Expert give reasons why the Naira keep falling

Brand Spur
-
0
Expert give reasons why the Naira keep falling

There have been so many question as to why the Naira keeps falling in value, the President of Association of Bureau De Change Operators of Nigeria (ABCON) Alhaji

Aminu Gwadabe, has blamed the recent depreciation of naira on the speculators’ onslaught and resistance by the banking industry.

Gwadabe said on Saturday in Lagos that the refusal of some banks to sell the invisibles such as personal and business travel allowances frustrated naira recovery.

The ABCON chief said that the CBN had recently accused the banks of frustrating its policies.

He said it was ironical that the naira started losing strength in spite of the CBN’s review of the rates from N375 to N360 to a dollar.

According to him, the naira started trading on Monday with a promising outlook for sustained strength against the dollar and other currencies, but it began to somersault at the middle of the week.

“The naira ended deeper northward to close at N394 to a dollar on Friday, translating to 10 per cent depreciation of what was recorded during the week,’’ Gwadabe said.

The association president said that the removal of disparity in applicable exchange rates among the BDCs, Travelex and the banks should have strengthened the nation’s currency.

The financial expert said, “CBN’s knack for last minute solution as recent development has shown, accounted for the misfortune of the naira at the foreign exchange market.’’

Gwadabe said that the battle for the soul of the naira would be won if the CBN could boost liquidity to the BDCs for effective unification of rates.

“It is evident that the injection of liquidity to the interbank market rather than the BDC sub-sector is not effective and transparent for sustained FOREX rate convergence and unification.

“Statistics from the CBN shows that about 20 banks get 80 million dollars weekly for invisible transaction as against the 20 million dollars weekly for over 3000 CBN licensed BDCs nationwide.

“The CBN should enhance public awareness to guide end users on FOREX availability and applicable exchange rates.

“The CBN should diversify the buffers from oil proceeds to foreign investors inflows and Diaspora remittances,’’ Gwadabe said.

He urged the CBN to sponsor a bill for an act of the National Assembly for naira convertibility in West Africa, as part of the solutions to full recovery of the naira.

Gwadabe said that naira was currently a means of exchange in about 15 countries in Africa.

He urged the Federal Government to increase security surveillance at the nation’s airports and land borders to checkmate illegal foreign cash evacuation.

The naira ended the week on a negative note, eroding the 12.36 appreciation it recorded in its trading last week.

The Nigerian currency appears to be on trial again, as experts argue that winning the battle for the soul of the naira requires more than pulling the monetary policy lever.

They called for a blend of fiscal and monetary policy and indeed patriotism from all Nigerians to save the naira from further sliding.

 

(Informationng)

Before You Commit Your Finances Into Any Property, You Must Know This

Brand Spur
-
0
Before You Commit Your Finances Into Any Property, You Must Know This

THE MOST IMPORTANT QUESTION FIRST TIME LAND INVESTORS SHOULD BE ASKING

Many people, especially those who are about to make their first land transaction get confused when it comes to asking the right questions.

In some cases, intending investors ask questions like “where is the place?”, “Is it far?” and lots of other questions.
I’ve even had an encounter with someone who asked for the longitude and latitude of the land.

While these questions are not out of place and arise as a result of people trying to be careful so that they don’t make a financial commitment they would later regret, wouldn’t it be better if they knew the right questions to ask?

That brings us to the first question anyone intending to buy land should ask which is “what is the status of the land?”

See, before you buy land in Nigeria, it is very important that you know the status of the land!

Knowing the status of the land you are about to buy can save you a lot of money and unnecessary hassles.

Imagine buying a piece of land and erecting a building on it, just for the government to come some years after, and tell you to move out, with claims that your building is illegal because it is sitting on government property.

All these can be prevented if you know the status of the land you are investing in before sealing the transaction.
This brings us to *Land Classification*

Land can be classified as either free or acquired. A parcel of land is considered free if the government has not indicated any interest whatsoever in that land.
Such land is safe to buy because the title on the land can be perfected without issues.

In most cases, such lands will either have a gazette, a C of O or a governor’s consent.

Now that you understand what it means for land to be free, you should also know that all lands that fall within areas that are designated as urban areas are under government acquisition until deemed committed or free.

There are two types of acquisition;

1. Committed acquisition and
2. General acquisition

Committed acquisition
A parcel of land is said to be under committed acquisition when the government has indicated an intention to use that land for a specific purpose such as provision of amenities.
Such lands belong to the government and can never be available for use by individuals.

