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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.

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.

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

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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.

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.

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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.

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14 Nigerian Banks Yet To Meet CBN’s Recapitalization Deadline [FULL LIST]

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With barely eleven weeks to the Central Bank of Nigeria’s (CBN) recapitalisation deadline, fourteen banks are yet to meet the requirement.

This comes as DAILY POST reports that 19 Nigerian banks had met the apex bank’s recapitalisation requirements as of January 6, 2025.

The banks that have complied with the CBN’s minimum capital benchmark include Access Bank, Fidelity Bank, First Bank, GTBank (GTCO), UBA, Zenith Bank, and twelve others.

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However, as of the time of filing this report, fourteen Nigerian banks are yet to comply.

The banks that have not met the apex bank’s recapitalisation requirement include First City Monument Bank (FCMB), Unity Bank, Keystone Bank, Union Bank (Titan), Taj Bank, Standard Chartered Bank, Parallex Bank, and SunTrust Bank.

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Others are FBH Merchant Bank, Rand Merchant Bank, Coronation Merchant Bank, Alternative Bank, and other non-interest banks.

Meanwhile, financial experts have predicted possible mergers and acquisitions ahead of the March 31 deadline.

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Naira Extends Appreciation Against US Dollar

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The naira extended appreciation against the dollar at the official foreign exchange market on Wednesday.

The Central Bank of Nigeria’s data showed that the Naira further firmed up on Wednesday to N1,418.26 per dollar, up from N1,419.07 exchanged on Tuesday.

Wednesday’s uptrend represents a slight N0.80 gain against the dollar on a day-to-day basis.

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READ ALSO:Naira Records Significant Appreciation Against US Dollar

Meanwhile, at the black market, the Naira remained unchanged against the dollar at N1,480 per dollar on Wednesday, the same rate recorded the previous day.

The development comes as Nigeria’s foreign reserves further rose to $45.62 billion as of January 6th, 2026.

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Recall that on Tuesday, the Naira posted a N10.24 gain against the dollar.

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Naira Continues Gain Against US Dollar As Nigeria’s Foreign Reserves Climb To $45.57bn

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The Naira appreciated further against the United States Dollar at the official foreign exchange market, beginning the week on a good note.

Central Bank of Nigeria data showed that the Naira strengthened on Monday to N1,429.31 per dollar, up from N1,430.85 exchanged on Friday, 2 January 2026.

This means that the Naira gained N1.56 against the dollar on Monday when compared to N1,430.85 last week Friday.

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READ ALSO:Naira Records Significant Appreciation Against US Dollar

At the black market, the Naira dropped by N5 to N1480 per dollar on Monday, down from N1475 traded Friday.

The development comes as the country’s external reserves rose to $45.57 billion as of Friday last week.

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