries. This year's Workers' Memorial Day theme is focused on the impacts of digitalisation and artificial intelligence on workers' health and safety. AI monitoring programs are in the spotlight, as an increasing number of workplaces turn to artificial intelligence for worker surveillance. The Australian Institute of Health and Safety (AIHS) CEO, Julia Whitford, said increased monitoring is creating unprecedented mental health risks. "What we're witnessing is the unfortunate dark side of workplace digitalisation – constant surveillance and algorithmic management that are creating toxic environments," Ms Whitford said. "While AI has tremendous potential to reduce physical risks and improve efficiency, we're seeing alarming evidence of workers feeling dehumanised when their every movement and decision is monitored by algorithms or software. "When workers know they're being continuously tracked and assessed by machines programmed to prioritise productivity above all else, it fundamentally changes their relationship with work – and understandably leads to fear they'll be replaced with technology." Ms Whitford said there needs to be a proper framework to guide workplaces in using these systems while assessing their impact on workers. "Occupational health and safety are indeed a fundamental right, and that means protecting workers from both physical and psychological harm in the workplace,' she said. "The message is clear: AI systems must be designed with worker wellbeing at their core, not as an afterthought. Australian businesses implementing these technologies have both a legal and moral obligation to ensure they enhance, rather than compromise, workplace health and safety. 'And if you're feeling unduly stressed because of monitoring software in place at your work, speak up and raise your concerns with your manager, boss, or business owner. It's important for them to understand the mental health impact new technologies may be having on workers so they can assess risks and make changes where necessary.' Mental illness is estimated to cost Australian businesses 39 billion dollars each year due to lost participation and productivity. Ms Whitford said there several ways managers can help. 'Create positive, supportive, and inclusive workplace cultures; intervene early when individuals and teams report distress; and support individuals experiencing a psychological injury in line with the advice of their medical professional. Everyone has the right to go to work and come home safely.'
