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
Again, Dangote Refinery Hikes Fuel Price
Dangote Refinery has increased the ex-depot price of petrol by N75, bringing the price up to N1,350 per litre from the previous price of N1,275.
This is the first fuel increase by the Refinery in the month of May.
READ ALSO:JUST IN: Dangote Refinery Reduces Petrol Price
This latest development is coming seven days after the refinery raised its ex-depot price from N1,200 to N1,275 per litre.
Recall that the refinery on April 29 increased the ex-depot price of petrol by N75.
Business
Why We Sited Our Multi-Billion Naira Automobile Firm Branch in Benin – Skyewise Group CEO
Dr. Elvis Abuyere, Chief Executive Officer and Managing Director of Skyewise Group, an automobile firm, has explained the reason for establishing a branch of the company in Benin City, the Edo State capital, describing the ancient city as “a growing economy full of enormous potential for vibrant youth.”
He added that the company considers Edo State one of the most interesting states, noting that the decision aligns with its long-term vision.
Abuyere, who spoke in Benin on Monday while taking journalists on a tour of the new automobile facility, said:
“We started very small — from Abuja to Lagos and now Benin. It is a joy and privilege for us to have completed this amazing regional office with Skyewise Group.”
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According to him, beyond the automobile business, Skyewise Group is in Benin to invest in real estate, logistics, youth empowerment, and credit management. “Aand also to lend our support to what the Edo State Government is doing, knowing the fact that there is an agenda,” he added.
The young CEO urged youths in Nigeria, particularly those in Edo State, to embrace entrepreneurship, stressing that “we believe it is the future of Africa,” especially Nigeria.
He said Nigeria stands as the giant of Africa and that its youth must take bold steps in the entrepreneurship landscape.
According to Abuyere, to ensure Edo youths actualise their entrepreneurial potential, the company has prepared soft loans to help them start businesses, adding that Skyewise Group is not limited to automobile operations.
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He said: “More importantly to us is youth empowerment. We want our youth to be empowered, and this is where the Skyewise Foundation comes in.
“We believe the future of Africa is entrepreneurship, and that future lies in the hands of the young people of Nigeria. We want to empower them to stand the test of time, build something meaningful, and reduce unemployment and insecurity in our land.
“I believe we need to begin taking bold steps by refining the mindset of our young people. We need to give them a sense of belonging and direction.
“We have been addressing the liquidity gap in society by providing microloans to support businesses in our environment and in Benin City.”
When asked why he chose Benin City for the multi-billion naira automobile firm, Abuyere noted: “I think this is the first automobile showroom in Edo State where you can see a car lifted from the ground floor to the first floor and beyond.”
Business
JUST IN: Nigerian Filling Stations Reduce Fuel Price After Hike
Nigerian filling stations reduced their Premium Motor Spirit price on Saturday, barely 24 hours after the hike.
Checks by DAILY POST showed that Ranoil, Empire Energy, and other filling stations in Abuja adjusted their petrol pumps to N1,365 and N1,375 per litre respectively, down from N1,440 per litre on Friday.
This means that petroleum marketers dropped their fuel price by N65 and N75 per litre. DAILY POST reports that the move was to attract patronage from customers.
Recall that three days ago, Nigerian filling stations had raised their petrol pump price to between N1,365 and N1,440 nationwide after Dangote Refinery and depot owners increased ex-depot prices to around N1,275 and N1,290 per litre.
According to DAILY POST, while the Nigerian National Petroleum Company Limited and MRS Bovas filling stations raised their petrol price to around N1,365 per litre, others adjusted theirs above N1,440 per litre.
READ ALSO:Drivers Protest Fuel Increase, Raise Fares in Benin
However, with the latest fuel price reduction by Ranoil and Empire Energy, the majority of filling station outlets now dispense petrol between N1,365 and N1,375 per litre.
This development comes as the ripple effect of crude oil prices continues to impact Nigeria’s domestic fuel price.
Brent and West Texas Intermediate crude rose to $114 and $105 per barrel before dropping to $108 and $101 after the filing of this report.
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