 Now retirement in life is inevitable, but not everyone is prepared for it. As humans advance in age, productive energy, dwindles and bills must be paid, more especially healthcare. We all know that during retirement income dwindles. It's good to prepare for the rainy days while it is still very sunny. Now experts say real estate is a safe haven that can guarantee cash flow to maintain good lifestyle and achieve longevity. This is our focus on the show for today. Welcome to Business Insights and Class TV Africa. I am Justin Acadone. A first-off expert say in Nigeria's cosmetic industry is lacking in profiting from the global market, as numerous challenges, especially limited export opportunities, hinder prospect. Now this was the position of indigenous manufacturers at an event held to showcase made in Nigeria cosmetics to the front-bone, a detail is in this report. The global cosmetics industry is projected to hit $463.5 billion by 2027 from $380.2 billion in 2019. Growing at a compound annual growth rate of 5.3%, which depicts the industry as a growing and profitable one. Nigeria's cosmetics industry has a lot of micro, small and medium enterprises whose prospects are constrained by limited access to finance, export constraints which hinder the prospect of a larger market among other challenges. These indigenous players share their thoughts and perception prospects include on issues of standardization. The very first thing is our cosmetic raw materials. Most of them are actually very pricey and the middlemen that we have who are purchasing these raw materials for us always hike the price so it's always difficult to have a stable price for a certain type of product. Our local manufacturers the very first thing that they need to be able to accomplish is proper professional formulated products. There's no real regulatory body for cosmetic manufacturers and that would be a huge asset for us so that we know that we can rest assured that the products that we're buying are quality even the raw materials that we are using as well need to be certified and are quality and they can produce decent products for us. Kolaue explains that agencies such as Mintz aims to prepare and equip players in the beauty and cosmetic sector for the African continent of free trade agreement and cross border trade. So what we're looking at is how do we aggregate these cosmetics producers together and support them in strategic intervention from production to packaging to labeling to sales. We should know that in a couple of years to come months to come the exchange rate is going higher and higher every day and the foreign product will become less attractive not because they are not good but because of funding so we should let them know that there's an alternative marketing in Nigeria's cosmetic space. As industry players lament rigorous standardization process the regulators says the narrative is changing. I understand that and I also am aware that people are afraid of coming to NAVDAC but I want to categorically state that NAVDAC has some strategies or schemes that are welcoming micro-scale facilities if at in line with the payback mandate to make business easier to grow to start and to grow in Nigeria. To assuage the burden of finance the NitroXport import bank, NEXIM and the export promotion council, NEPC, emphasize on exploring the opportunities abound in the cosmetics value chain. We in Nigeria's popular council usually insist that products that is focusing on outside world external markets must achieve the standard quality required in that market. The commodities we export raw, people from other countries add value and send them back to us at several times the price of what we export. Now in addition to the fact that we are not also creating jobs, we encourage our producers mostly SMEs also to add value to their products. Africa's middle class is tripled in size in the last 30 years and is driving the continent's demand for cosmetics. As a result, indigenous cosmetic companies should raise for market share. Welcome back Dr. Jane Omomiri is the co-founder and group managing director of P1 Group. She joins us now to look at real estate investments for retirement. Many thanks for joining us on Business Insight and Plus TV Africa. Thank you Justin. It is indeed our pleasure. Retirement is something most people are a bit scared of because most times they are not really certain about their income. But then saving for the rainy day is something that most people should be, almost everyone should be doing. But how come, when we talk of retirement, with issues like real estate don't come to mind of people who save? Yeah, well I think the major reason is that most people are not well informed about real estate. You understand? A lot of people think they need a lot of money. But don't you need a lot of money to get your own real estate? But they don't need a lot of money to invest in real estate. How does that work really? Yeah, very simple, with as little money as you can afford, you can begin investment in real estate. You don't have to be thinking of maybe Victoria Island, Ikoi and all that. Even going to the suburbs, we can start your investment. Go on 10 and 30, development will get to that place. And the value of those properties, weeks, skyrockets, by then, assuming you started investment at the age of 40, even 40, in another 15, 20 years time, where you'll be approaching retirement, the value of that property would have gone so up that you can, you have a real nest egg in your hands. But many people think they need a lot of money to invest in real estate. Okay, for instance, let's just paint a bit of a scenario right now. Some people feel they don't really earn a lot. For instance, someone who earns an average salary of about, let's say, 70 to 80,000 and he's going to retire in the next 10, 15 years. Just what kind of plan can he be involved in to ensure that when he retires, he will not be thinking about how to keep on paying his landlord? The best thing to do is to start. The most