E-Naira adds no value to Nigeria’s economy – Expert faults FG - Newstrends
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E-Naira adds no value to Nigeria’s economy – Expert faults FG

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Following the launch of the much anticipated digital currency, e-Naira, which is the first of its kind in Africa, as social justice expert has raised concerns.

President Muhammadu Buhari had launched the e-Naira on Monday at the Presidential Villa, Abuja.

The Central Bank Digital Currency (CBDC) and its underlying technology, called blockchain, has the ability to improve Nigeria’s Gross Domestic Product, GDP, by $29 billion over the next 10 years, President Muhammadu Buhari had said.

E-Naira, according to Buhari would enable the government send direct payments to citizens eligible for specific welfare programmes as well as foster cross border trade.

The digital currency has the capacity to ensure economic growth through better economic activities, increase remittances, improve financial inclusion and make monetary policy more effective.

READ ALSO:https://newstrends.ng/2021/10/26/i-warned-sunday-igboho-after-meeting-buhari-but-he-didnt-listen-ooni-of-ife/

But speaking on the issue, the Lead Director of Centre for Social Justice, CSJ, Eze Onyekpere, faulted the launch of e-Naira.

In a chat with DAILY POST, Onyekpere lamented that the newly launched e-Naira adds “no spectacular value” to the economy.

Describing the latest action of the government as “cosmetic,” the CSJ Lead Director wondered what value the digital currency would add to the economy.

He said: “I think the important thing right now is what adds value to the economy in terms of job creation, stabilizing our currency, economic growth, and reducing the run on the Naira.

“So all these, be it e-money or x-money, is not adding any spectacular value; it’s just a different format of the money available.

“For me, it’s not about having the capacity or not, of course we have it; but it’s a little bit cosmetic; what value is it adding to the economy?

“I’m yet to see any major value, is it going to create jobs for the teeming youths? Is it going to return the value of the Naira? Is it going to reduce inflation? Or it’s just one of those formal things that doesn’t hold the substance of the challenge of the Nigerian economy?”

DAILY POST observed that one of the major threats to the digital currency is fraud, and the Nigerian government launched the e-Naira at a time when the country is witnessing an escalation in advanced fee fraud popularly called Yahoo Yahoo.

Some Nigerian youths have taken to Yahoo Yahoo as a shorter route to economic empowerment, which is a direct result of the government’s inadequacies to provide jobs and ensure improvement in the quality of lives.

Recall that a Nigerian Instagram celebrity, Ramon Abbas aka Hushpuppi and his cronies had used financial platforms like Bitcoin to hide some of the loots they acquired from Yahoo Yahoo.

However, Onyekpere urged the Central Bank of Nigeria, CBN, and security agents to be proactive in protecting the digital currency from fraudsters.

He said: “Everything that has an advantage must have a disadvantage. E-money does not necessarily means fraud, and as some people are planning it; there should be security measures to put in place by CBN, security agencies, and financial intelligent unit, who should work towards curtailing such, that is why we pay them.

“That people can commit fraud should not be a reason why we should not operate e-money. I think we should work towards curtailing any negative tendencies.”

Eze Onyekpere is a lawyer with specialization in development law including electricity reforms, fiscal governance, human rights and constitutional reforms. He has worked on electric power sector reforms, privatization, gender and trade policy and liberalization of education.

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Hyundai Unveils Mufasa, Grand Creta SUVs to Strengthen Nigeria Line-up (Updated)

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Hyundai Unveils Mufasa, Grand Creta SUVs to Strengthen Nigeria Line-up (Updated)

 

Hyundai Motors Nigeria has expanded its sport utility vehicle (SUV) range with the introduction of the all-new Mufasa and Grand Creta, offering Nigerian motorists more choices in styling, performance, technology and passenger comfort.

The two models, unveiled in Lagos on Wednesday, are targeted at different customer segments, with the Mufasa designed for motorists seeking a stylish, five-seater SUV, while the Grand Creta offers a three-row, seven-seater configuration suited to larger families and customers requiring additional passenger space.

The launch underscores Hyundai’s efforts to strengthen its presence in Nigeria’s competitive automotive market, where demand for versatile vehicles that combine comfort, safety, performance and practicality continues to shape consumer preferences.

Speaking at the launch, Hyundai Motors Nigeria’s General Manager, Sales and Marketing, Mr Gaurav Vashisht, said the new models reflected the company’s commitment to providing vehicles that meet the changing needs of Nigerian customers.

“The SUV segment continues to attract strong interest in Nigeria, as customers increasingly prioritise comfort, safety, technology and versatility,” Vashisht said.

He also gave a rundown of the two new vehicles’ features even as he stated that the Mufasa and Grand Creta were designed to meet different lifestyle requirements while maintaining Hyundai’s global standards of quality and innovation.

