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Tag: African Economy

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Auto industry attracts over $1 billion investments

January 31, 20200

The Nigerian auto sector has received a significant boost with over $1 billion investment from distinguished automotive manufactures last year in 2019, thus lifting capacity to at least 409,000 vehicles annually. 

The manufacturers, which include Honda, Peugeot, Innoson, and Mitsubishi among others, have also created employment for about 4,782 Nigerians.

Jelani Aliu, the Director-General of the National Automotive Design and Development (NADDC), disclosed this yesterday in his message to the ongoing review of the Nigerian Automotive Policy Bill, & Nigerian Automotive Industry Development Plan (NAIDP), in Abuja.

He highlighted that the NADDC has put in place a N5billion vehicle finance package to assist Nigerians buy new cars, repayable at agreed terms instead of the current craze of patronising fairly-used cars, which has continued to drain the nation’s foreign reserves, and creating jobs for other countries.

He said: “Nigerians can now put down say, 10 percent of the value of cars they wants to buy and spread payments for over five years. This arrangement has been concluded with some selected banks in the country with the support by the Central Bank of Nigeria (CBN). If we go this way, our citizens will also begin to enjoy ridding new vehicles.”

The participating banks includes Zenith, Wema and Jaiz.

Although government had banned vehicle importation through land borders, however, the Area Controller, Port Terminal Multipurpose Limited (PTML) Command, Nigeria Customs Service, Mrs. Florence Dixon, said the border closure has triggered increase in vehicle importation through the Lagos seaport to about 35 per cent as at third quarter 2019, without giving details.

This means that more Nigerian’s are still buying used vehicles, with the sale of brand new locally manufactured vehicles hitting only 11,000 units in 2019, up from the 10,000 recorded a year earlier.

General Manager of Stallion Motors in Nigeria, Arpita Roy Luthra, in a chat with The Guardian, said with the finance initiative 2020 sales will be much better.

She said: “I foresee an increase in sales in the new year. In fact, we are very happy with the kind of direction the government is taking. One is the closure of land borders, so that has boosted our businesses.”

For more information about the West African Automotive sector, Click Here

Source: The Guardian, January 2020

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West Africa Automotive Show records massive turnout at Nigeria’s maiden edition

December 4, 20190

West Africa Automotive Show (WAAS), a new international trade exhibition which is ongoing at the Landmark Centre, Victoria Island, Lagos, has pulled a large audience, attracting stakeholders from the regional and global automotive sector under one roof.

The maiden event which commenced since 6th and will end on the 8th November had a wide range of exhibitors from the automotive maintenance and repair sector. Car parts manufacturers, assemblers, and distributors, commercial garages, retailers, mechanics, fleet operators, and logistics companies of Nigeria and across the world besieged the event from the first day of the exhibition.

In the first day, about 100 exhibitors from Nigeria and from around the world had relocated to Lagos, venue of the exhibition, to forge new business ties and show off the latest developments and products in the spare parts and services sector.

It was also a fertile ground for Suppliers, dealers and manufacturers to discuss best practice for the industry and find out more about the developing local motor manufacturing industry.

Speaking at the event, Jamie Hill, managing director of BtoB Events, organisers of the event said that the event was put together in Nigeria because they actually believed in the Nigerian market and the opportunity it presents.

Describing Nigeria as a market that needs to be represented by a platform such as an exhibition, Hill said “It is an opportunity to bring the stakeholders under one roof to interface and move their businesses forward”.

According to Hill, the exhibition is in line with the federal government’s plans to make sure that a large percentage of cars on the Nigerian roads are made in Nigeria.

On what they intend to achieve with the exhibition, Hill said “It is a perfect opportunity and it represents the local automotive industry. We want to create global recognition to the Nigerian auto parts sector be they spare parts or  auto assembly because we hope a lot more manufacturers are coming up in Nigeria”.

Emphasising that WAAS marketing strategy is to target ECOWAS countries first, Hill however, observed that Nigeria is the powerhouse for the exhibition project.

He said the government is very proactive in their plans to increase the number of cars on Nigerian roads to be made in Nigeria, adding that WAAS will align themselves with the plans of the government and the National Automotive Design and Development Council (NADDC) so that they can work together.

For more information about the West African Automotive sector, Click Here

Source: National Daily, November 2019

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West Africa Automotive Show Premieres

December 3, 20190

West Africa Automotive Show, WAAS, a new international trade exhibition, brought the region’s automotive parts industry together for the first time.

The maiden edition was recently held at the Landmark Centre in Victoria Island, Lagos. The 3 day exhibition which had about 100 exhibitors from Nigeria and around the world hosted more than 3000 visitors.

The exhibition aimed at forging new business ties, show off the latest developments and products in the spare parts and services sector. Also, suppliers, dealers and manufacturers will be able to discuss best practice for the industry and find out more about the developing local motor manufacturing industry.

Managing Director, BtoB Events’ Jamie Hill, the organiser of WAAS, stated that they had two successful show launches in Lagos over the past year, Beauty West Africa and Food and Beverage West Africa.

I envisioned the regional automotive sector come together under one roof during the launch of WAAS, he said.

“We have a wealth of international exhibitors looking to bring high-tech equipment to Nigeria for the first time and a large number of local exhibitors are looking to expand their business and increase exports to surrounding countries,” he said.

He stated Nigeria having the largest population on the continent creates a huge market opportunity, and BtoB has selected Lagos to launch its first show. Also, it recognises Nigeria is well placed to become the automotive hub of the African continent with over 11.5 million vehicles on the roads.

Hill stated that with over 60% of vehicles on the road being over 12 years old, there is a huge aftermarket industry, and so, the need for high quality and affordable spare parts is becoming increasingly important.