If you purchase land that is under committed acquisition, it will be impossible for you to perfect your land title and you’ll only be occupying the land until the government comes to kick you out.

General acquisition
Lands that are under “general acquisition or “global acquisition can later be confirmed ‘free’ or ‘committed’.

A land under general acquisition can become free by a process called *excision*.

“Excision is a process whereby the government releases a portion of an expanse of land that is not committed”

If a parcel of land that was formerly under acquisition becomes excised, it is then considered free and becomes gazetted.

The gazette then becomes the title on the land and such land is safe to buy because a proper title can be processed on the land.

A second case where lands under general acquisition can be released is if an individual purchased a land that was under acquisition without going through an excision process.

Such lands can go through another process called “ratification” or “regularization” in which the land owner pays for the land to be ratified or regularized.

The only conditions in this case are that the land in question must not fall within a committed area and that the purpose for which the land was bought does not disrupt the original plan of the state.

Conditions for ratification may differ from state to state.

I hope by now you understand the most important question to ask when buying land in Nigeria and the kind of lands you should avoid.

Thank you.

 

(PropertyArena)

 

Tekno Gets Officially Unveiled As Pepsi Ambassador (Photos)

Brand Spur
-
0
Tekno Gets Officially Unveiled As Pepsi Ambassador (Photos)

Nigerian singer and record producer, Tekno who is enjoying spotlight as one of Africa’s most sought after artistes has joined Tiwa Savage and others as Pepsi Brand Ambassador.

He was unveiled at #PepsiCorporateElite #TheWeekendTakeover event where him, Tiwa Savage, Kcee, Skales, 9ice, Sound Sultan, Oritsefemi and others performed. Rapper, Falz was also spotted at the event.

This comes after him being named as Ciroc Nigerian Ambassador weeks ago. The superstar is surely living his dream as an entertainer.

“33” Export Lager unveils friendship party experience

Brand Spur
-
0
“33” Export Lager unveils friendship party experience

“33” Export Lager Beer, a product of Nigerian Breweries Plc (“NB”), has launched a new initiative called “33” Export Friendship Experience parties to provide its teeming consumers an opportunity to meet with their friends and share experiences.

According to NB, it plans to host friends in popular bars and clubs around the nation and reward them with experiences to remember in honour of the friendships they have.

In a statement, the Portfolio Manager, Mainstream and Stout, Nigerian Breweries Plc, Mr. Emmanuel Agu, said “33” Export Lager had become a brand facilitating and creating long lasting memories and experiences for its consumers.

Agu said the company’s commitment towards customer satisfaction prompted it to provide such platform where friends from all walks of life could connect and share friendship experience.

“The success of the “33” Export Friendship Experience Parties is built on the opportunity it provides friends from all walks of life to connect and share friendship experience, so that no matter where they are, “33” Export Lager Beer will be found wherever their friendship leads,” he said.

 

(Beverageindustrynews)

Poll shows Nigerians ‘still love’ Fanta, Sprite

Brand Spur
-
0
Poll shows Nigerians ‘still love’ Fanta, Sprite

Despite the court ruling that Fanta and Sprite contain potentially harmful substances, Nigerians still consume the products.

A recent poll conducted by CNN showed that majority still enjoy the drinks.

Image result for cnn fanta sprite nigeria

The poll, which was carried out on Twitter, had 1,108 respondents. 61 percent said they were not bothered by the ruling, while 39 percent said they would rather not consume the products for now.

A Lagos high court had ruled that the drinks contained substances that could turn poisonous in the presence of Ascorbic acid.

The court had also ruled that the National Agency for Food, Drug Administration and Control (NAFDAC) should direct the manufacturer to include a warning on the containers of the product that its content cannot be taken with Vitamin C.

In response to the ruling, the ministry of health said the standard of production in Nigeria was different from that of the United Kingdom.

The ministry also certified the drinks fit for consumption.

A Nigerian businessman, Emmanuel Adebo, had purchased large quantities of the products and exported to the United Kingdom, but the goods were impounded and destroyed after they were pronounced unfit for human consumption.

Adebo subsequently took Nigerian Bottling Company (NBC), manufacturers of the product to court.

