Category: autopost

  • CNG: SON begins standardisation for auto use

    CNG: SON begins standardisation for auto use

    The Director General, Standard Organization of Nigeria, SON, Ifeanyi Chukwunonso Okeke has inaugurated a 35-man committee to set standards guiding the usage of the Compress Natural Gas (CNG) for cars on Nigerian road.

    Okeke who was represented by the Chief of Staff Uchenna Okafor said the inauguration is in adherence to the President Ahmed Bola Tinubu’s directive to reduce the country’s over dependence on Premium Motor Spirit (PMS) and Automotive Gas Oil (AGO), thus offering a more affordable, cleaner and safe alternative fuel to Nigerians.

    The DG disclosed this at the inauguration of the Technical Committee on Road Vehicles, LNG, LPG, CNG and Conversion kits in Abuja, stating that he has full confidence in the capabilities of each member of the committee, their expertise, knowledge, and diverse experiences will no doubt pave way for advancements in the Nigerian Automotive industry.

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    He said, “Together, we shall represent and bring up Nigeria’s positions at different levels of engagements in the international, Continental and Regional fora and also churn out National Standards, codes of practices and guidelines for various applications in Automotive products and services, that are demand-driven, for the betterment of our dear nation”.

    The Director, Standard, Engr. Yahaya Bukar said there must be a standard in place before the implementation of the CNG. Standard is compulsory before vehicles can be converted to CNG from petroleum considering the danger of using gas, how explosive it can be.

    “Nigerians have to be sensitize on how it can safely be converted and also on the usage. There will be a document showing the proper criteria for which the government can use to convert the product. Nigerians should begin the use of CNG first quarter of 2024.

  • Rewane predicts stronger naira in 2024

    Rewane predicts stronger naira in 2024

    Nigeria’s exchange rate is expected to strengthen nexrt year as inflation drops, says Bismarck Rewane, Parthian Partners’ non-executive director and Managing Director of Financial Derivatives Co Limited.

    He made this known during Parthian Partners 2024 Economic outlook session in Lagos.

    According to Rewane, “Inflation is likely to drop in 2024 and could go as low as 17 per cent in 2025. Once inflation begins to decline, the exchange rate naturally appreciates because the exchange rate pass-through starts slowing down.”

    However, he noted that inflation would continue to rise early next early due to market reforms and persistent currency volatility on the black market. “Base effects are expected to kick in by mid-year, with inflation moderating to an average of 23.6 percent in 2024 from an average of 24.4 percent in 2023.The decline in inflation will naturally lead to exchange rate appreciation,” he said.

    Rewane also provided key perspectives on the economic landscape, highlighting trends, challenges, and opportunities for the upcoming year. While analysing the economic trends, he noted that the Naira fell by 26 per cent to N1,050/$ in 2023.

    “There were higher energy prices with diesel price up by 34.01 per cent to N1050 per litre (year-on-year), fuel price up by 233 per cent to N630 per litre (year-on-year), while money supply growth went up 36 per cent (year-on-year) to N67.18 trillion in September,” he said.

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    He analysed crucial factors such as Gross Domestic Product (GDP) growth, inflation rates, and employment trends, offering an understanding of the economic landscape.

    Also, he highlighted investment in Nigeria as a major driver contributing significantly to the country’s GDP.

    Rewane also recognised the interconnected nature of the global economy, highlighting that Nigeria has a lot of international factors that could influence the trajectory of the economic outlook next year. This includes considerations of geopolitical events, trade dynamics, emerging market trends, and artificial intelligence (AI).

    While he dwelt on AI and the rapid change the world is facing, he backed up his point, stating: “The world has changed; artificial intelligence and social media have made it easy. Now, there are no queues at banks, because all you need is your app.”

    He added: “Investors are expected to deepen positions in securities that offer higher yields and companies with quality cashflows and realistic earnings goals.”

    Further, he highlighted a salient point for investors. He stated: “Before you invest in a country, be sure that the indigenes are also investing in that country.”

