National cake in the Nigerian context refers to any fund accumulating or generated from crude oil which is easily one of Nigeria’s most significant sources of revenue.
Funds gotten from here are distributed among the federal units, trickle to the state level, the local government, and so on. It is called national cake because it is gotten from the nation’s resources and appears to be a very bountiful source of revenue. Basically, it is any source of funding that can or should be accessed by everyone, though not necessarily in equal proportions it is still for the people.
Land is inexhaustible
Here we are talking about the permanent and static nature of the land. Land is something that can never be said to run out. A nation can run out of food, and organisms can go extinct but land cannot just disappear from existence.
Nigeria as a country can run out of the excess crude oil we pride ourselves in, but the land will always be here. Being one of Africa’s top 20 largest landmasses, the availability of land is a problem the country can never have. There’s a popular local saying that cracks me up every time. It goes “land no dey ever finish and even if land finish, we go buy house instead”
Land is multi- functional
In your economics class, they must have taught you that land is one of the important factors of production. This is because it can be put to a lot of use, from agriculture to infrastructure. It facilitates productivity and also serves as a form of capital. It is quite easy to see why real estate or land is indispensable and very useful. Anyone with land or access to land is well on his way to being productive.
The rise of real estate firms and proptech startups
Over the past years, we have seen an increase in the number of real estate firms and proptech start-ups that are aiming to either lower entry barriers into the sector or provide simplified solutions to a global housing problem. This is because, as the days go by, people are becoming conscious of the great potential available in the property/land sector.
Proptech startups these days offer affordability and convenience to entrants. Unlike the petroleum sector which is very strictly regulated with one of the highest entry barriers, the real estate sector is fast becoming the most welcoming sector offering convenience, affordability, and diversity.
Proptech startups like Ellamediate Limited are one such company that are offering affordability and convenience with its Blockchain and co-ownership platform. Being a company that is leveraging technology, it facilitates the tokenization of prime real estate assets, allowing its customers to co-own rent-yielding properties.
The spirit of the national cake notion is almost similar to the popular American dream that irrespective of one’s social standing or position in life, they are entitled to the benefits of the nation’s produce should they tap into it.
Co-ownership is an arrangement that embodies the spirit of partaking in the national cake. This is because a group of persons of unequal standing and financial strength are granted an equal opportunity to earn rental income from the real estate purchased. What else speaks national cake like benefitting from the yields of a communal venture such as co-ownership? If you ask me, I will rather this cake than the oil spilling, gas flaring cake.
The Chief Executive Officer, RTC Advisory Services Limited, Mr. Opeyemi Agbaje noted that “We cannot ignore the obvious effect of inflation, foreign exchange challenges, insecurity, and high unemployment rates, but Nigeria’s economic fundamentals remain strong and the real estate sector now represents an opportunity for steady growth and expansion.
“It will be a key driver for the country’s recovery alongside the agriculture, agribusiness, agric technology…”, Experts continue to agree on the numerous beneficial potentials of real estate and land.
I used to think that oil money was the only national cake but over time, I realized that real estate and land are the real and new national cake.
It opens us to a world of endless possibilities, the benefits are such that everyone in the country can tap out of its fruits either directly or indirectly and its spirit is practically embodied in a phenomenon like co-ownership which is easily one of the best and smartest way to participate in the sector.
Ellamediate continues to cater to the people as it serves on a platter of security, transparency and accountability, and co-ownership of properties which in my opinion is the true embodiment of eating from a national cake. Take a bite by logging on to the website or downloading the app today.