 

()

CBN: Call us if your bank doesn’t give you needed FX in 24 hours (updated)

Brand Spur
-
0
CBN: Call us if your bank doesn’t give you needed FX in 24 hours (updated)

The Central Bank of Nigeria (CBN) says Nigerians should put a call through to the apex bank, if any commercial bank does not give foreign exchange for genuine demand in 24 hours.

Reacting to comments on customer frustration by some deposit money banks (DMBs), the CBN said DMBs have more than enough forex to meet demand.

“Information reaching the Central Bank of Nigeria (CBN) reveals that some customers seeking to buy forex for BTA, PTA, medical and school fees are being frustrated by some banks with the false claim that the CBN is not allocating enough forex to them for BTA, PTA, Tuition and Medical fees,” CBN said via a statement.

“This claim is totally untrue. All banks have more than enough stock of forex in their possession for the purpose of meeting genuine customers’ demand for BTA, PTA, tuition and medical fees. Indeed, on a weekly basis, the CBN has been selling at least $80m to banks for onward sale to their customers for these invisible items.

“Members of the public seeking to buy forex for the above-mentioned purposes are, therefore, advised to go to their banks and obtain their forex. Any customer who is not attended to within 24 hours for BTA/PTA or 48 hours for tuition and medical fees should call 07002255226 or send an email to cpd@cbn.gov.ng, with the name and branch of the non-cooperating bank.

“Furthermore, no customer should accept to buy forex from any bank at more than the CURRENTLY prescribed rate of N360/$1.”

CBN on Thursday revealed that it would sell $10,000 to bureau de change operators from Monday, April 3, 2017.

Meanwhile, CBN has also frowned on the practice by some banks forcing customers to collect their money in cards instead of cash.

The central bank has directed all banks to make cash available to customers.

 

(The CableNg)

LEARNING PHOTOSHOP DOES NOT MAKE YOU A DESIGNER: START WITH THE FOUNDATION

Brand Spur
-
0
LEARNING PHOTOSHOP DOES NOT MAKE YOU A DESIGNER: START WITH THE FOUNDATION

The biggest mistake is jumping into Photoshop too fast. Learning Photoshop does not make you a designer, just like buying paintbrushes doesn’t make you an artist. Start with the foundation.

Image result for photoshop effects

First, learn how to draw.

  • You don’t have to sit in a room with a bunch of other artists trying to draw a naked woman.
  • You don’t even have to get that good at drawing. Just learn some basics so you can be comfortable sketching with a pen.
  • You only have to do one thing to learn how to draw: get the book You Can Draw in 30 days and practice for half an hour every day for a month.

Learn graphic design theory

  • Start with the book Picture This. It’s a story book of Little Red Riding hood, but will teach you the foundations of graphic design at the same time.
  • Learn about color, typography, and designing with a grid. If you can find a local class to teach the basics of graphic design, take it.
  • Go through a few of these tutorials every day.

Learn some basics in user experience
There are a lot of books about user experience. Start with these two quick reads that will get you in the right mindset:

Learn how to write

  • Don’t fill your mockups with placeholder text like Lorem Ipsum. Your job as a designer is not just to make pretty pictures — you must be a good communicator. Think through the entire experience, choosing every word carefully. Write for humans. Don’t write in the academic tone you used to make yourself sound smart in school papers.
  • Read Made to Stick. It will teach you how to suck in your readers.
  • Voice and Tone is a website full of great examples of how to talk to users.

Related image

Learn to kill your work

  • This is the hardest step in this whole guide.
  • Be prepared to kill everything you make. Be prepared to violently slaughter your precious design babies. The sooner you can embrace this, the better your work will become. When you realize your work isn’t good enough, kill it. Start again.
  • Get another pair of eyes. Ask for feedback on your work from people who care about design. Don’t know anyone? Make some designer friends — go to designer meetups and events.
  • Get the opinion of people who don’t care about design, too. Show your work to people who would be your users and ask them to try your website or app. Don’t be afraid to ask strangers — I once took advantage of a delayed flight by asking all the people in the airport terminal to try out an app I was designing. Most of them were bored and happy to help, and I got some great usability feedback.
  • Listen. Really listen. Don’t argue. If you ask someone for feedback, they’re doing you a favor by giving you their time and attention. Don’t repay the favor by arguing with them. Instead of arguing, thank them and ask questions. Decide later whether you want to incorporate their feedback.

Learn Logo Design

  • Learn how to make a logo that doesn’t suck: Logo Design Love
  • You’ll want to take it a step further than a logo though. Learn to create a consistent brand – from the website to the business cards. Check out this book, Designing Brand Identity.