important thing in investment is to start. And that's what many people don't do. They want to wait until they have money. Like for instance, in our own company, which has little as 15,000 dollars, you can start investment in real estate. So invariably, when one gets his salary at the end of the month or so, a particular portion of it should be put aside for housing or how exactly does it really work? A particular portion of it should be put aside for yourself. For yourself? Yes. Okay. A lot of people pay everybody except themselves. You buy shoes, don't you? Yes, I do buy shoes. So you pay the shoe seller. You buy shoes, don't you? So you pay the food seller. But do you ever think of paying yourself? How do you go about paying yourself? Because first and foremost, you must put something aside for yourself. So even by putting aside as little as 10,000 dollars, well, 10,000 times five is worth 50,000. Okay. With that, you can start your real estate investment. But then you make it seem as if it's something that is so, so, so easy, something that can just be done. For instance, now, landed properties are not really readily available everywhere and that there are regals involved when it comes to getting houses. And sometimes some people fall prey to unscrupulous individuals who just come them just with all sorts of bogus investment plan for housing. Yeah, I believe that land is ever there. I know my age today, since I was born, I've been on land. And even when we are gone, land will still be there. So there is always an investment to be made. Always in real estate. I remember somebody telling me the father bought a plot of land, the Lekiface One, many years ago for 25,000 dollars. Can you begin to imagine that? You know what Lekiface One is like today? But at the time it was all swamp. It was all waterlogged. It was no man's land. Nobody wanted to go there. But some people went there and today they're cashing out on it. And now talking about the people that may swing you out of your money and they will always be there. They will always be there. But there are companies that are ready to stand by you all the way. No matter what happens, many of us in the industry are here. OK, fine. So don't just get into promotion. No, I'm not interested in promotion. I really need to understand because I want you to be very practical. So people who may not really have a formal job, for instance, someone who is a proprietor and an entrepreneur and he has a business of his own. And he is actually on the rented property right now. And he goes to the regos when it's time to pay the rent. He goes hell to scale to borrow one to pay that. So for someone like that who does not really have a formal plan, who doesn't get a salary every month, how does he go about him investments as this? So that maybe when he gets to 60 or 50 or there about whenever he intends to retire, this issue will not be like a very big one for him. The best thing is to start with whatever you have. Start putting outside money. There are various companies that are selling properties that is of mental payment. They can start with that. There are also various companies that give even people that are working opportunity to earn income to release it. They can start with that. It can be a side house for them. It can be another business for them. They can make money from that. But the most important thing is to put money outside. No matter what you're doing and you're not putting money outside, that will money accumulate. But if you put money outside, the more you put money into a pocket, the more it swells up, right? So eventually we have a sizable amount of money to start wherever and it doesn't matter where. Because development will eventually get to that place. I remember when I first came to live in Ajah area, the whole place was still swamped. And waterlogged. And waterlogged. But today, development has reached a better place. People are not going to a better place. So we can imagine people that bought in a place so many years ago, when the land was maybe 25,000 dollars a plot, what are we doing today? So the most important thing is to start. So invariably, what you were saying in that sense is that it doesn't really matter the location. Because some people believe that you talked about your own investment plan than how you started at Ajah. But some people believe that why would they want to put money in maybe a place called Lang Baza, or Ekbe, or some, a Waker, or some hinterland when they're not so certain of infrastructural development. They don't even know how soon those places might begin to see all those necessary facilities that most people enjoy in town. Some people took that many years ago. Even tomato sellers, even pepper sellers, they go that far to buy. And we see a lot of landlady in those areas. Women who sell tomato pepper, all those things, they're landlady in different areas. Because they went to buy. Even I cannot afford the Badanai land and all the rest of them. They must buy somewhere and you build your money from those places. The most important thing is to start. Just to start. All right, you're still watching Business Insight on Plus TV Africa. We're looking at a retirement plan, an investment plan for retirement. And we still have Dr. Ornery with us in the house. We'll take a quick break and return with more. Don't go away. Welcome back. It's still Business Insight on Plus TV Africa. Real estate is our focus for today on the show. Specifically, retirement plan. Dr. Ornery says to us that you don't have to wait. You can start small no matter what it is. You can start right now. So let's continue really now. So we've talked about them starting small. But for how long can you save exactly to be sure that you can get the plan of your choice? Of your choice. Now that is where the big question mark is. There are two ways I look at related. I look at each one from where I would want to live, what I want personally. And then I also look at it from the business angle. I think the first thing is to look