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Tag: Nigerian Economy

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Lago’s Markets Receives Approval to Re-Open

October 27, 20200

The Lagos State Governor, Mr Babajide Sanwo-Olu, has approved the reopening of Markets within the Lagos state.

The announcement was made by the Lagos Commissioner for Local Government and Community Affairs, Dr Wale Ahmed, this morning. The statement highlighted that both food and non food markets can be reopened and operate every day of the week (Monday-Sunday).

The news has been met with great enthusiasm and energy from traders and distributors, as currently the markets were limited to opening on Monday, Wednesday and Friday.

The statement from Dr Wale Ahmed read in part, “Mr Governor took the decision to further enhance trade and commerce and mitigate the hardship of recent times and ensure that Lagosians can recover fast.

“Mr Governor also advised the continued observance of all safety protocols.

“Traders and their customers must adhere strictly to the COVID-19 protocols for their safety and the citizenry at large.”

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Source: The Punch, October 2020

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NIGERIA TO REOPEN FOR INTERNATIONAL FLIGHTS

August 18, 20200

Aviation Minister Hadi Sirika says four flights will begin landing daily in Lagos and four in Abuja.

Nigeria’s aviation minister has said the country will reopen its airports for international flights from August 29, introducing protocols to minimise the risk of COVID-19 infection.

Home to some 200 million people, Africa’s most populous country has registered 49,068 confirmed Coronavirus cases and 975 related deaths. Some 36,500 people have recovered so far.

Mr Hadid Sirika was quoted saying “(I am) Glad to announce the resumption of international flights from the 29th of August, 2020. Beginning with Lagos and Abuja as we did with the domestic flight resumption. Protocols and procedures will be announced in due course. We thank you for your patience.”

Nigeria resumed domestic flights on July 8, and Sirika said there had been no confirmed coronavirus transmissions on flights.

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Source: Aljazeera, August 2020

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A Resilient Africa Will Continue to Rise Above the Covid-19 Crisis

June 16, 20200

Africa Day (25 May) is an annual opportunity to reflect on the progress we have made in driving socio-economic growth and development. But this year, it is a more sombre occasion as we try to understand the human and economic cost of the Covid-19 pandemic. 

However, some overwhelmingly good news is that Africa was already moving in a positive direction before the virus hit. For example, the African Continental Free Trade Area agreement promises to help drive higher levels of intracontinental trade. Rather than letting Covid-19 slow down implementation of this agreement, let’s continue to pick up the pace and create a more open trading environment for all African states.

We also call upon governments to speed up their efforts to make it easier to do business. This is key not only in the response to Covid-19, but also in diversifying economies beyond agriculture and mining to innovative sectors like media, IT and fintech. This can help African countries become more competitive, create jobs and grow the tax base.

It’s heartening to see how African businesses have shown true grit, community spirit and flexibility in their response to Covid-19. Whether it’s Kenyan startups producing personal protection equipment using 3D printing, or South African craft breweries using their equipment to make soup for the poor, African businesses are banding together, mobilising to fight the pandemic with the goal of emerging stronger from the crisis.

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Source: Biz Community, May 2020

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President Signs COVID-19 Regulations

March 31, 20200

President Muhammadu Buhari last night in Abuja gave legal teeth to his Sunday night directive that has locked down Lagos and Ogun States as well as the Federal Capital Territory (FCT), by signing the Covid-19 Regulations 2020 in accordance with Sections 2, 3 and 4 of the Quarantine Act (CAP Q2 LFN 2004).

The regulations declared Covid-19 as a dangerous and infectious disease.
A statement by the president’s media adviser, Mr. Femi Adesina, said the regulations, which took effect from yesterday, March 30, 2020, would serve as a legal backing to various measures unveiled by the president during his national broadcast on March 29, 2020.
The statement also said such measures like the restriction/cessation of movement in Lagos, Federal Capital Territory (FCT) and Ogun State, among other decisions are aimed at containing the spread of the pandemic in the country.

The statement added that in addition to measures aimed at enabling Nigerians to perform on-line transactions and use automatic teller machine (ATMs) during these restrictions, the regulations grant exemption to the financial system and money markets.
The financial system exemption, the statement added, was aimed at allowing very skeletal operations with a view to keeping the system in light operations while these regulations subsists.

The statement read: “In exercise of the powers conferred on him by Sections 2, 3 and 4 of the Quarantine Act (CAP Q2 LFN 2004), and all other powers enabling him in that behalf, President Muhammadu Buhari, Monday, signed the Covid-19 Regulations, 2020, which declared Covid-19 a dangerous infectious disease.

“The Regulations, effective March 30, 2020, also gave legal backing to the various measures outlined in the President’s National Broadcast on March 29, 2020, such as Restriction/Cessation of Movement in Lagos, FCT and Ogun States and others toward containing the spread of the pandemic in the country.

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Source: This Day, March 2020

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NO MORE DEBATE: NIGERIA TOPS SOUTH AFRICA AS AFRICA’S BIGGEST ECONOMY

March 5, 20200

Nigeria powers ahead as being the largest economy in Africa. As if a recession wasn’t enough bad news for South Africa, it’s now confirmed as the continent’s second-largest economy.

The debate between the two largest economies in Africa, South Africa and Nigeria, has finally been settled.

Africa’s gross domestic product, is the biggest economy on the continent has long depended on which exchange rate you use for the West African nation.

But now both the official naira rate of 306 per dollar and the weaker market exchange rate of around 360 that almost all investors use put Nigeria tops.

Nigeria’s economic growth beat forecasts in the fourth quarter, helping its economy to expand the most in four years in 2019 as oil output increased and the central bank took steps to boost credit growth.

GDP in the West African country stood at $476 billion or $402 billion, depending on the rate used.

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Source: Business Day, March 2020

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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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