Learn Mobile App Design

  • Start with this tutorial to get your feet wet on visual design for mobile apps.
  • Read this short but very comprehensive and well-thought out book on iPhone design: Tapworthy. It will teach you how to make an app that not only looks good but is easy to use.
  • Geek out on the apps on your phone. Critique them. What works and what doesn’t?

Learn Web Design

Now for the hairy question of whether you need to know HTML/CSS as a designer: It depends on the job. Knowing it will definitely give you an edge in the job market. Even if you don’t want to be a web developer, it helps to know some basics. That way you know what is possible and what isn’t.
There are so many great resources to learn HTML and CSS:

  • Free one is Web Design Tuts.
  • Paid one (pretty affordable at $25/month) is Treehouse. If you’re starting from the beginning and want someone to explain things clearly and comprehensively, splurge for Treehouse tutorials.

Credits: All referred links.

FINCA Microfinance Bank wins Best Agency Banking provider

Brand Spur
-
0
FINCA Microfinance Bank wins Best Agency Banking provider
…as Mobile Money Africa holds expo in Lagos
FINCA Microfinance Bank Nigeria, a subsidiary of FINCA Microfinance Holding Company LLC (FMH), and part of a network of 21 microfinance institutions and banks operating in about 30 countries around the world, that provide socially responsible financial services that enable low-income individuals and communities to invest in the future, has received an award as the “Best Agency Banking Provider 2017.
 
The award is for individuals and businesses operating in Eastern Nigeria. It was presented to the FINCA Mfb during the cashless Africa awards & expo, organized by Mobile Money Africa in Lagos, Nigeria.
 
FINCA, in early 2016, became the first microfinance bank to launch Agency Banking in the South East geopolitical zone, which has been spreading since then.
 
The Principal Associate of MobileMoneyAfrica, Emmanuel Okoegwale, who congratulated all the award winners, hoped that the honor would inspire better innovation in 2017 and beyond.
 
The CashlessAfrica awards honor organizations that have made significant contributions to the digital financial services sector, and are poised to make considerable market impact in the future.
 
The awards are dedicated to acknowledging creativity, commitment and excellence in the digital financial services across Africa.
 
Reacting to the award, the Chief Executive Officer of FINCA Mfb Nigeria, Takyi, who was represented by the Product/ Channel Development & Research Manager, Azeez Ibraheem, expressed profound gratitude to the organizers of the awards; noting that FINCA was a microfinance bank that has come with a depth of knowledge in microfinancing to change the face of banking with its unconventional approach.
 
He said FINCA focuses on those at the bottom of the pyramid, those under-banked and unbanked; adding that providing reliable and secured access to financial services is the driving forces behind its launching of Agency Banking for its clients. He informed that in future, microfinance bank would extend the platform to non-FINCA clients.
Currently, FINCA clients enjoy unlimited access to services through its Agency Banking network, known as FINCA eXpress; which provides unlimited, secured, reliable and convenient access to financial services that enable the clients to withdraw and make deposits into their accounts; repay their loans; check and print off their bank balances; print their bank statements; transfer funds from their FINCA account to other FINCA accounts and third party deposit without paying for these services or leaving their businesses.
 
FINCA Microfinance Bank began operations in Nigeria in December 2014. The bank provides a full range of financial services to more than 20,000 active clients through its branches and FINCA eXpress agents in Owerri, Imo State. Clients have accessed over N3 billion in loans and deposited over N400 million in voluntary savings.
 
Takyi further said that FINCA would continue to offer to the Nigerian market, simple, but innovative financial solutions – savings, term deposits, loan products and DFS – to help its clients effectively manage their money, develop savings culture to save for the future and grow their businesses.  He added that the microfinance bank’s value proposition is delivered in the most customer centric manner, in line with its mission.
(Businessdayonline)

We don’t have ‘killer numbers,’ says MTN

Brand Spur
-
0
We don’t have ‘killer numbers,’ says MTN
• NCC Confirms Receipt Of Firm’s N30b Fine Payment
• To Liquidate Remainder By May 31, 2019The Nigerian Communications Commission (NCC) has confirmed the payment of the N30 billion fine paid by MTN.

According to NCC’s Director of Public Affairs, Tony Ojobo, MTN has paid N30 billion ($98 million, 92 million euros) as part of the fine.