at it from the business angle. As you may have a little money, you don't have much money. I go very far away. I buy like one acre of land. One acre of land is six plus, right? One day that place will become very valuable. You can sell two plus. You can sell three plus. I use the money to develop one. So the important thing is to start. And it does not matter where the location is. So long as development is moving towards that direction, some of us that were legals know what Morocco used to be. I'm sure that people were giving properties for free in Morocco. They would not take it. They look at it today. That's like it now. That's like it now. That's oniru now. It does Victoria Island extension now. But if people were giving properties, then they will not take it. So people need to open their eyes to really understand that real estate is one of the best ways. There may be other ways. But since that's the business, I mean, I would say it's one of the best ways of keeping money aside. OK, but specifically what I need to understand really is that is this like maybe like a five year, in five years can you save and you be certain that you can have a roof over your head? You know, you know one thing about time? Yes. That time is so fleeting. It is. Before you know it, five years is up for you. Before you know it, 10 years is up for you. Before you know it, 15 years is up for you. So while you are thinking about when we development get to that place, development is moving. So the most important thing is to start. Just get started. That's what I would tell anybody. Get started. But you will find a company that has the kind of properties that you can afford even now. You put money together, you begin. So many people allow small, small payment plans, even families that own properties. They allow small, small. But then again, this investment plans, can they be done just individually? Can it also be done maybe as a group? Yes, of course. Yes, of course. Like a wife and a husband can decide to, you know, pull money together to save money. Yes, a wife and a husband already won. You know, that won. So everything they are doing, they are doing for themselves. So that won. It should be part of their plan. Investing in real estate should be part of their plan for their retirement and for their children's future anyway. But a group of friends, corporatives, can also come together, put money together, buy a property. When they get their money again, they can come together, put money together and buy a property. We have so many of them. And when that property appreciates in value, they can decide to sell, get the money, and move on to another location and buy. So people can actually be in real estate, which have been fully in it on daily basis. The most important thing again I repeat is to get started. Let me choose myself as an example. My husband and I had a business that was doing well. We were making money, but we never thought of investing in real estate. And when that business failed, we were homeless for two and a half years. And in those two and a half years, we lived in 13 different places. That was what gave rise to P1 today. That was what gave rise to what P1 is doing today. You understand? We started with little money, promoting real estate for another company, and eventually started doing the business ourselves. And of course, the rest they say is history. The most important thing is for everybody to start. Somebody like you that is in this kind of business may not have time to deal in real estate the way we do, but you can start investing. The staff here can form a cooperative and they buy properties together. They can buy it in very far away place. It doesn't matter. Yeah, I was going to ask something because there's a recent development that just came with the PENCOM which is a retirement savings account. You can do some sort of a mortgage and can also be a landlord even as you walk towards retirement. But I know that has been there for a very long time. Okay. We're going to wait for you to become realistic. You don't think it might... No, I'm not saying so. I'm not saying so. You understand? Sales change all the time. And it's a very good plan for those who earn salary. But remember you also asked about those who work for themselves. They don't have such opportunity. But they should also invest in real estate. True. Little by little. They will accumulate a lot of properties that will even amaze them in five, ten years time. All right. And one thing about time is that ten years is here. Before you know it, ten years is upon us. Okay, let's still talk about the PENCOM plan. You said you have a bit of some doubts or what exactly? No, I don't work there. I don't have the upright. But what I'm trying to say is that it's okay for those who earn income. I employ people. And we pay their pension to their various pension accounts. You understand? I don't work in those companies. So I don't know how they operate. But now that we talk about it, I'm going to learn more about it. But what I'm doing is about the thousands of people. Millions of people who don't earn salary. What's up with them? There must be opportunities. There must be windows for them. And one of the windows is for them to just start putting money aside for themselves. Every time they make money, they should put something aside. And with as little as 25,000 naira, 50,000 naira in some companies, they can begin to invest in real estate. All right. Thank you so much, Dr. Omer, for your time. And of course sharing these insights to people who may want to be landlord as they retire. Oh, do appreciate the time. All right, you've heard it all from our guests today. You don't have to have the millions. So they just to be a landlord in the future, you can start with the little you have from your salary income over time. And just put a little aside and plan for yourself. And in no time, you could be a landlord as you retire. That's the size of the show for today. I am Justin Alcotton here. See you again next time.