Nigeria’s inflation rises further to 33.69%, highest in 28 years

Nigeria’s inflation rose to its highest in 28 years as it hit 33.69 per cent in April 2024, up from 33.20 per cent in March.
A report by the National Bureau of Statistics revealed this on Wednesday. It showed the food and non-alcoholic beverages category continued to be the biggest contributor to inflation.
Food inflation, which accounts for the bulk of the inflation basket, reached 40.53 per cent in annual terms, against 40.01 per cent in March.
The galloping inflation is attributed largely to President Bola Tinubu administration’s removal of petrol subsidy and naira devaluation due to foreign exchange rates unification.
Reuters in a report recalled that the Central Bank of Nigeria had raised interest rates twice this year, including its largest hike in around 17 years, as it struggles to contain the price pressures.
CBN Governor Olayemi Cardoso has indicated that rates will stay high to bring down inflation.
The bank holds another rate-setting meeting next week.

Price pressures have left millions of Nigerians grappling with the worst cost of living crisis in decades as they struggle to meet their basic needs.
To ease the pressure on government workers, Tinubu recently introduced a wage award of N35,000 and direct cash transfer to the vulnerable.

150 OEMs, others set for Lagos motor fair, Africa autoparts expo

Arrangements have been concluded for the hosting of the 18th edition of the Lagos Motor Fair and 11th Africa Autoparts Expo in Lagos.

BKG Exhibitions Limited, organisers of the annual event, stated this, adding that it would be a bumper package as 50 Original Engine Manufacturers (OEMs) from different parts of the world had confirmed their participation at the fair.

Chairman of the organising committee for the show, Mr. Ifeanyichukwu Agwu, said at a press briefing in Lagos that the event is scheduled to hold on June 4-7, 2024 at the Federal Palace Hotel, Victoria Island.

Agwu, who is also BKG managing director, declared, “Over 150 confirmed Original Equipment Manufacturers from all over the world are already preparing to be at the show.

“From the financial sector, auto financing and acquisition facilities and schemes shall be on display at the various stands of the firms from the sector.

“Those interested in enjoying the synergy existing between the automobile industry and the Insurance sector will get the best and latest from reputable Insurance Companies at the fair arena.

“Some of the automobile dealers will showcase their own in-house finance/ acquisition schemes.”

He said almost all the major vehicle manufacturers and dealers in Nigeria would be participating at the fair.

Notable banks and insurance companies, major oil companies; manufacturers and dealers in auto spare parts and accessories have booked to participate in the event, he added.

There will also a conference/workshop session featuring germaine industry issues and key stakeholders.

Agwu said, “The aim of this segment is to inform, educate and contribute to policy decisions and implementation in the sector.”

“The fair will be a landmark and a benchmark in auto show business in the entire West African subregion as the all-inclusive event has been packaged to ensure that all stakeholders have a rewarding experience.

“Each of the days that the fair will last is loaded with activities and events that will make this edition remarkably different and we intend to improve and add on this in subsequent editions,” he said.

Visitors can also update their knowledge about Fleet Management from experts in the field that would be on the ground at the fair.

He also said, “We have carefully put in place a lot of crowd-pulling activities all geared toward driving much traffic into the fair. “These include but are not limited to performances by popular artists, cultural and fashion displays, models/automobile parades and a roadshow.”

Nigeria gets new Mercedes-Benz GLS, offering extraordinary driving pleasure

Weststar Associates Limited has announced the introduction to Nigeria new Mercedes-Benz GLS Facelift, viewed as a symbol of grandeur and innovation.
Weststar, authorised general distributor of Mercedes-Benz in Nigeria, says the new model is coming with features specially crafted to elevate driving experience to new heights.
According to a statement by the firm, the Mercedes-Benz GLS Facelift represents a fusion of power and opulence, a symbol of luxury and innovation.
This update is said to propel the GLS to new heights, reaffirming its status as a commanding and sophisticated choice in the luxury SUV category in Nigeria.
It also comes with a bold exterior, advanced features and electrified powertrains.
Part of the statement read, “The GLS Facelift blends elegance with power, solidifying its place as the pinnacle of luxury SUVs.
“The updated GLS makes an unforgettable entrance with a revamped front fascia.
“At its core is an imposing, larger gloss grille featuring four horizontal bars, adding a sense of authority to its presence.
“Gloss black surrounds adorn the lower air vents. A striking new LED DRL pattern in the LED headlights gives the GLS a sharper and more aggressive aesthetic.”

Design
Giving more details about the design, the firm says the vehicle comes with new alloy wheel options, and the rear boasts distinctive LED taillights with a 3-pot LED pattern.
Even though it retains the hallmark design of the previous version, the new GLS Facelift introduces an array of features to enhance the cabin experience.
The highlight is the new 3-spoke steering wheel, equipped with capacitive steering-mounted controls, which promises heightened control for drivers.

Infotainment
Its infotainment system and instrument cluster are said to be powered by the latest MBUX operating software, providing additional display modes and an immersive technological experience.
Occupants of the new GLS Facelift are in for maximum luxury Luxury with a panoramic sunroof, heated and ventilated front seats, the Burmester® high-end 3D surround sound system with Dolby Atmos®, a 360-degree parking camera for effortless maneuvering, adaptive air suspension, adaptive LED lighting for superior visibility, and a powered tailgate for added convenience.
Weststar says the new GLS Facelift integrates a 48V mild hybrid system into all of its powertrains, enhancing performance and efficiency.
This innovative system provides an addition of up to 16kW of power and 250Nm of torque for short bursts. The standard GLS Facelift lineup offers an array of engine choices, including two petrol options.

Engine performance
The GLS 450 is powered by a 3.0-litre straight-six petrol engine, generating 280 [381] kW [hp] and 500 Nm of torque, offering a balance of power and efficiency.
Stepping up, the GLS 580 features a 4.0-litre V8 petrol engine with 380 [517] kW [hp] and 730 Nm of torque, providing rapid acceleration.
For enthusiasts with a penchant for sportier luxury, the GLS 63 AMG model is an embodiment of power and sophistication.
It features Nappa leather-upholstered seats in distinctive color schemes, offering a captivating environment.
The MBUX infotainment system incorporates AMG-specific menu layouts, adding a sporty edge to the interior.
The GLS 63 AMG model is packed with an electric panoramic sunroof, heated and vented front seats, adaptive headlights, AMG’s performance exhaust system, a premium sound system and the 360-degree parking pilot.
This comprehensive package caters to those who desire both power and luxury.

Interior
The Mercedes-Benz GLS still comes standard as a seven-seater. However, two new leather colours are available, Catalana beige and Bahia brown. Additionally, the range of interior trim finishes has been updated, with glossy brown lime wood now standard.
The trim element MANUFAKTUR glossy black flowing lines piano lacquer, which was previously only available for the Mercedes-Maybach GLS 600 4MATIC, is now also available for the entire GLS family from Mercedes-Benz.All GLS engines come paired with a nine-speed automatic gearbox and the 4MATIC all-wheel drive system as standard.
For those seeking an extra dimension of adventure, Mercedes-Benz offers an optional ‘off-road engineering package,’ which enhances the GLS’s capabilities with underbody protection panels and a 30mm increase in ride height.
The firm says new vehicle is available nationwide in its authorised Mercedes-Benz showrooms comprising Barbedos Cars Limited, M-B Automobile Services Limited, Skymit Motors Limited, Sunny Motors Limited, and Tetralog Nigeria Limited.