    Parthian Partners organised the session as part of its value-added services to clients to provide a valuable resource for businesses, investors, and policymakers seeking strategic guidance for the coming year.

    Also, the Head of Research at Parthian Securities, a subsidiary of Parthian Partners, Seun Dosunmu, gave insight into the equities market, highlighting trends that will be replicated in 2024.

    He advised investors to expect a high interest rate, recapitalisation of the banking industry, capital raising by some listed companies, mergers and acquisitions in the banking industry, prospective energy capacity increase, among other factors.

    He mentioned some likely listings for next year as Dangote Foods, Dangote Refinery, and NNPCL.

  • NGX targets Gen Zs, millennials to deepen capital market

    NGX targets Gen Zs, millennials to deepen capital market

    The Nigerian Exchange (NGX) has set a target to pull in younger investors in to the capital market with products and new initiatives.

    This was revealed as the exchange took its financial literacy campaign to the members of the 2023 Batch C, Stream II of the National Youth Service Corp in Lagos State.

    Speaking at the event, the Divisional Head, Business Support Services and General Counsel, NGX, Dr Irene Robinson-Ayanwale, said, “The Gen Zs and the millennials always like their financial independence and they want to be able to make decisions on their own. Stay tuned because we are going to be rolling out a lot of products and initiatives around the Gen Zs and the millennials.”

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    Head, Market Surveillance and Investigations at NGX Regulations Limited, Abimbola Babalola, stated, “If we educate them at this point in their lives that they are coming in contact with money, and they are able to define and know their priorities, that will help them in creating wealth and achieve their financial objectives.”

    Chinonso Ume of the Retail Banking Unit of Zenith Bank Plc, who also spoke at the program said, “This is a veritable opportunity to teach these young ones, empower them in all things financial literacy, combined with a little bit of entrepreneurship skills.”

    Another facilitator, Angel Gift said, “Today, we have been able to speak with about 5,000 corpers and most of them are ready to invest in the capital market.”

  • Mikano to improve power generation

    Mikano to improve power generation

    Chairman, Mikano International, Mofid Karameh, has promised to improve power generation in Nigeria.

    Karameh spoke at a gala night to commemorate the partnership between Mikano Motors and Changan Autos.

    The deal solidified Changan Autos as Mikano Motors’ latest exclusive brand partner, fostering a union built on innovation, excellence, and a shared vision for the future.

    The Mikano International chief reiterated the commitment of the company to provide valuable products to the Nigerian marketplace, mentioning the partnership with Rolls Royce to improve power generation in Nigeria.

    According to him, Mikano Motors celebrated its collaboration with Changan Autos, solidifying their presence and growth trajectory in the Nigerian market.

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    The event served as a platform by the firms’ mamngers to extend their appreciation to stakeholders – clients, dedicated brand promoters, supporters, and the  individuals who have contributed to the realisation of Mikano’s goals.

    Changan’s Director of African Region, Tracy Huang, in her address, said Changan would, in collaboration with Mikano Motors, “continue to innovate and provide the best services in the ecosystem’’.

    Managing Director, Mikano Motors, Ralph Haidar, said: “One of the most notable traits of Nigerians is their affinity for quality. We translate our understanding of the unique Nigerian tastes and preferences to providing quality products and services for you.”

    He announced the company’s plan to expand operations to other West African countries.

    Head of Middle East and Africa business, Lucas Xiang, emphasised Changan’s dedication to innovation.

    He mentioned that the brand invests five per cent of its annual sales revenue in product research and development, driving trailblazing designs and performance.

    The event was graced by dignitaries from Nigeria and China, as executives, celebrities, and government officials cheered to an exciting journey ahead.

  • ‘More UK jobs for Nigerian construction workers’

    ‘More UK jobs for Nigerian construction workers’

    An entrepreneurial organisation, Universal Learn Direct Academia (ULDA) is  partnering United Kingdom firms to recruit skilled Nigerians  for export as  Britain has added a number of construction roles to its “shortage occupation list”.

    This has  allowed  the UK building industry to bring in staff from abroad more easily to help employers struggling to fill positions. The skilled areas include bricklayers, masons, roofers, roof tilers, slaters, carpenters, joiners and plasterers.

