Business
Nigeria Has Potential Of Growing Automobile Industry, Exporting – Chinise Ambassador

The Chinese Ambassador to NIgeria, His Excellency, Mr. Cui Jianchun says NIgeria has potentials of growing the automobile industry, exporting to other countries in the process.
A statement signed by the Executive Assistant to GM Commercial CIG Motors, Adaugo Okoroji expressed this on July 9, 2021, when receiving delivery of a diplomatic fleet from GAC Motors in the Nigerian capital Abuja.
“This remarkable development will place Nigeria on an industrial landmark to other African countries both in economic advancement as well as strengthened diplomatic ties with the aim of encouraging foreign investment.
“The Diplomatic Delivery of the GAC Nigeria vehicles to the Chinese Embassy underlines the strength and cooperation between both Nations, bringing Know-how and Technology to a new level and marking the start of further Industrialization; while creating jobs and improving the living standards through independent manufacturing, in order to achieve a sustainable socio-economic development in Nigeria,” he said.
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The Chinese Ambassador said that the ceremony was the result of a long lasting relationship between GAC Motors Nigeria and the Lagos State Government. In a Milestone that was celebrated on the 4th of March, 2021.
“GAC MOTOR Nigeria entered a successful Joint Venture with the Lagos State Government, where H.E. Governor Babajide Sanwo-Olu signed an agreement to assemble and Produce GAC vehicles in a state of the art assembly plant in Lagos, marking the next step of the GAC Motor Brand’s local operation and effort to impact positively in the life of Nigerians,” he added.
H.E Mr. Cui Jianchun, in his speech, used the platform to express China’s and his personal support for the Nigerian Industry and the support and growth of GAC Motor Nigeria together with Lagos State and the Nigerian G
government.
He also used the platform to inform the audience that, “this really is an important time for me, I want to share with you that yesterday I presented my strategy – Nigeria China GDP Strategy for the next 50 years cooperation.
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“I want to let you know that this year is very special year, as both countries are celebrating 50 years anniversary since we started diplomatic relations 50 years ago in 1971. What I mean here is that in my strategy, one of the most important prioritized areas is the INDUSTRY.”
He further added “Without Industry you cannot get rich, you cannot get young people to work in this country, so what I mean here is that today is a good testament that the Chinese embassy including myself support the industry, the Motor industry in Nigeria in form of GAC Motors Nigeria.
“I believe that in the future if we get the confidence and get the support from the young Nigerian people, that GAC Motor Nigeria could send more young Nigerians to go to China to learn not only about Chinese culture, but most importantly about skills. In my strategy I think Industry, Technology and also Talent is very important for the development of Nigeria.
“I also want to take this opportunity to mention that GAC Motor not only represents a Chinese brand, I do believe this is also a good opportunity to let young Nigerians represent a local brand like GAC Motor Nigeria.”
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He assured that the partnership is gearing towards reinforcing the commitment of both parties in fostering massive economic growth of the Nigerian economy through business collaborations with China and as a role model for other countries and brands to follow this business model on a political and diplomatic level.
Following the handover, GM Commercial and Head of Communication of GAC Motor Nigeria, Mr.Jubril Arogundade said he was delighted by the development.
”GAC Motors is today, very delighted to venture into a partnership with the Chinese Embassy.
“This partnership is not just about growth, but it is a huge reflection and significance, to importance of the wide acceptance of the Chinese innovations and technology in the world and especially here in Nigeria where GAC Motors also operates its automobile company.
“GAC Motors identifies with young, innovative and brilliant individuals, and our business in Nigeria has enormously carried them along as the visionaries of tomorrow.
“We are glad to continue to showcase our strength in automobiles innovation through their young energies.
“Our brand has brought hope to the youth by creating industrialization; a factory where many talented Nigerians will have the opportunity to work and prosper as well. These youths are the future of Nigeria and the future is important to us at GAC Motor.”
It would be recalled that GAC Motors has invested in the future of mobility in Nigeria, and have continued to strengthen values through strategic partnerships with government and organizations, while delivering excellent service which is primary to the brands representation.
GAC Motor Nigeria in recent years achieved continuous growth results, fully demonstrating the quality, performance and excellence in service of this Premium product and the trust it enjoys within the Governmental and Diplomatic environment.
Business
Naira Records Depreciation Against US Dollar Across Official, Black Markets

The naira depreciated against the dollar at the official and parallel foreign exchange markets on Monday to begin the new month on a bearish note.
Central Bank of Nigeria’s data showed that the Naira weakened to N1,448.44 on Monday, down from N1,446.74 traded on Friday last week.
READ ALSO:Naira Records First Depreciation Against US Dollar Across Official, Black FX Markets
This means that the naira dropped by N1.7 against the dollar on Monday when compared to Friday.
Similarly, at the black market, the Naira declined by N5 to N1,475 on Monday from N1,470 at the close of work last week.
The development comes as Nigeria’s foreign reserves stood at $44.61 billion as of November 27th, 2025.
Business
NNPCL Revenue, Profit Soar To N5.08tn, N447bn In October

The Nigerian National Petroleum Company Limited has announced a significant revenue increase to N5.078 trillion for October 2025.
The state-owned firm disclosed this in its monthly financial report released on Saturday.
According to the financial report, from N5.078 revenue in October, the company posted a N447 profit after tax.
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The figure represents a significant 19.2 percent increase in revenue from N4.26 trillion and a 106 percent rise in PAT from N216 billion in September 2025.
The report stated that from January to September, NNPCL paid N11.150 trillion in statutory payments to the federation.
Four days ago, NNPCL posted a total of N45.1 trillion as total revenue for the 2024 financial year.
Business
NNPCL Reveals Reason Behind N5.4trn Profit After Tax

The Group Chief Executive Officer of Nigerian National Petroleum Company Limited, NNPCL, Bayo Ojulari, has explained that the state-owned firm’s N5.4 trillion profit after tax declaration in its 2024 financial statements indicates that the country has begun to reap the benefits of the Petroleum Industry Act.
He made this explanation in an interview released on NNPCL’s X account on Friday.
Recall that NNPCL declared a significant N5.4 trillion PAT from a total revenue of N45.1 trillion in 2024.
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Reacting, Ojulari said the earnings result demonstrated the state-owned firm’s commitment to transparency.
“This earning is our first step in going out there to make ourselves more visible and demonstrate our commitment towards transparency. The profit of N5.4 trillion is quite significant. What that indicates is that we are beginning to reap the benefits of the Petroleum Industry Act.”
According to DAILY POST, since Ojulari’s appointment in April 2025, NNPCL has been consistent in making its monthly financial records public.
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