NACCIMA Hails CBN’s Resolve to Fight Inflation, Expresses Concern about High Cost of Fund – Newstrends
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NACCIMA Hails CBN’s Resolve to Fight Inflation, Expresses Concern about High Cost of Fund

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Governor of CBN, Godwin Emefiele

The National Association of Chambers of Commerce, Industries, Mines and Agriculture (NACCIMA) has tasked the Central Bank of Nigeria (CBN) to carry the organised private sector (OPS) along in its effort to tame the continuous rise in inflation.

NACCIMA expressed the view yesterday in a statement titled, “NACCIMA’s Position on the Raising of Interest Rate from 14 Per Cent to 15.5 Per Cent by CBN’s Monetary Policy Committee (MPC).”
The association said now was the time for a multi-sector, intergovernmental agencies/ministries, and OPS technical submissions on taming the heightening inflation rate.

NACCIMA stated, “The decision of the MPC of the CBN to raise the Monetary Policy Rate (MPR) from 14 per cent to 15.5 per cent is the third move by the central bank in 2022 in response to the continuous increase in inflation rate. Indeed, this approval reflects the resolve of the MPC of the CBN to stem the rising rate of inflation. Nonetheless, this should have been accomplished in close cooperation with the OPS.”

The association noted that the increase in interest rates was merely a strategy to manage the escalating inflation rate, which might not be sufficient to reduce inflation. It highlighted the need to address its underlying causes.

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The association stated that the government must ensure monetary stability, continuous electricity supply and security to promote inclusive economic growth in order to reduce inflation.

NACCIMA added, “While we suspected that the government believed that the country’s inflation could be controlled by a one-directional review, we, as the organised private sector, feel that the country’s pressing inflationary condition is the result of multiple factors.
“And that relying just on monetary policy to restrain its unabated growth may be ineffective, as opposed to producing the desired outcome.
“The ramifications of the increase in the interest rate would negate the proliferation of ease of doing business, the impact of which most businesses are still uncertain about.”

It stated, “The monetary policy of raising interest rates is unidirectional and would negatively affect both businesses and individuals. It is never the best policy to contemplate in the current economic situation, as it is evident that there are other causes of the stunning levels of inflation.
“The encouraging approach to reduce the current rate of inflation is to conduct a comprehensive analysis of all the causes contributing to the inflation’s rising trend and to implement control measures that can halt their effects.”

The NACCIMA added, “Following this policy, the majority of Small and Medium Enterprises (SMEs) would begin to have less discretionary income because of increased interest payments, reducing their capacity to invest, reinvest, and hire additional personnel.

“Due to higher interest rates, it would be more challenging for businesses to repay their loans, and the majority could be threatened with insolvency.
“Consequently, the survival of small and medium-sized businesses is threatened by the rising costs of capital and production, which result in an increase in the price of finished items. This new regulation will cause increased hardship for businesses and individuals.”

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Jetour attributes Nigeria’s award to customers loyalty, innovation 

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Jetour attributes Nigeria’s award to customers loyalty, innovation

 

Jetour has been declared the fastest growing auto brand in Nigeria.

The award was announced on Wednesday December 11, 2024 in Lagos at an impressive ceremony organised by the Nigeria Auto Journalists Association (NAJA).

Jetour representative in Nigeria, Jetour Mobility Services, has taken to its Facebook page to celebrate its customers for making this to happen, attributing the success to its commitment to innovation in creating remarkable driving experiences.

Jetour known for its luxury offerings is one of China’s most revered auto brands, a marque of Chery Holding Group established in 2018.

It mainly produces crossovers and Sports Utility Vehicles (SUVs).

The recognition of Jetour as the Fastest Growing Auto Brand in the country is coming about a year after its introduction into the Nigerian market.

Jetour arrived in Nigeria in the last quarter of last year. And the SUVs available for this market are X70 – Liberty, X70 Plus – Elegance, X90 Plus – Cruise and Dashing.

Chairman of the NAJA Awards Organising Committee, Mr Theodore Opara, said despite being new in the Nigerian market, the brand was quickly able to secure a prominent place for itself in the highly competitive industry and received considerable attention from new car enthusiasts.

The committee, he added, had no difficulty in picking the brand as the fastest growing in the Nigerian auto market.

The name “Jetour” is a combination of the word “jet” and “tour”, which according to the automaker signifies a “convenient journey”. And its models try to depict this connotation in designs and performance.

Jetour Mobility Services said it considered the award a great honour, adding that it was a validation of its commitment to innovation and creating remarkable driving experiences.

The firm celebrates the award on its Facebook page with the following comments:

“We’re honoured to be named the Fastest Growing Auto Brand of the Year at the prestigious NAJA Auto Awards, powered by the Nigeria Auto Journalists Association.

“This achievement is a testament to our commitment to innovation, quality, and creating unforgettable driving experiences.

“A huge thank you to our amazing customers and everyone who has been a part of the journey — your trust propels us forward! Cheers to more milestones ahead!”

Jetour says its focus is to be a leader in mobility as well as provide reasonable travel solutions for individuals and families.

Its goal is to provide an excellent vehicle that demonstrates individuality for today’s young people, it adds.

As in the global market, the brand users in Nigeria are said to be an uncompromising group of individuals, unwilling to settle for less.

Jetour is not only winning in Nigeria, it is also a toast of a section of the Saudi market. One of its models, Dashing, recently won the Best Midsize Crossover Award for 2023-2024.