    Build UK Chief Executive Suzannah Nichol said the construction industry needed to recruit 45,000 people each year just to maintain output.

    The Visioner,  ULDA, Gbola Oba said  Britain was  suffering from acute labour shortages in some sectors meaning employers are keen to recruit workers from abroad.

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    Oba, a former UK diasporian, assembled the best of building and construction experts from UK, European Union, Dubai, United States and South African Diasporas to start one of Nigeria’s cutting-edge construction company.

    He said the construction workers have become critical as the UK government aims to deliver key national infrastructure and stimulate growth for related industries.

    According to him, UK has been grappling with a severe shortage of construction workers as a result of the compounded impact of Brexit and the COVID-19 pandemic. He  explained that the organisation has onboarded many young Nigerians trained by ULDA to take up jobs in the UK.

    The President, ULDA Chief (Engr.) Olawumi Gasper, who is a former Executive Secretary/Chief Executive Officer of Lagos State Technical and Vocational Education Board (LASTVEB) and former Lagos Polytechnic rector,  expressed delight that the organisation has been able to use internationally experienced professionals to train  Nigerian graduates that have been accepted to work in the UK  building and construction industry.

    He also added that construction graduates of its academy have been deployed in the project to provide affordable housing for low, middle and high income earners.

    According to him, the UK chapter of ULDA Cooperatives is financing its project to construct Smart Housing Units in Lagos to ease accommodation problems being faced by residents.

    He continued that the Smart Housing Units is a project that is top priority to the organisation adding that, ULDA has engaged alumni of its academy to ensure the people oriented project becomes a reality.

    He said affordable housing plays a crucial role in improving the lives of individuals and families, fostering social stability, and contributing to the overall well-being of the people.

  • Local carriers evolve strategies to match competition for yuletide

    Local carriers evolve strategies to match competition for yuletide

    Local carriers are returning to their strategy boards to evolve sustainability models that will put them ahead of one another in their bid to enhance market share as passenger traffic surge ahead of Christmas and New Year celebrations on major routes.

    Exploiting the opportunities thrown up by increasing traffic on major routes, local carriers are acquiring bigger airplanes, opening up new routes, entering into operational/technical partnerships as well seeking endorsements from high net worth individuals to consolidate operations in new markets.

    Investigations by The Nation indicate that while passengers are complaining of exorbitant fares on some routes in the country such as Lagos-Abuja-South Eastern routes: Anambra, Ebonyi, Owerri, Enugu, Port Harcourt, Asaba and  Benin; some operators are introducing bigger airplanes with moderate fares on routes that are not very busy.

    With the recent wet leasing of two Airbus 320-200 by one of the local carriers, with  the capacity of between 150 and 170 passengers, it is  consolidating its pull on some routes.

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    Besides equipment choice, another operator that kicked off its operations last week, is using moderate fares to attract passengers on its new routes to lure passengers.

    and Logistics Solutions Limited, Amos Akpan, attributed 60 percent of the factors that cause poor on-time performance for domestic operations to what he described as factors outside the management’s control.

     He 40 percent is within the control of the airline which he said the airlines must take advantage of.

    He said, “Some factors beyond the operators’ management include limitations of airports to daylight operations, weather minimal limitations, impromptu lack of fuel, delays due to VIP movements, delayed approach to entry/exit in airports due to one runway at busy periods or due to incident on runway and labour unrest.

    “Some factors within the management’s control include logistics/coordination of the schedule planning matrix which involves maintenance, flight operations and passenger services, turn-around time at stations and for line maintenance. This requires personnel with experience that think proactively but act within the safety envelope.”

    On his part, the Chief Executive Officer of Mainstream Cargo Limited, Mr Seyi Adewale said poor on-time performance has real present and future challenges or problems for airlines, stating that this affects the brand equity of these airlines as well as negatively impact on their desired passenger loyalty.

