AfDB develops plan to monitor revenues from extractive industries – Newstrends
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AfDB develops plan to monitor revenues from extractive industries

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The African Development Bank has developed a three-year project in response to demands by member countries for technical assistance to monitor revenues generated from their extractive industries.

The AfDB made this known during a virtual inception workshop for the Financial Modelling Project in the Extractive Sector organised by the African Natural Resources Centre of the bank in Abidjan, Cote d’Ivoire.

According to the project report, FIMES will be implemented in eight transitional countries – Guinea, Liberia, Mali, Madagascar, Niger, Sierra Leone, South Sudan and Zimbabwe from 2020 to 2022.

 

The project, which is the first of its kind for the bank, is aimed at enhancing the abilities of the focal countries to improve domestic resource mobilisation from the extractive sectors.

Presenting the background information on the FIMES project, Mrs Vanessa Ushie, Division Manager, Policy Analysis, said the project was aimed at the overall economic resilience of the continent.

Ushie said, “Twenty government officials in each beneficiary member country will participate in the training, learning and knowledge activities as national beneficiaries, that is, 180 officials in the eight countries.

“Set criteria for selection of beneficiaries in the national cohort include relevance to primary job function on extractive revenue management, knowledge of extractive sector fiscal issues’ potential multiplier effects (trainer-of-trainers approach) and IT proficiency.

 

“The project commits to at least 40 per cent of beneficiaries in the eight countries to be women.

“National Focal Point main coordinating actor in each beneficiary country must be nominated by the national government to play this role.’’

(NAN)

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Coscharis Motors launches new Renault Taliant at Abuja Motor Fair

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Coscharis Motors launches new Renault Taliant at Abuja Motor Fair

 

One of the highlights of the just concluded Abuja International Motor Fair was the unveiling of a new model of Renault, Taliant, into the Nigerian market.

Coscharis, a leading automobile dealer and exclusive representative of the Renault brand in Nigeria, says the introduction of the new Renault model is a demonstration of its industry leadership and commitment to delivering quality, efficiency and innovation.

It said the event provided the rare opportunity to showcase the Taliant’s impressive features to lovers of new vehicles in Abuja, the nation’s capital.

Speaking at the event, Leticia Onuzulike, Branch Manager, Coscharis Motors Abuja, highlighted the Taliant’s unique features such as fuel efficiency, safety, comfort, ample storage capacity, high ground clearance, and a reliable suspension system.

Addressing the pressing concern of high fuel costs, Onuzulike said, “The major challenge amongst automobile enthusiasts in our market right now is the high cost of fueling their cars.

“Taliant has come to address that with its 1.0-litre turbocharged engine. This means that Taliant consumes far less fuel per kilometres compared to other cars in its class, helping you save significantly on fuel expenses.”

As part of the launch, Onuzulike announced an exclusive 10% discount for customers purchasing the Taliant or any other Renault variant displayed during the fair.

Director General of the National Automotive Design & Development Council (NADDC), Joseph Osanipin, commended Coscharis Motors for introducing the Taliant to the Nigerian market.

He advised the company to consider local assembly of the Taliant, stating: “Local assembly can reduce the car’s price, making it more affordable while boosting the local spare parts industry and creating jobs. NADDC is ready to partner with Coscharis to make this happen.”

The Taliant’s fuel efficiency was also applauded by CP James Nwokolo, Head of Transport, Force Headquarters, who spoke on its potential to reduce fleet operating costs.

He said, “The Taliant’s 1.0-litre turbocharged engine is a game-changer for fleet operators.

“This innovation will significantly cut fuel expenses, which is highly desirable in today’s economy.”

Brand Manager, Renault at Coscharis Motors Plc, Felix Mahan, announced that the auto firm had introduced a customer-friendly financing option through Coscharis Mobility.

He said, “With Coscharis Mobility, customers can access financing to purchase the Renault Taliant or other variants.

“This allows them to drive their car home immediately while arranging a flexible repayment plan that suits their convenience.”

Mahan also assured customers of exceptional aftersales support.

He said, “Coscharis Motors is fully equipped to handle all aftersales issues for the Taliant.

“With OEM-trained technicians, advanced tools, and readily available spare parts, our service centers across the country are prepared to meet all customer needs.”

According to the firm, Renault Taliant, designed with a muscular and dynamic exterior, combines innovation and elegance.

It says the vehicle striking C-shaped LED daytime running lights and sharp design lines exude confidence and set new standards in its class.

The Taliant is said to be available in two variants: Evolution and Techno, each offering unmatched value and performance.

L-R: Senior Sales Executive, Coscharis Motors Plc, Mrs. Patience Ugochukwu; Director General, National Automotive Design & Development Council, NADDC, Mr. Joseph Osanipin; Head, Auto Care/Consumer Products Division, Coscharis Motors Plc, Dr. Uzor Obuzor; Managing Director, BKG Exhibitions Ltd, Mr. Ifeanyi Agwu, during the unveiling of the new Renault Taliant, by Coscharis Motors Plc, at the Abuja International Motor Fair, in Abuja, recently.

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Aero slashes airfare to N80,000 on all local routes

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Aero slashes airfare to N80,000 on all local routes 

Fears of an increase in airfare during the Yuletide trips may have been alayed as Aero Contractors has announced a reduction in its fares for all travellers on domestic routes this period.

It said on Tuesday that’s travellers would pay a minimum of N80,000 for local flights this festive season.

Managing Director of the airline, Ado Sanusi, announced this at a press conference on Tuesday, adding that the ticket price would apply to all Aero’s routes.

Sanusi said through the gesture billed to end in January next year, the company aimed to give back to Nigerians and support them the during the Christmas season.