National Automotive Supply Company, the authorised distributor of Jetour vehicles in the Kingdom of Saudi Arabia, announced that the new and advanced Jetour Dashing won the “Best Midsize Crossover” award during the awards ceremony of the 11th edition of the “PR Arabia National Automotive Award” in Saudi.

Jetour Dashing was announced as the winner at the ceremony held in mid-November in Jeddah under the patronage of the Saudi Automobile and Motorcycle Federation and in the presence of several princes and VIPs, as well as representatives of regional offices of automotive brands.

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NNPC rejected Dangote $750m offer to manage Nigeria’s refineries, days Obasanjo

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Former President of Nigeria, Olusegun Obasanjo

NNPC rejected Dangote $750m offer to manage Nigeria’s refineries, days Obasanjo

Former President Olusegun Obasanjo has disclosed that the Nigerian National Petroleum Corporation (NNPC) rejected a $750 million offer from billionaire businessman Aliko Dangote.

In an exclusive interview with Channels TV, former President Olusegun Obasanjo revealed that in 2007, Dangote offered a staggering $750 million to manage the Port Harcourt and Kaduna refineries.

Obasanjo explained that the Nigerian National Petroleum Corporation (NNPC), now rebranded as NNPCL, rejected the offer due to its inability to operate the refineries effectively.

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He said, “Aliko got a team together and they paid $750m to take part in PPP (Public–public-private partnership) in running the refineries.

“My successor refunded their money and I went to my successor and told him what transpired. He said NNPC said they wanted the refineries and they can run it. I now said but you know they cannot run it.

“But I was told not too long ago that since that time, more than $2 billion have been squandered on the refinery, and they still will not work,” he added

 

NNPC rejected Dangote $750m offer to manage Nigeria’s refineries, days Obasanjo

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Yuletide: Chisco deploys new luxury, mini buses, top quality services

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Yuletide: Chisco deploys new luxury, mini buses, top quality services

…hails Tinubu for 50% fare rebate

Nigeria’s Transport Company of the Year, Chisco Transport Ltd, has deployed in various routes nationwide its newly procured new luxury and mini buses with the latest innovative features in the industry.

It assured the travelling public of safe and top quality services on all its routes this Christmas/New Year season, and beyond.

It stated this in a statement released on Tuesday, adding that the company, which had been one of the country’s front runners in long distance passenger transportation and logistics for over 45 years, recently inaugurated about four new branches in order to bring its services closer to its teeming customers.

It listed some of the new branches that had helped to boost service delivery this Yuletide season as in Awka, Enugu, and on Okota Road (near Cele Bus Stop on Oshodi-Apapa expressway), Lagos.

It stated, “This is in addition to embarking on a comprehensive maintenance of the existing fleet of buses in order to ensure they are in roadworthy shape for trips across Nigeria and the Lagos-Cotonou-Lome-Accra international route.

“Apart from advanced safety features like real-time GPS tracking and efficient safety systems, the new-look Chisco Transport fleet, featuring state-of-the-art buses, has all it takes to guarantee that passengers travel in style with their comfort and safety prioritised this season.”

It stated that the updated fleet had enhanced the popular Chisco 24 to 48-hour nationwide mail and parcel services.

All these, the leading transport solutions and logistics provider said, are part of deliberate efforts to ensure seamless and comfortable bus and logistic services to the customers during the 2024 Yuletide season and thereafter.

Chisco’s Head of Business Operations, Mr Buchi Ochuba, in the statement explained that the same commitment to ensuring safe and comfortable trips out of major cities and towns before Christmas, would also be deployed to return journeys in the new year.

He said that the management was aware that the huge investments the company had been making towards upscaling its services recently earned it the Transport Company of the Year at the recent Nigeria Auto Journalists Association (NAJA) Awards in Lagos.

Ochuba reiterated Chisco Transport’s resolve to sustain the high standards that earned the company an enviable reputation, as well as continue investments in safety and comfort of travellers that have earned it the confidence of the travelling public and the auto journalists’ award.

“We appreciate the fact that in adjudging Chisco Transport the Transport Company of the Year, NAJA must have taken into consideration the high standards of our services, the over 50 new air-conditioned buses we procured recently, the new branches we inaugurated, our customer reward scheme and other investments we made to enhance passenger transportation and logistics,” Ochuba stated.

According to him, everything is in place to make certain that the teeming Chisco Transport customers all over Nigeria and on the international route enjoy top quality services, adding “We wish them a wonderful Christmas and a highly prosperous 2025.”

Chisco Transport also applauded President Bola Tinubu for the gesture of subsidising inter-state luxury bus transport fares by 50 percent this Christmas season.

Drawing attention to the importance of infrastructure to the road transportation business, the statement further commended the President for the appreciable allocations for the sector in the 2025 budget.

“We, therefore, wish to urge members of his cabinet to put in more deliberate efforts to help the President attain his vision with speedy and prudent execution inspired by patriotism.”

On the current sharp increase in fares across the routes, the award-winning transport company blamed the situation on rising costs of maintaining the buses, as well as on the high pump prices of diesel and petrol.

The Head of Operations, however, added that at the peak of every Christmas season, long distance buses are almost empty during return trips, which leads to a situation whereby the fares for the first journeys are raised to cushion the losses incurred during reverse trips.

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