    “Significantly, the airline revenues are greatly impacted whereby the affected airline would be unable to meet its revenue targets apart from ‘grave’ customer dissatisfaction or the consequent burning of more aviation fuel whilst trying to make up for lost time caused by the delay.

    “Similarly, too, the ground support operations are disrupted and make many ground support companies appear inefficient sometimes, causing tarmac, apron airside incidents or accidents whilst rushing to meet up clashing flight or staff work-plan schedules,” he said.

    Adewale observed that the future impact on the airlines in general is that passengers will seek out alternatives wherever feasible during flight delays thereby reducing airline/aviation viability in the long run.

    He said, “To compound issues, refunds are mostly difficult to get with some airlines, executing up to 40 days refund policy. Imagine the stress on the passenger who may need to procure another flight due to the urgency needed at the destination.

    “This is a very serious and very negative impact on Nigerian aviation sector and the inherent value-chain. There must be strong oversight functions and associate penalties in order to assist the airlines save themselves in the overall interest and sustainability of the aviation sector.”

  • NADDC canvasses local content for auto industry

    NADDC canvasses local content for auto industry

    Director-General, National Automotive Design and Development Council (NADDC), Mr. Joseph Osanipin, has called on stakeholders to grow capacity in the auto industry.

    He made this call during the yearly awards of the Nigeria Auto Journalists Association (NAJA), which recognises auto brands that have excelled over the year.

    Osanipin said the time had come for stakeholders to challenge themselves to brighten the future of the  industry.

    He noted that the Federal Government could come up with policies to chart the path for the future of the industry but it is the private sector stakeholders that must make it happen, stressing that the future of the industry is in the hands of the brand owners and practitioners seated in the hall.

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    “I challenge all of us to start thinking about how to bridge the gap in the production of vehicles in Nigeria,” he said.

    Turning to NAJA, the DG raised concern that there was no award for “Component Parts Producer of the Year.”

    He said you cannot get the whole without having smaller parts. So there is the need to begin to strategize on how to build parts to support the auto industry.

    “I appeal to you to begin to think about what we can source locally to support the industry. We have foam that we can use to produce chairs, plastics, and glass for mirrors, all of which we can source locally to begin to improve our local content,” he said.

  • Supreme Court ruling: No deal with Governor Yusuf, says APC

    Supreme Court ruling: No deal with Governor Yusuf, says APC

    The Kano State chapter of the All Progressives Congress (APC) yesterday said it has no deal with Governor Abba Kabir Yusuf of the New Nigeria People’s Party (NNPP) to compromise the court judgment.

    The party also debunked rumours that tension was brewing in Kano over the governor’s electoral loss at the tribunal and appeal court.

    The APC state Chairman, Prince Abbas Abdullahi, in a statement described as “untrue and frivolous,“ rumours that Yusuf has struck a deal with the party to surrender its arguments at the Supreme Court, to pave the way for the governor’s victory and subsequent defection to APC.

    The party also described as fake news, rumours that President Bola Ahmed Tinubu has agreed to intervene in the Supreme Court judgment so as to ensure declaration of Governor Yusuf as the authentic Governor of Kano State by the Apex Court.

    The APC head in Kano explained that neither the party nor the president has the powers to negotiate the outcome of the expected judgment at the Supreme Court or any court for that matter.

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    He added that President Tinubu has not held a meeting and would not hold any meeting or intervened in the matter in favour of the NNPP candidate to remain as Governor and subsequently decamp to APC.

    The statement also dismissed speculations and rumours of agreement and reconciliation between the NNPP and the APC.

    Abdullahi said: “The rumours had it that the NNPP has reached out to President Bola Ahmed Tinubu to intervene in the matter in favour of the NNPP candidate to remain as governor and subsequently decamp to the APC. There is nowhere such meeting was held with either Mr President or any leader of the party.

    “President Bola Tinubu is a democrat and strongly believes in the rule of law and the right thing to be done and therefore will not be part of any arrangement or reconciliation to subvert justice and support people who have stolen votes or breached the electoral act to emerge as leaders. APC as a party is not aware of such arrangement and would instead intensify all efforts to pursue its case at the Supreme Court to a logical conclusion.”

