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Tag: Nigerian News

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Nigeria’s land borders to be reopened soon, minister announces

November 26, 20200

Nigeria’s land borders may be reopened soon after been closed since August 2019.

Zainab Ahmed, The Minister of Finance, Budget and National Planning, gave a announcement yesterday during a interview with the State House correspondence. Ahmed stated that the presidential committee which implemented the restrictions were pleased with the outcome and recommended the reopening of the borders.

Nigeria closed its land borders in August 2019 to halt the illegal importation of automotive products and parts into the country from neighbouring West African countries.

She indicated the committee will shortly submit a report to the President, Major General Muhammadu Buhari, and a formal announcement on the matter will be made on the matter following from his decision.

Although Ahmed stated that the committee were pleased with the regulations, she did not indicate when the report will be submitted to the president or when the land borders will be officially open.

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

Source: The Punch, November 2020

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Car import levy slashed from 35% to 5%

November 24, 20205

The federal government is implementing plans to decrease the levy paid on imported cars from 35 percent to just five percent.

This is contained in the draft of the 2020 finance bill to be presented to the national assembly.

The implemented bill becomes in place once it is passed by the legislature and acknowledged by President Muhammadu Buhari.

Information of the bill shared by the president also highlights that the import duty of Tractors and motor vehicles for the transportation of goods has also been dramatically decreased from 35 percent to 10 percent.

To improve ease of doing business, the bill also proposes that software acquisition now qualifies as capital expenditure.

Zainab Ahmed, the minister of finance, budget, and national planning, had previously explained that the reduction in import duties and levies is targeted at reducing the cost of transportation.

“The reason for us is to reduce the cost of transportation which is a major driver of inflation especially food production,” she told state house correspondents on Wednesday 18th November at the federal executive council.

Last year, Hameed Ali, the comptroller-general of the Nigeria Customs Service have purposely encouraged the federal government to reduce the levy on imported cars to 10%. A tactic to decrease the importation of smuggling or importing from neighbouring countries.

For information on the West African Automotive sector, Click Here

Source: The Cable, November 2020

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BtoB Events announces WAAS, BWA and FABWA will return in 2021

November 16, 20200

Three of Nigeria’s most popular trade and retailer exhibitions are set to return in 2021, BtoB Events, the country’s leading exhibition organiser, has announced.

Food and Beverage West Africa will run from June 16th-18th, the West Africa Automotive Show is scheduled for July 13th–15th and Beauty West Africa will take place from November 17th-19th 2021, all to be held at the Landmark Centre, Lagos.

BtoB Events was forced to rescheduled its entire 2020 calendar to 2021 due to the continued disruption that the COVID-19 pandemic is having on global travel and commerce.

The 2021 exhibitions will be opened in accordance with the All Secure Standard for the global reopening of exhibitions post COVID. Attendees and exhibitors can be reassured that they will be safe and feel relaxed in the business-friendly environment onsite.

Jamie Hill, BtoB Event’s Managing Director, told journalists, “We’ll be creating new features across our portfolio whilst also exploring new ideas and opportunities brought about digitally during the pandemic. We’re all really excited about re-energising our exhibition portfolio across Nigeria in 2021 as there is a huge amount of pent-up demand for international exhibitions.”

“We are excited by the interest we have had expressed to us already and are looking forward to welcoming new exhibitors, country pavilions and attendees to our leading trade fairs covering the Food, Automotive and Beauty Industries.”

Retailers and distributors in Nigeria will be familiar with the exhibitions with thousands having visited the events which promote local enterprises and SMEs alongside major regional and international companies.

WAAS is the definitive one stop show for the automotive sector, from spare parts and lubricants through to vehicle enhancement. Next year’s show will build on the success of 2019 when more than 3,000 people visited the 70 stands displaying thousands of car part and accessories products.

Interested in participating at West Africa’s Largest Automotive Show, Click Here for more information

Source: The Guardian, November 2020

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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.”

Interested in participating at West Africa’s Largest Automotive Show, Click Here for more information

Source: The Punch, October 2020

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