Aero’s economy ticket to Abuja from Lagos was N99,643, while business class ticket stood at N189, 167, before the airfares reduction.

Sanusi said, “We have understood the pains Nigerians have been going through because of the economic hardship, the high prices of tickets, and the holiday season is nearby.

“So, Aero contractors has decided to announce a Christmas initiative, we call them, pocket-friendly Christmas prices.

“These prices are designed to allow Nigerians to travel to all our destinations without paying too much. And this is in the spirit of giving, which is the spirit of Christmas.

“We believe that as a company, this is just a very old history of understanding its customers. We believe it’s time for us to give back to our customers.

“Our prices will start from N80,000 to all of our destinations, and we intend to make it affordable to flying public.

“And this is to allow the flying public/families to meet their loved ones during this Christmas season.”

Sanusi said the aviation firm had studied the economic situation of the country, stressing that Aero would still be profitable with the price cut.

He also said the three aircraft in the company’s fleet would be sufficient for all its operations.

The managing director urged other airlines in the country to also “give back to the customers”.

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NAJA 2024 Auto Awards: Mitsubishi, JAC, Maxus challenge Toyota Hilux in pickup contest

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NAJA 2024 Auto Awards: Mitsubishi, JAC, Maxus challenge Toyota Hilux in pickup contest

 

Will Mitsubishi L200 upstage Toyota Hilux as Nigeria’s Pickup of the year at the NAJA (Nigerian Auto Journalists Association) 2024 Auto Awards?

JAC T8 and Maxus’s T60 are two other strong contenders nominated along Mitsubishi L200 and Toyota Hilux for the coveted pickup of the year award this year.

This event, slated for December 11, 2024, is expected to highlight innovative designs, advanced technology, and the evolving preferences of Nigerian consumers in the utility vehicle segment.

Toyota’s Hilux, a household name synonymous with durability and performance in Nigeria, has historically held a strong grip on the pickup category.

However, competitors like Mitsubishi’s L200, JAC’s T8, and Maxus’s T60 are aiming to disrupt the market with offerings that promise superior value, innovative features, and competitive pricing.

The Mitsubishi L200 is entering the competition with a bold redesign, a robust turbo-diesel engine, and a reputation for reliability. The model boasts a sleek exterior, reinforced chassis, and cutting-edge safety features tailored for both urban and off-road environments.

Mitsubishi is also emphasizing fuel efficiency and a spacious interior to attract a broader consumer base, from businesses to adventure seekers.

Ford Ranger and Mitsubishi L200 have consistently challenged the Hilux.

But with innovations and strategic market moves, JAC and Maxus are positioning their pickup models as serious contenders in this competitive space.

JAC and Maxus are introducing alternatives that are generating buzz at the 2024 NAJA Auto Awards, which celebrate outstanding achievements in the Nigerian automobile industry.

JAC’s T8 pickup and Maxus’s T60 are being touted as key challengers to Toyota’s stronghold. Both brands have focused on blending modern technology, durability, and affordability to appeal to Nigerian consumers, particularly small business owners, fleet operators, and those seeking a vehicle that balances performance with cost-effectiveness.

The JAC T8, known for its sleek design and robust performance, has attracted attention with its impressive features and value proposition.

Experts believe that its combination of power, modern aesthetics, and an affordable price point could give the Toyota Hilux a run for its money.

Maxus, a subsidiary of the Chinese automotive giant SAIC Motor, has also emerged as a formidable player in the Nigerian pickup truck segment with the T60.

Maxus’s T60 offers a spacious cabin, impressive towing capacity, and a solid build designed for the Nigerian terrain.

The brand’s marketing strategy focuses on durability, fuel efficiency, and cutting-edge technology—attributes that could redefine the expectations for pickup trucks in the country.

While the nominees for the flagship “Car of the Year” category are still under wraps, other category contenders have been unveiled. These nominations highlight the industry’s best in manufacturing, innovation, and service delivery.

In the Heavy-Duty Truck of the Year category, JAC, FAW, and Howo Sinotruk are set for a fierce contest.

The Assembly Plant of the Year for cars sees local players Innoson Vehicle Manufacturing, GAC Motors, and Mikano Motors competing for the top spot.

Similarly, Lanre Shittu Motors (LSM), Dangote Sinotruk West Africa Ltd, and Perfection Motors are vying for supremacy in the Truck Plant of the Year category.

Chisco Transport, GUO Transport Company and Okeyson Transport have been shortlisted for the transport company of the year award.

The Mini-Bus Assembly Plant of the Year includes nominees such as Jet Systems, Innoson, and Nord, while the Product Launch of the Year features entries like the Toyota Land Cruiser Prado, Toyota Rumion, Toyota Belta, and the Suzuki Vitara.

Luxury enthusiasts will see Mercedes Benz S-Class as a strong contender for Luxury Brand of the Year, while Mercedes Benz GLE, BMW X7, and Range Rover Autobiography are competing in the Luxury SUV of the Year category.

In the Compact SUV of the Year, nominees include the Kia Sonett, Changan CS35, and Hyundai Venue, while the Toyota Land Cruiser Prado, Chery Tiggo Pro 2, and Nord A9 are vying for the Outstanding Entrant of the Year.

Theodore Opara, Chairman of the awards committee, explains the growing significance of these awards, saying, “Winning a NAJA Award is not just about prestige; it’s about solidifying a brand’s position in an increasingly competitive and challenging market.”

According to Mike Ochonma, NAJA Chairman, “Brands that were previously not dominant in the market are now making bold moves through customer engagement and leveraging digital platforms to enhance the purchasing experience.”

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