Naira exchanges for N1,735/$ in parallel market

The Naira yesterday appreciated to N1,735 per dollar in the parallel market from N1,740 per dollar last weekend. However, the Naira depreciated to N1,690.37 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM.

Nigeria to begin local manufacturing of vehicle spare parts – NADDC

The National Automotive Design and Development Council (NADDC) says it has established necessary structures and frameworks to begin local production of vehicle spare parts.

This initiative is aimed at reducing Nigeria’s reliance on imports, which currently cost the country $1 billion annually.

The NADDC Director General, Joseph Osanipin, disclosed this during the conclusion of a two-week automotive engineering and software design training held in Abuja organised in partnership with Midas IT Co. of South Korea, a platform for advanced design and analysis.

The DG spoke through the Director of Research Design and Development at the NADDC, Fidelis Achiv, stressing that council is committed to transforming Nigeria’s automotive industry by increasing the percentage of locally manufactured components in vehicle assembly.

“We are working to achieve a level whereby we can go back to assembling vehicles that have up to 40% locally manufactured components. We have vehicle assemblies in Nigeria but the assembling that is going on is not adding much value to the economy. 

“Vehicles that have been assembled come in completely built, and they just remove the tyres, remove the exhaust system, remove the engine, ship them, and come and assemble them here.

“But we want to transform from that to a level where these vehicles come in unpainted, the welding is done here, some components parts are produced here and the assembly will add more value, and employ more people. We have over 11 million vehicles on our Nigerian roads. 

READ ALSO:

• Kidnap kingpin who abducted 20, collected N70m, arrested in Taraba
• Kidnap kingpin who abducted 20, collected N70m, arrested in Taraba
• Obasanjo’s comment on Tinubu mischievous, says Afenifere chief

“Of the over 3,000 parts in a vehicle, if we can leverage on producing just 10 that we can beat our chest, that in the whole world, Nigeria produces these 10 components and they are best, the market is going to be huge. Our economy will change,” he stated.

The training boot camp, which hosted 15 participants, aims to equip engineers with the skills necessary to achieve this vision.

“The essence is to train engineers to design and produce parts, making Nigeria self-sufficient in vehicle parts production,” Achiv explained.

Abdul-Lawal Zubair, Managing Director of FAZSAL Nigeria Limited, encouraged participants to apply their newly acquired skills practically and creatively to address challenges in the automotive industry

“You have not just seen the theory of design but with practicality. Solve the issues for us. There is a reason among all the software for this agency to choose Midas NFX. 

“Let them be proud of you. They can call you for advanced training, possibly in South Korea. Don’t just know the software and keep it. Be innovative and give solutions,” he said

Nigeria to begin local manufacturing of vehicle spare parts – NADDC

We’re not involved in N40m HxAfrica mortgage scheme – FMBN

By Dada Jackson

The Federal Mortgage Bank of Nigeria (FMBN) has distance itself from claims linking it to a N40 million mortgage pre-financing scheme promoted by Housing Exchange Africa (HXAfrica).

In an official disclaimer issued by Virginia Jang, FMBN’s Group Head of Corporate Communications, it clarified that the bank has no formal partnership or approval arrangement with HXAfrica concerning the alleged scheme.

“The management of the Federal Mortgage Bank of Nigeria wishes to disclaim reports in the media by HXAfrica (Housing Exchange Africa) on a purported N40 million mortgage pre-financing scheme, which referred to FMBN as a partner,” Jang stated

She further explained that while HXAfrica had applied for engagement with the bank, no approvals had been granted, and no formal agreements had been finalized.

Jang emphasized that FMBN remains committed to advancing housing initiatives, including the forthcoming Diaspora Mortgage Scheme, which is being developed in collaboration with the National Diaspora Commission (NIDCOM)

“While the FMBN and NIDCOM remain committed to the roll-out of the Diaspora Mortgage Scheme after obtaining the necessary regulatory approvals, we will endeavour to provide official information and updates on our respective websites and social media handles to prevent the public from being misled,” she added.

The statement also revealed that NIDCOM had issued a similar disclaimer regarding the HXAfrica scheme, urging the public to be cautious of unverified claims.

FMBN assured citizens that details of the official Diaspora Mortgage Scheme would be communicated through authorized channels once regulatory approvals are secured.

The bank reiterated its commitment to delivering credible housing solutions while encouraging the public to rely only on updates from its verified platforms.