Ojobo told The Guardian on telephone yesterday that a receipt has been issued to the telecommunications firm, “which confirms the payment.”

The General Manager, Corporate Affairs, at MTN Nigeria, Omasan Ogisi, told The Guardian that payment was made before yesterday, “and we have been issued receipt.”

MTN, Nigeria’s largest mobile operator, was initially fined $5.2 billion (N1.04 trillion) in 2015 for failing to deactivate over five million unregistered Subscriber Identification Module (SIM) cards, some of which were allegedly linked to the Boko Haram insurgents.

The severity of the penalty was to serve as a deterrent to other service providers, whose action or inaction undermine the precarious security situation in the country.

But following a series of interventions and negotiations, which lasted about six months, including a meeting between President Muhammadu Buhari and his South African counterpart, Jacob Zuma, in March last year in Nigeria, the fine was reduced to N780 billion, and later N330 billion.

With the confirmation of the payment of N30 billion fine, the South African telecommunications firm has now paid N110 billion.

Government had confirmed the earlier payment of N80 billion to its coffers as at December last year as part of the fine, which has been staggered till 2019.

Specifically, the amount paid earlier before the new N30 billion, included the “goodwill” payment of N50 billion in December 2015 and another N30 billion on June 10, last year.

Other tranches of the payment include that by March 31, 2018, MTN would pay another N55 billion; N55 billion by December 31, 2018; N55 billion by March 31, 2019; and the balance of N55 billion on May 31, 2019.

The payments are expected to go into NCC’s Treasury Single Account (TSA) with the Central Bank of Nigeria (CBN).

This is just as MTN denied claims of some of its number being used to take peoples’ lives.

There have been allegations that MTN numbers, 08030004900 and 08066699666, belong to some serial killers, which they have been using to take peoples lives when calls are received through them.

There are also claims that when calls are received through them, the receiver jumps into the Lagos Lagoon.

A message on WhatsApp read: “08030004600 and 08066699666: Warning: Do not pick any of these numbers. They are severe killer numbers, which was reported to have been killing people across the country. SAVE LIVES!”

But responding to The Guardian enquiry on the matter, MTN Nigeria Public Relations and Protocol Manager, Funso Aina, in an email, said: “Please, note that there is no truth to this story, as we have already communicated in all our social media channels.

“08030004900 was a telemarketing number, which is not in use at this time.”

(GuardianNg)

Domestic production of vehicles hit 45,000 units per annum

Brand Spur
-
0
Domestic production of vehicles hit 45,000 units per annum

Like cement, Nigeria   appears to be on the track towards becoming vehicles manufacturing country again as local production has increased to 45,000 units per year, up 80 per cent from 25,000. Based on this growth, PricewaterhouseCoopers (PWC), has projected that the Nigerian auto industry is expected to produce about four million cars annually by 2050. Also, with this development, Dr. Innocent Chukwuma, Chairman, Innoson Vehicles Manufacturing Limited, IVM, said: “After sometime, Nigeria will manufacture cars for the whole of Africa.”

Recall that in the 1980s,about 120,000 brand new vehicles were being assembled in the country by six assembling plants made up of two car plants and four commercial vehicles plants. The industry collapsed when government embraced World Trade Organisation’s free trade policy and opened up the country’s borders to imports including second hand vehicles. Breakdown of the units of vehicles Vanguard’s investigation revealed that the industry is gradually picking up again as data from National Automotive Design and Development Council (NADDC) has revealed.

The document showed that “Up until 2015, Nigeria imported about 400,000 vehicles (100,000 new and 300,000 used) valued at $4.2 billion. Local production capacity is about 300,000, but utilisation is currently at about 15 percent of installed capacity. This translates to 45,000 units of vehicles per annum.” NADDC, while not giving the detailed breakdown of the units of vehicles each company produces, said: “The response to the federal government’s automotive policy by the new investors so far has exceeded our expectations.

The current status of implementation of the policy is that the 14 existing assembly plants like VON, PAN, Innoson, Anammco and Leyland-Busan had started assembling new products in 2014, and new ones were established, assembling the following: Nissan, IVM, Peugeot, Hyundai, Honda, Kia, VW, Ford, Changan, GAC, Cars, SUV and light commercial vehicles;Hyundai, IVM, Nissan and Ashok-Leyland buses; MAN, IVM, Sino, Shacman, MAN, FAW, Aston, Foton Forland and Isuzu Trucks; and Proforce armoured vehicles.

