Business
BREAKING: Cement price set to crash to N7000
BREAKING: Cement price set to crash to N7000
Cement manufacturers have agreed to lower the product’s price to between N7,000 and N8,000 per 50kg, depending on region nationally.
On Monday, February 19, the Minister of Works, David Umahi, convened a meeting in Abuja attended by his counterparts from the Ministry of Industry, Trade, and Investment, including Doris Uzoka-Anite, to identify the underlying causes of the sudden increase in commodity prices.
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The manufacturers present also emphasized their willingness to bring down the pricing in the future as long as the federal government intervention is satisfied.
BUA Industries also disclosed plans to bring 6 million tons of cement into the market to mitigate the surging prices.
The federal government has also declared its intention to encourage the introduction of six new manufacturers.
BREAKING: Cement price set to crash to N7000
Business
Naira declines further to N1,520/$ on parallel market
Naira declines further to N1,520/$ on parallel market
The Naira yesterday depreciated to N1,520 per dollar in the parallel market, from N1,470 per dollar last week Friday.
Similarly, the Naira depreciated in the Nigerian Foreign Exchange Market, NAFEM, to N1,478.11 per dollar.
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Data from FMDQ showed that the indicative exchange rate for NAFEM rose to N1,478.11 per dollar from N1,466.31 per dollar last weekend, indicating N11.8 depreciation for the naira.
Consequently, the margin between the parallel market and NAFEM rates widened to N41.89 per dollar from N3.69 per dollar last weekend.
Naira declines further to N1,520/$ on parallel market
Auto
Chery sets Novare Mall aglow with unique display, unveils six-year free service
Chery sets Novare Mall aglow with unique display, unveils six-year free service
Chery recently created some memorable excitement at Novare Mall, Lekki-Lagos, thrilling patrons and visitors to an exhilarating four-day display of luxury and entertainment.
Chery’s national dealer, Carloha Nigeria, also unveiled six-year free service for Chery automobiles, among other offers, to ensure the vehicles receive top-notch care and attention.
The event held from May 9 to May 12, 2024 offered the brand, renowned for its innovation and excellence, the opportunity to entertain a great number of people.
The star attractions, the Tiggo 8 Pro and Tiggo 2 Pro, captivated visitors with their sleek designs, advanced features, and superior performance, according to a statement by the auto company
It stated, “The excitement did not end with the display; Carloha Nigeria, the Chery national dealer, introduced groundbreaking offers, redefining vehicle ownership dynamics in Nigeria.
“Enthusiasts and casual onlookers alike were treated to an immersive experience at the Novare Mall as they explored the cutting-edge technology and craftsmanship of the Tiggo 8 Pro and Tiggo 2 Pro.”
The vehicles from their striking exteriors to their luxurious interiors are said to epitomize Chery’s commitment to delivering excellence on every journey.
One of the highlights of the event was the electrifying Social Media Challenge, where automobile aficionados seized the opportunity to snap pictures with the Chery vehicles on display, igniting a frenzy of likes and shares across various platforms.
Participants eagerly vied for the chance to win exclusive prizes generously offered by Chery, adding an element of friendly competition and camaraderie to the proceedings.
In a bid to make vehicle ownership not only accessible but also remarkably convenient, Carloha Nigeria unveiled an unprecedented proposition that is set to revolutionize the automotive landscape.
With a focus on customer satisfaction and peace of mind, Carloha Nigeria announced an extraordinary package: Say goodbye to maintenance worries as Carloha Nigeria offers six-year free service, ensuring your Chery vehicle receives top-notch care and attention.
Drive with confidence knowing that Carloha Nigeria offers an extensive warranty, providing comprehensive coverage for six years or up to 200,000 kilometers, whichever comes first.
Mr. Joseph Omokhapue, Sales and Marketing Director for Carloha Nigeria, said, “This groundbreaking offer underscores Carloha Nigeria’s commitment to empowering customers and enhancing their overall ownership experience.
“By alleviating concerns associated with maintenance costs and warranty coverage, Carloha Nigeria paves the way for hassle-free driving and unparalleled peace of mind.”
The firm described Chery’s captivating showcase at Novare Mall as a testament to the brand’s unwavering dedication to innovation, quality, and customer satisfaction.
It said, “With the Tiggo 8 Pro and Tiggo 2 Pro setting new standards of excellence, coupled with Carloha Nigeria’s game-changing offer, the event left an indelible impression on attendees, promising a future where driving is not just a necessity but a source of joy and fulfilment.
“As Chery and Carloha Nigeria continue to push the boundaries of automotive excellence, enthusiasts and prospective buyers can eagerly anticipate more groundbreaking developments and opportunities to experience the thrill of driving with confidence, convenience, and unparalleled luxury,” it stated.
Business
Private depots have raised petrol price to N770/litre – Marketers
Private depots have raised petrol price to N770/litre – Marketers
Independent Petroleum Marketers Association of Nigeria (IPMAN) at the weekend raised the alarm as private depots increased the cost of Premium Motor Spirit (PMS) petrol to N770 per litre.
According to him, the depots are complaining that the cost of cargo freight at the high sea has increased and affected their prices.
He said this accounted for the high cost of petrol nationwide, despite its availability.
For those lifting the product as far as Kebbi State, Maigandi said the cost of haulage to Lagos is about N70/litre.
According to him, petrol sells at between N900 and N1,000 per litre in Birni Kebbi.
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His words: “It is a little bit available now because there is no queue. But the only thing is the cost in the private depots. They sell it at N770/litre.
“They are complaining about the transportation for their cargoes from the high sea. That is the reason they increased the price.
“At that rate, the pump price depends on the distance. Where you will spend N30 like in Lagos, if you add N770 plus N30, it is N800.
“Then they have to add the margin for the profit because the capital you are going to use is almost N30 million plus. The capital to buy the product. “Like 45,000 litres. If you multiply 45,000 times by N770, you will see the amount. Within Lagos, you have to pay N30 or N35. Then when you are coming to the Northern part, it is N60 to N70. In Kebbi, a litre of petrol is N900 to N1,000/litre.”
Asked to proffer a solution to the petrol price crisis, the IPMAN National President said respite would come when Dangote and the Port Harcourt Refineries started production.
“The solution is let Dangote start its PMS. And if the Port Harcourt Refinery starts producing, the price will be lesser,” he said .
Private depots have raised petrol price to N770/litre – Marketers
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