    He expressed optimism that his party would emerge victorious at the Supreme  Court, “especially from the concrete and convincing evidence presented at both the Tribunal and the Appeal Court which ultimately led to our party’s success.”

    The APC chief also dismissed fears that crisis may broke out in Kano after the Supreme Court judgment, insisting that there was no tension in Kano.

    According to him, “the people are rather happy with the recent developments emanating from the judgment of both Tribunal and Appeal Court and therefore anxiously waiting for the Apex Court to endorse the two concurrent rulings.

    “Kano is very peaceful and the people are conducting their normal business, despite all efforts by the NNPP to provoke and incite youth to create unnecessary political crisis in the state,” he said.

    He appealed to APC members and supporters to ignore NNPP’s propaganda and provocation and remain calm because Kano would always remain peaceful.

  • Abia to partner private educational institutions

    Abia to partner private educational institutions

    Abia State Governor Alex Otti has expressed his willingness to partner private educational institutions to foster education in the state and beyond.

    He made this known at the 8th convocation of Gregory University, Uturu (GUU).

    Dr. Otti said: “Let us collectively strive for a harmonious collaboration between the government, educational institutions and private sector. 

    “This synergy is vital for creating an ecosystem where innovation, entrepreneurship and critical thinking thrive.”

    The governor, who spoke through his Special Adviser on Education, Dr. Kenechukwu Nwosu, said collaborative efforts between the government and academic institutions paved the way for initiatives that transcended traditional boundaries. 

    He said partnerships are pivotal for driving innovation, research and the development of a skilled workforce, adding: “Gregory University Uturu, with its commitment to academic excellence and practical entrepreneurial training, becomes a cornerstone in shaping the future of our state.”

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    Otti recalled that his administration allocated 20 per cent of the state’s 2024 budget to the education sector in recognition of the pivotal role education played in shaping the destiny of members of the society.

    “Southeast states, including Abia, consistently produce a high number of candidates seeking admission into tertiary institutions. Thus, investment in the education sector becomes imperative, and our government’s commitment is commendable. 

    “This dedication aligns with the values upheld by visionary leaders like Nnamdi Azikiwe and Michael Okpara, who understood that education brought glory and honour to our people. “

    He appreciated GUU’s distinctive features, saying: “The designation of undergraduates as ‘scholars,’ a full residency policy, and a focus on practical entrepreneurial training, sets it apart in the educational landscape. The dedication to language acquisition, exchange programmes and a diverse array of academic offerings further underscore GUU’s commitment to achieving global prominence.” 

    He called on other well-meaning ‘Abians’ at home and in the diaspora to leverage the uncommon transformation going on in Abia State and the enabling environment provided in the educational sector to come forward to invest and collaborate with the government in the sector.

    Otti congratulated the graduates, who have demonstrated excellence in character and learning and urged them to make positive impact on the society.

  • Nwifuru reiterates priority for welfare of widows, others

    Nwifuru reiterates priority for welfare of widows, others

    Ebonyi State Governor Francis Nwifuru has reiterated that his administration would continue to prioritise the welfare of the elderly and widows.

    He spoke at the Christian Ecumenical Centre, Abakaliki, during the elders and widows party.

    The governor reiterated his stance to better the lots of people, especially the elders, widows and other less privileged ones.

    He said the essence of the people’s charter of needs was to ensure an effective target mechanism.

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    Nwifuru commended the elders for their resilience and contributions to the development of the state.

    He said his administration would continue to honour the elderly and widows.

    “When we honour our parents, God will honour us,” he said.

    The governor acknowledged the current economic realities, its effects on the widows and the elderly and pledged an upward review of their welfare.

    “I assure you that I am with you, I am for you and I will work for you.”

    Mr Uchenna Igwe, the commissioner for Local Government and Chieftaincy Matters, said the governor was committed to ensure that the welfare of all classes of people of Ebonyi would remain constant.

    Mr. Steven Obasi, on behalf of the elders, appreciated the governor for the annual programme and identified their contributions in the state.