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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.

“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.”

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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.

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”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.

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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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JUST IN: CBN Increases Interest Rate To 24.75%

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The Monetary Policy Committee of the Central Bank of Nigeria has today concluded its two-day meeting for March 2024.

This meeting marks the second MPC meeting for the year 2024 and also the 294th meeting of the CBN.

The MPC at the end of today’s meeting elected to hike the MPR by 200 basis points.

The Committee voted as follows: Raise the MPR by 200bps to 24.75 from 22.75 per cent
Increase the asymmetric corridor to +100bps/-300 basic points.

READ ALSO: JUST IN: CBN Sells Forex To BDCs At N1,251/$1

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Retain the Cash Reserve Ratio of Deposit Money Banks at 45 per cent and Adjust the CRR of Merchant banks from 10 per cent to 14 per cent.

The CBN retains a liquidity ratio of 13 per cent.

Details later…

 

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JUST IN: CBN Sells Forex To BDCs At N1,251/$1

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The Central Bank of Nigeria (CBN) has issued a circular to Bureau De Change (BDC) operators informing them that they sold $10,000 to each BDC at a rate of N1,251 per US dollar.

Nairametrics reports that the CBN, in a circular, instructed each BDC to sell the dollars to eligible customers at a rate not exceeding 1.5% above the purchase price.

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It reads: “We refer to our letter to you referenced TED/DIR/CON/GOM/001/071 in respect of the above subject wherein the CB approved a second tranche of sale of FX to eligible BDCs.

“We write to inform you of the sale of $10,000 to each BDC at the rate of N1,251/$1. The BDCs are to sell to eligible end users at a spread of NOT MORE THAN 1.5 per cent above the purchase price.”

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Financial Institution Launches Indigenous Micro Insurance Software To Boost Customers Confidence

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The acting Managing Director, Prudent Choice Micro Insurance, Mrs. Gloria Onosolease, has said that the launch of its indigenous micro insurance software, named Insuretech, will help boost customers confidence and ensure accountability in the sector.

She disclosed this during the official launch of its Insuretech software in Benin.

Mrs. Onosolease said the achievement will significantly shape the nascent micro insurance landscape in Nigeria and indeed, across the African continent.

Onosolease said the newly developed software heralds a pivotal advancement in enhancing customer interaction and satisfaction, while concurrently optimizing their internal operations to foster efficiency.

She added that in a fiercely competitive industry such as insurance, embracing technology is indispensable to their continuous success and sustainability.

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READ ALSO: Tips For Online Registration Of Prospective Corps Members

She said that the micro insurance sector in Nigeria, particularly in Edo State, is undergoing a phase of unprecedented growth with a population exceeding five million people where a substantial portion of which is engaged in low income and medium sized enterprises spanning rural, urban and semi-urban areas.

She said due to this, there exists an urgent demand for accessible and inclusive insurance solutions but regrettably, this demographic has long been underserved and marginalized in terms of insurance protection.

She further said that with the launch of Insuretech, it will help mitigate the financial risks encountered by low income earners and small to medium scale enterprises.

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