He stated that there is also a real hunger to boost the local assembly of vehicles across the country with the 2013 National Automotive Industry Development plan (NAIDP), with more assembly plants being set up, this again significantly increases the demand for spare parts.

For more information about the West African Automotive sector, Click Here

Source: This Day, November 2019

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WAAS Set For New Solution In Auto Care

September 25, 20190

Corporate, fleet, organisational and individual vehicle owners are in for a new deal as the momentum gathers and excitement builds ahead the maiden edition of the West Africa Automotive Show (WAAS), a new international trade exhibition, is set to bring the region’s automotive parts industry together under one roof in November.

For three days, an estimated 100 exhibitors from Nigeria and other countries will be gathering to network, forge new business ties and show off the latest developments and products in the spare parts and services sector. Suppliers, dealers and manufacturers will also be able to discuss best practices for the industry and find out more about the developing local motor manufacturing industry.

With free admission, more than 3,000 visitors are expected to attend WAAS which holds  from November 6 to 8, 2019 at the Landmark Centre on Victoria Island, Lagos.

There will be national pavilions for Morocco and China, smaller groupings from Thailand, Egypt, Tunisia and India, and a dozen more countries will also be represented. Nigerian businesses will be well represented which will account for about 30 percent of exhibitors.

WAAS is organised by BtoB Events, which has had two successful show launches in Lagos over the past year, Beauty West Africa and Food and Beverage West Africa.

According to Jamie Hill, managing director of  BtoB Events’ “We have a wealth of international exhibitors looking to bring high-tech equipment to Nigeria for the first time and a large number of local exhibitors are looking to expand their business and increase exports to surrounding countries  We are now looking forward to seeing the regional automotive sector come together under one roof as he launches WAAS”.

Having the largest population on the continent creates a huge market opportunity in Nigeria. BtoB has selected Lagos to launch the show as it recognises Nigeria is well placed to become the automotive hub of the African continent with over 11.5 million vehicles on the roads.

“With over 60% of vehicles on the road being over 12 years old, there is a huge aftermarket industry. The need for high quality and affordable spare parts is becoming increasingly important,” said Hill.

For more information about the West African Automotive sector, Click Here

Source: This Day, September 2019

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WAAS appoints Transport Day as Media Partner

September 12, 20190

The West Africa Auto Show (WAAS) has announced its delight in welcoming Transport Day as a media partner for the new event in the motor maintenance calendar.

WAAS takes place from November 6th-8th at the Landmark Centre in Lagos and is designed to showcase the range of vehicle parts and accessories needed to keep cars, trucks, buses, motorbikes and commercial vehicles on Nigeria and West Africa’s roads.

More than 120 exhibitors from across the world will be taking part with over 3,000 professionals from the automotive spare parts and accessories industry expected to visit the trade show. In addition to mechanics, retailers and distributors, the show will appeal to fleet maintenance and workshop managers.

Transport Day will be keeping you up to date with the news and views coming from WAAS, with insight into the latest innovations and best deals available at the show.

WAAS is organised by BtoB Events. Its managing director Jamie Hill said: “It’s great to have Transport Day on board as a media partner. WAAS is a fantastic new opportunity to bring together the automotive parts industry and the mechanics, dealers and suppliers who use and retail these key components.

“There will be thousands of products on display, many of which will be showcased for the first time. We are really pleased that Transport Day will be helping to promote this exciting new event as it will help keep the industry in Nigeria and West Africa up to date with new industry trends and techniques.”

Transport Day Editor, Frank Kintum, added that “partnering with WAAS will definitely facilitate free flow of information about the event and the auto after-market. This is an area with great potentials and opportunities for the local Nigeria and West Africa markets”.

For more information about the West African Automotive sector, Click Here

Source: Transport Day Newspaper, September 2019

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Can Japan Catch up in the Economic Scramble for Africa?

September 9, 20190

From used-car markets to giant infrastructure projects, Asia’s leading powers see more than a continent in need of aid.

Recently, China entered the market as an exporter of used cars overseas. The Chinese Ministry of Commerce revealed the populous African nation of Nigeria as one of the destinations for 300 cars in the first batch of freight. The vehicles included brands such as Land Rover, Toyota, Hyundai, Volkswagen, Trumpchi, King Long, Yutong, and Zhongtong, with a value of approximately US$2.5 million.

These latest moves are a feature of a new race for economic influence in Africa, in which Asia’s leading powers are playing a major part. The aim, in part, is to generate higher auto-parts and maintenance-service exports, more than merely finding a new home for once-cherished vehicles.

The first export of used cars sailed in July from Nansha Port, Guangzhou. The Nigeria-bound consignment will berth at the Lagos port. In Nigeria alone, used vehicle imports accounted for 80% of all vehicle sales in 2016, while on the other side of the continent in Kenya it was more than 96%.

Until now, China has not been involved in selling used cars abroad. It hopes to benefit from a booming global trade, which recorded an estimated sale of 39.3 million vehicles in 2017, up 1.8 per cent from 2016 sales, and far outstripping the 17.1 million figure recorded in 2017 for new vehicle sales, which had dipped slightly by 2% on the previous year.

According to statistics from the General Administration of Customs of China, from January to April, China’s overall exports to Africa totalled more than $33 billion, up 5.6% year-on-year. China’s imports from Africa were $32 billion, an increase of 1.1% year on year. 

But China is not alone in chasing market share in Africa. Japan has been exporting used cars to Africa for some years, and has grand plans of its own, demonstrated by the Tokyo International Conference on Africa Development (TICAD 7) held last month in Yokohama, with the aim of improving its trade relationship with African countries. The conference, now held on seven occasions, seeks to connect African and Japanese investors, rather than using foreign aid as the principal approach to African nations.

For more information about the West African Automotive sector, Click Here

Source; The Interpreter, September 2019

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