 

Mufasa targets style-conscious motorists

The Hyundai Mufasa combines bold exterior styling with a spacious cabin and features designed for everyday driving. Its distinctive front grille, signature LED lighting and muscular bodywork give it a commanding road presence.

Power comes from a 2.0-litre Smartstream multipoint fuel injection (MPi) petrol engine paired with a six-speed automatic transmission. Depending on the market specification, the engine produces approximately 150–160 horsepower and 193Nm of torque.

The five-seater SUV measures about 4,475mm in length, with a 2,680mm wheelbase, providing room for passengers and luggage while retaining a practical footprint for urban driving and longer journeys.

Its cabin features a modern dashboard, digital displays and storage spaces, while available equipment, depending on the variant, includes touchscreen infotainment, smartphone connectivity, automatic climate control, wireless charging and selectable driving modes.

Safety and driver-support features include anti-lock braking, electronic stability control, airbags and parking assistance, subject to the vehicle specification.

The Mufasa is positioned as an option for professionals, younger motorists and families seeking a combination of contemporary design, technology and everyday usability.

 

Grand Creta offers seven-seat flexibility

The Grand Creta complements the Mufasa with a larger cabin and seating for up to seven occupants, making it suitable for families and motorists who prioritise passenger capacity and interior flexibility.

The SUV is powered by an available 2.0-litre Smartstream petrol engine producing approximately 159 horsepower and 191Nm of torque. A six-speed automatic transmission is offered on automatic variant.

Its 2,760mm wheelbase supports a spacious three-row layout, while the flexible seating arrangement allows occupants to adjust the cabin to accommodate passengers or luggage.

Depending on the trim, convenience features include an eight-inch touchscreen infotainment system with smartphone connectivity, rear air-conditioning vents, keyless entry, push-button start and a digital instrument cluster.

Higher-specification versions may also feature leather-appointed seats, ventilated front seats, automatic climate control, wireless charging and a panoramic sunroof.

Safety equipment offered across the range includes six airbags, anti-lock braking, electronic stability control, hill-start assist, rear parking sensors, a rear-view camera and ISOFIX child-seat mounting points.

The model is aimed particularly at larger families seeking additional space and comfort without sacrificing the styling and versatility associated with SUVs.

 

After-sales support in focus

Beyond the new models, Hyundai Motors Nigeria says it is focused on delivering a comprehensive ownership experience through its authorised dealership network, after-sales services and access to genuine spare parts.

Vashisht said the Mufasa would appeal to customers seeking bold styling, modern technology and dynamic performance, while the Grand Creta would cater to those requiring greater passenger capacity, comfort and versatility.

“Our objective is not simply to introduce new vehicles but to deliver a complete ownership experience,” he said, reaffirming the company’s commitment to building long-term customer confidence in the Hyundai brand.

The two additions expand Hyundai’s existing SUV portfolio, which includes the Creta, Tucson, Santa Fe and Palisade.

Their introduction comes as automakers compete to attract Nigerian buyers with vehicles offering a balance of comfort, safety, technology, performance and long-term ownership value.

With the Mufasa and Grand Creta, Hyundai is seeking to broaden its appeal across different customer categories while strengthening its position in Nigeria’s increasingly competitive SUV market.

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Happening now: Hyundai unveiling of Mufasa and Grand Creta

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Happening now: Hyundai unveiling of Mufasa and Grand Creta (photos)

Two latest models of Hyundai auto brands are currently being officially rolled out in Lagos. The new vehicles are Mufasa and Grand Creta.

The unveiling is taking place at the Hyundai showroom on Akin Adesola Street Victoria Island, Lagos.

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No 5% Petrol Tax Plan, Oyedele Says, Amid Public Concerns

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No 5% Petrol Tax Plan, Oyedele Says, Amid Public Concerns

 

The Federal Government has no plan to introduce a new tax on petrol, Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has said, dismissing reports that the administration of President Bola Tinubu intends to impose a five per cent levy on petroleum products.

Oyedele clarified the issue in a statement posted on his X account on Tuesday, insisting that a fuel tax was not being considered by the government.

“In my interview with ARISE News, I was clear: a fuel tax is not on the table,” he said.

His statement follows reports linking him to the proposed five per cent tax, which sparked concerns about a possible increase in the cost of petrol amid Nigeria’s persistent cost-of-living crisis.

Petrol prices have remained a major driver of transportation and distribution costs since the removal of the fuel subsidy, contributing to higher prices of food and other essential goods and services.

The prospect of an additional levy had raised fears that households and businesses could face further financial pressure.

However, Oyedele’s clarification indicates that the Federal Government is not currently considering the proposed fuel tax, amid broader efforts to reform Nigeria’s tax system and strengthen public finances.

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