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

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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.

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“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.

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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.

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“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.”

READ ALSO: ‘We’ve Trained Over 2000 Youths On Skills Acquisitions, Says Out-gone NYCN Boss

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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.

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“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.

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“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.

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French Media Giant Canal+ Takes Over S.Africa’s Multichoice

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French media giant Canal+ said Monday it had taken effective control of South African television and streaming company MultiChoice, creating a group present in nearly 70 countries in Africa, Europe and Asia.

The companies said in a joint statement that the combined group will have a workforce of 17,000 employees and serve more than 40 million subscribers.

The acquisition is “the largest transaction ever undertaken” by Canal+, the statement said.

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READ ALSOFrench Media Giant Acquires MultiChoice In $3bn Deal, Gains Full Control Of DStv, GOtv

Canal+, which is already the sector’s leader in French-speaking African countries, now controls what it described as the leader in the continent’s English- and Portuguese-speaking regions.

“This acquisition allows us to strengthen our position as a leader in Africa, one of the most dynamic pay-TV markets in the world,” Canal+ chief executive Maxime Saada said in the statement.

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The buyout was given a final green light by South Africa’s competition authority in late July, more than a year after Canal+ launched its bid.

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Canal+ offered 125 rand ($7.2) per share for MultiChoice when it launched its offer last year, valuing the South African firm at around $3.0 billion.

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Canal+ is present in 25 African countries through 16 subsidiaries and has eight million subscribers.

MultiChoice operates in 50 countries across sub-Saharan Africa and has 14.5 million subscribers.

It includes Africa’s premier sports broadcaster, SuperSport, and the DStv satellite television service.

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AFP

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BREAKING: Nigeria’s GDP Grows By 4.23% In Q2 2025 – NBS

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Nigeria’s Gross Domestic Product grew by 4.23 per cent (year-on-year) in the second quarter of 2025, the National Bureau of Statistics revealed in its Q2 2025 GDP Report.

According to the report released on Monday on its website, the figure shows a significant improvement compared to 3.48 per cent recorded in the second quarter of 2024 and the 3.13 per cent recorded in Q1 2025.

The figures signal a strengthening economy, driven by recent rebasing, rebound in oil production and a resilient non-oil sector.

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READ ALSO: UK GDP Records Fastest Growth In Q1 2025

The report said, “Following the rebasing of the Gross Domestic Product using 2019 as the base year, previous quarterly GDP estimates were benchmarked to the rebased annual estimates to align the old series with the new rebased estimates

“This procedure provided a new quarterly GDP series, which is compared to the 2025 second quarter estimates. Gross Domestic Product grew by 4.23% (year-on-year) in real terms in the second quarter of 2025.

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“This growth rate is higher than the 3.48 per cent recorded in the second quarter of 2024. During the quarter under review, agriculture grew by 2.82%, an improvement from the 2.60% recorded in the corresponding quarter of 2024.

READ ALSO: BREAKING: Nigeria’s GDP Grew By 3.46% In Q4 2023 — NBS

According to NBS, “The growth of the industry sector stood at 7.45% from 3.72% recorded in the second quarter of 2024, while the Services sector recorded a growth of 3.94% from 3.83% in the same quarter of 2024.”

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The report said in terms of share of the GDP, “the Industry sector contributed more to the aggregate GDP in the second quarter of 2025 at 17.31% compared to the corresponding quarter of 2024 at 16.79%.”

It added, “In the quarter under review, aggregate GDP at basic price stood at N100,730,501.10 million in nominal terms. This performance is higher when compared to the second quarter of 2024, which recorded an aggregate GDP of N84,484,878.46 million, indicating a year-on-year nominal growth of 19.23%.”

Details later…

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Why Nigeria’s Crude Oil Production Dropped To 1.63mbpd In August – NUPRC

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The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has explained that unscheduled maintenance at a refinery facility made Nigeria’s crude oil production drop on a month-on-month basis in August.

This comes as Nigeria’s crude oil production dropped to 1.63 million barrels per day month-on-month in August, down from 1.71 million bopd in July.

NUPRC disclosed this in its Crude Oil and Condensate Production for August 2025, released on Saturday.

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This means a 4.7 per cent drop in combined crude oil and condensate production from 1.71 million bopd in July.

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In the same vein, crude oil production itself declined by 4.8 per cent, down from 1.5 million bopd in July 2025.

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The month-on-month drop was driven by a single-day unscheduled maintenance at an oil facility.

“In the month of August, the lowest and peak combined crude and condensate production were 1.59 million bopd and 1.85 million bopd, respectively,” NUPRC said.

The data showed that while there was a decline month-on-month, the country’s crude oil production rose on a year-on-year basis by 5.5 per cent to 1.63 mbpd in August this year from 1.58 million bopd in the same period last year.

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Further analysis indicates that daily condensate production in August stood at 197,229 bpd, reflecting a decline.

Also, Nigeria’s crude oil output in August achieved 96 per cent of its OPEC quota, which is set at 1.5 million bopd.

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Accordingly, in the period under review, Forcados Terminal topped the production charts, delivering a total of 8.99 million barrels, including 8.08 million barrels of crude oil and 915.2k barrels of condensates.

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