Business

Chinese Manufacturer Lists Impediments To Nigeria’s Auto Industry

Published

3 years ago

March 23, 2023

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.

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

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.

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.

“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.

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.

“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.

Business

CBN Sets POS Maximum Transactions In Fresh Guidelines

Published

1 day ago

October 8, 2025

Editor

The Central Bank of Nigeria has rolled out fresh guidelines for agent banking, known as Point of Sales, across the country.

The apex also in the guidelines pegged daily POS transactions at N1.2 million per agent and N100,000 per individual.

CBN disclosed this in a circular signed by its Director of the Payments System Management Department, Musa Jimoh.

The guidelines further mandate all financial institutions to publish the list of all their POS agents on their website and to display it in their branches.

CBN noted that the guidelines would take effect from April 1, 2026.

“The Guidelines aim to establish minimum standards for operating agent banking in Nigeria, enhancing agent banking to provide financial services and promoting financial inclusion, encouraging responsible market conduct and improving service quality in agent banking operations.

“This circular takes effect from the date of release, while the implementation of agent location and agent exclusivity shall be in effect from April 1, 2026.

“POS agents are restricted to a maximum of N1.2 million per day. Individual customers are limited to N100,000 in daily transactions.

“These limits are intended to curb misuse, enhance financial integrity, and protect consumers within the agent banking framework,” it stated.

Business

Naira Records First Appreciation Against US Dollar At Official Market

Published

1 day ago

October 8, 2025

Editor

The Naira recorded appreciation on Wednesday against the United States dollar at the official market, the first time in three days this week.

The Central Bank of Nigeria’s exchange rate data showed that the Naira strengthened to N 1,470.62 per dollar on Wednesday, up from N1,471.09 traded on Tuesday.

This means that the country’s currency firmed up slightly by N0.47 against the dollar on a day-to-day basis.

Monday and Tuesday, the Naira recorded negative sentiment at the official foreign exchange market.

However, at the black market, the Naira remained unchanged at N1,500 per dollar on Wednesday, the same rate exchanged on Tuesday.

The apex bank data indicated that the country’s external reserves, a determinant of the exchange rates, stood at $42.57 billion as of October 7, 2025.

Business

SEC Warns Nigerians Of AfriQuantumX Ponzi scheme

Published

1 day ago

October 8, 2025

Editor

Nigeria’s Securities and Exchange Commission (SEC) has named AfriQuatum, with a claimed worth of N76 billion, as a Ponzi scheme.

The regulator also urged the public to be cautious about investing with the firm.

SEC disclosed this in a recent statement.

According to the SEC, any person who places an investment or engages with the entity does so at his or her own risk, adding that its operations exhibit characteristics commonly associated with fraudulent Ponzi schemes.

“The attention of the Securities and Exchange Commission has been drawn to the activities of AfriQuantumX, which holds itself out as an investment platform trading on and selling cryptocurrency and stocks to investors in Nigeria.

“The Commission hereby informs the public that AfriQuantumX is not registered by the Commission either to solicit investments from the public or operate in any capacity within the Nigerian capital market,” SEC stated.