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Chinese Manufacturer Lists Impediments To Nigeria’s Auto Industry

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The Chairman of CIG Motors Co. Limited, Chief Diana Chen, has said lack of stable electricity supply, and insecurity are among the hurdles militating against effective operation of the automobile assembly plants in Nigeria.

Chen disclosed this on Tuesday at the official opening of Guangzhou Automobile Group Motor Abuja G-Style Showroom and the unveiling of all new GS8 premium SUV in Abuja.

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Power stability is one challenge. Without stable electricity supply, it is difficult to have manufacturing here. Another one is security issue,” she said.

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She urged the incoming government to tackle security issues with all sense of urgency, stressing that GAC Motor is willing and ready to work with government at all levels to rebuild the capabilities of the youth population towards becoming well trained, skilled, and technical people especially in the area of automobile industry.

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According to her, Nigeria boasts of great potentials both in the economic and auto market growth across Africa.

Chen further implored the Federal Government to develop policies that encourage Nigerians to purchase brand new vehicles rather than the current reliance on imported fairly used ones, noting that such a policy would boost investment in assembling plants that would in turn create jobs and wealth for the country.

She disclosed that the company was already in partnership with four banks in the country that allows customers to purchase its cars while paying back in monthly installments.

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“GAC Motor Nigeria is committed to building and developing the future of the automobile industry in Nigeria, and believes that collaboration with the Federal Government is key to achieving this goal,” she stated.

Chen also assured Nigerians of GAC’s commitment to supporting Nigeria’s football national teams and the creative sector.

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Speaking at the event which was attended by the President of the Nigerian Football Federation, Ibrahim Gusau, thanked the motor company for supporting Nigerian football teams.

Super Eagles star players in attendance include Ahmed Musa, Wilfred Ndidi, Kenneth Omeruo and Alex Iwobi.

Speaking on the brand new GS8 SUV, the General Manager Commercial, CIG Motors, Mr. Jubril Arogundade, said the vehicle was made for Nigerian roads.

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The brand new GS8 is a premium SUV that was created with the intent of meeting the high-luxury requirements of business leaders on a budget. With its luxurious cabin space covered in Alcantara and leather of the highest quality, geometric facet design, roaring Euro 6 engine power, and diversified luxury interior and exterior upgrade, the car is sure to take your breath away,” he added.

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Naira Appreciates At Official Market

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The Naira, which has seen steady appreciation against the Dollar all week, closed stronger on Friday, trading at ₦1,580.44 in the official forex market.

Data from the Central Bank of Nigeria’s website show the Naira gained ₦4.51k against the Dollar on Friday alone.

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This marks a 0.28 per cent appreciation from Thursday’s closing rate of ₦1,584.95 in the official foreign exchange window.

The local currency maintained consistent strength throughout the week, recording gains daily.

READ ALSO: Naira Appreciates Against Dollar At Foreign Exchange Market

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On Monday, May 19, it traded at ₦1,598.68; on Tuesday, at ₦1,590.45; and on Wednesday, at ₦1,584.49.

These gains suggest increased investor confidence and improved forex supply, contributing to the naira’s performance.

Meanwhile, the CBN, at its 300th Monetary Policy Committee meeting held Monday and Tuesday, retained the Monetary Policy Rate at 27.5 per cent.

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BREAKING: Again, Dangote Refinery Cuts Petrol Price

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The Dangote Petroleum Refinery has announced a nationwide reduction in the pump price of Premium Motor Spirit (PMS), commonly known as petrol, with new prices now ranging between ₦875 and ₦905 per litre, depending on location.

The ₦15 per litre cut applies across all regions and partner fuel stations, and was confirmed via an official announcement posted on Dangote Refinery’s social media channels on Thursday.

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Major marketers participating in the new pricing regime include MRS, Ardova, Heyden, Optima Energy, Techno Oil, and Hyde Energy — partners in the distribution of Dangote-refined products.

READ ALSO: JUST IN: Dangote Refinery Sashes Petrol Gantry Price

Under the previous pricing structure, Lagos residents paid ₦890 per litre, while prices reached ₦920 in the North-East and South-South regions. With the latest adjustment, Lagos now pays ₦875 per litre, while the North-East and South-South will see prices drop to ₦905.

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A regional breakdown of the revised prices is as follows: Lagos: ₦875, South-West: ₦885, North-West & Central: ₦895, North-East & South-South: ₦905 and South-East: ₦905.

In its announcement, Dangote Refinery encouraged consumers to purchase fuel only from authorised partner stations and urged the public to report any cases of non-compliance via its official hotlines: +234 707 470 2099 and +234 707 470 2100.

“Our quality petrol and diesel are refined for better engine performance and are environmentally friendly,” the company said.

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Naira Appreciates Against Dollar At Foreign Exchange Market

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The Naira ended the trading week on a positive note, recording a bullish close on Friday at the official foreign exchange market.

It appreciated N1,598.72 against the U.S. Dollar, reflecting a modest gain that suggests continued efforts to stabilise the local currency.

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According to figures published on the Central Bank of Nigeria’s official website, the Naira strengthened by N0.60k against the Dollar on Friday.

This upward movement represents a 0.03 per cent appreciation compared to the N1,599.32 exchange rate recorded at the close of trading on Thursday.

READ ALSO:Naira Depreciates In Parallel Market

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The local currency had shown some resilience earlier in the week, posting gains on both Tuesday and Wednesday trading sessions.

On Tuesday, the Naira appreciated by 0.02 per cent, followed by a stronger gain of 0.21 per cent on Wednesday.

These improvements were seen as positive indicators of growing investor confidence and increased supply in the foreign exchange market.

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However, Thursday’s trading session saw a minor setback, with the Naira slipping by N2.62 against the Dollar.

This loss equated to a 0.16 per cent depreciation, dampening the midweek rally seen in previous sessions.

READ ALSO:Naira Records Highest Depreciation Against Dollar At Black Market

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Market analysts attributed Thursday’s dip to a brief increase in Dollar demand from importers and other market participants.

Despite this, the week still closed on a positive note, with the Naira showing signs of gradual recovery and increased market stability.

Analysts continue to monitor the Central Bank’s policies, especially interventions aimed at improving Dollar liquidity and managing demand pressures.

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The Naira’s performance in the coming weeks will likely depend on consistent supply inflows and investor sentiment across the broader economic landscape.

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