The total installed capacity is over 300,000 units per annum. NADDC said: “By December 2014, the existing assembling plants had commenced operation at various capacity levels to offer existing brands out of new relationship with new Original Equipment Manufacturers (OEM). Production of Chinese multi-brands PAN (former Peugeot) in Kaduna resumed the assembling of Peugeot cars, ANAMMCO in Enugu now produces Shacman Trucks of China, Leyland-Busan of Ibadan sustained its production of Chinese multi-brands including NISSAN, VW and HYUNDAI cars and SUV, ASHOK-LEYLAND buses. Innoson Vehicles Manufacturing (IVM) added cars to its commercial vehicle assembly operation; Nissan, VW, Hyundai, kia cars and SUV, Shacman, Sino FAW and MAN Trucks and Ashok-Leyland buses are now assembled in Nigeria.” Also, it was further learned that 12 new companies, including Honda and Century Auto (Toyota), TATA, Coscharis Auto (FORD, Joylong , Dongfeng), Globe Motors (Higer), Leventis (FOTON-Daimler), KewalramChanrai (GM, Mitsubishi) and Tilad (Shinery), Aston have been given bona-fide manufacturing status and are on track to start assembly operations in Nigeria. Director General NADDC, Engr. Aminu Jalal, said: “The industry is long-term in nature and requires policy continuity and consistency.

This is already assured as the new government has decided to continue with the policy. Nigeria is therefore on track to becoming a vehicle manufacturing nation.” Hindrances to full capacity utilisations Vanguard further learned that the existing plants owners are being hindered to fully utilize their production capacities now due to some bottlenecks.  Engr. LuqmanMamudu, Director, Policy and Planning at NADDC, said that one of the problems is logistics. “To order your SemiKnocked Down, SKD, and Completely Knocked  Down, CKD, from the sources take quite a while,  and the bureaucracy is strangulating, so you  find that most of the operators are not able to get their inputs, that is the kits, into their plants as at when due. Influx of second-hand vehicles ”We also have the problem of second hand vehicles. Something needs to be done about this influx of second-hand vehicles, because second-hand vehicles reduce the market that is available to local investors.”

However, a PWC report presented by a Partner at the firm, Mr. Andrew Nevin, explained that the projected growth requires sustained and effective investments in the auto industry made only possible by the government implementing political, economic and legal policies that create a suitable environment for such investments. Nevin who did the official presentation of the PWC auto industry report, during a seminar organised by the automobile and allied product group of the Lagos Chamber of Commerce and Industry (LCCI), recently, said “We created three scenarios in this case depending on growth rate and the government support to the auto industry, By 2050, production in this country will hit almost seven million vehicles and imported used vehicles popularly referred to as ‘Tokunbo’ cars will become non-existent by 2034 as a direct result of local production. “We believe that by 2050, Nigeria should produce over 4 million vehicles.

We have also created a pessimistic scenario, which is the third scenario because the world might not turn out the way we think, but even with the pessimistic scenario, Nigeria will be producing about two million vehicles. Essentially, PWC is saying that by 2050, Nigeria is going to be a market that makes at least four million new vehicles a year and would also stop importation of used vehicles. “There is also going to be the need for experienced car people, Nigeria can achieve its potential to produce over seven  million cars by building and working with people that really understand  the industry.

We believe that the Nigerian auto industry in 2050 would be producing up to four to seven million cars, but it needs the support of the government policies and the industry to do the right things,” he said. Speaking at the 9th Bola Tinubu Colloquium, with the theme: ‘Make It in Nigeria,’ Chukwuma, Chairman of IVM, said   ”most of the companies in Nigeria are assembling cars, but IVM doesn’t assemble,we aremanufacturing cars, not assembling. We are manufacturing cars with the support of Nigerians and after sometime, Nigeria will be manufacturing cars for the whole of Africa.”

Investment incentives Vanguard learned that under the new automotive industry policy, the federal government has put on the table, the following incentives, among others: “Import duty for CKD for vehicle assembly is  zero per cent while that of fully built up units is 35 per cent; Import duty for SKD assembly is 10 per cent; import duty for automotive assembly operation equipment is zero per cent. Also, the Nigerian government has mandated all its ministries, agencies and parastatals to patronise the products of local automotive assembly plants.

(vanguardngr)

1...3,9303,9313,932...3,961Page 3,931 of 3,961