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Finance commercial vehicle purchase, Lanre Shittu director urges FG
The Group Executive Director of Lanre Shittu Motors (LSM), Mr Taiwo Shittu, has advised the Federal Government and other finance institutions in the country to finance vehicles for commercial operations since they guarantee quicker returns on investment.
He said this would boost employment opportunities and facilitate speedy rejuvenation of the nation’s auto industry.
Shittu, an experienced auto salesman, told journalists in Lagos recently that “If we believe in Nigeria, we must do away with used vehicles. It’s part of the sacrifice that we need to make. We can start by making it look unattractive to reduce the volume being imported”.
He said, “We have to look for a good finance scheme to support the new vehicle purchase. It is not that Nigerians don’t like new vehicles; it is because finance is not there. And where there is a finance arrangement, the issue is the cost and how to pay back. If I’m buying a car on loan for my comfort, I may be skeptical about how to pay back without a reliable income.
“Government should therefore focus more on how to finance the commercial segment of the new vehicles purchase. Since the vehicles are going to be used for business, it will be easy to pay back the loans.”
He explained, “Giving a loan to anyone to buy a vehicle that will be used for business is like an asset that will bring back money.”
The LSM director, whose company now operates a successful auto assembly facility in Lagos, added, “There is no way you will buy a new truck on loan for a business venture and you will not make back the money in one and a half years. And this is a truck that will still be on the road for 15 years or more.”
On the value chain, he said, “Look at the farmers in the North producing tomatoes and others, most of these perishable food items get destroyed in the farm because they cannot afford the high cost of transporting these goods to the big markets in cities like Lagos and Abuja. “The cost of moving the items from Kano to Lagos can be as high as N1 million. How many of these peasant farmers can afford that?
“But if the government can have a finance scheme for new commercial vehicles, they would be able to buy the vehicles and promptly move the goods to Lagos, Ibadan, Port Harcourt, Aba, Onitsha, Abuja and those places with high population. More people would be encouraged to return to the farm and do more.”
Auto
FG hands over 15 CNG buses to transport unions
FG hands over 15 CNG buses to transport unions
The federal government, on Thursday, handed over 15 Compressed Natural Gas (CNG)-powered buses to the transport unions in line with President Bola Tinubu’s Renewed Hope clean energy transport scheme.
Speaking at the handover ceremony in Abuja, the minister of transportation, Sen. Said Alkali, said the scheme was designed to ease the burden of fuel subsidy removal in the country.
The beneficiaries were National Union of Road Transport Workers (NURTW), Road Transport Employers Association of Nigeria (RTEAN), and National Association of Road Transport Owners (NARTO).
The minister said the buses symbolised the government’s commitment to empowering citizens while transitioning to a cleaner energy economy.
“ The Presidential Compressed Natural Gas Initiative is a bold statement of Nigeria’s intent to take control of its resources and utilise them for the benefit of its people.
“We have been exporting our raw materials for decades only to import finished goods at a premium.
“We exported crude oil and imported refined petroleum; we exported palm oil, cocoa, and rubber and imported soap, chocolate, and tires. The time has come to break this cycle” he said.
According to him, the nation will not continue to export gas only to import products like fertilizers or other derivatives, but to harness the gas to power the economy.
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“Nations like Japan, which import our gas, have demonstrated their transformative potential.
“They use gas to drive their transportation sector, reduce their reliance on petrol, and export vehicles like Toyota, Nissan, and Mitsubishi to countries like ours.
“Why shouldn’t Nigerians benefit from the resources beneath our soil?” he said.
He said moving to compressed natural gas would cut down carbon emissions, reduce cost of fuel for transport operators, and enable growth of a cleaner and more efficient transportation system.
He said the buses the government doled out to the unions were tools to make a positive change in the country.
“They represent a commitment to sustainable growth, economic empowerment, and a greener future.
“ I call on the NURTW, RTEAN, and NARTO to ensure these buses are used effectively and maintained properly. This is not just about today but about creating a transportation system that will serve generations to come.”
The minister said the ministry would ensure effective sensitisation of transport owners, operators, passengers and the general public to make the initiative accessible to Nigerians.
The programme director of Presidential CNG Initiative,Michael Oluwagbemi, said that residents of the FCT would enjoy 40 days free rides on the buses.
According to him, the initiative is safer, more reliable, and available.
“On these buses for the next 40 days, people will enjoy free transportation as part of the benefits of this administration.
“And after 40 days, they will enjoy a discount because of the work of President Bola Tinubu, “ he said.
FG hands over 15 CNG buses to transport unions
(NAN)
Auto
Toyota By CFAO showcases latest Land Cruiser Prado, others at P’Harcourt Open Day
Toyota By CFAO showcases latest Land Cruiser Prado, others at P’Harcourt Open Day
Toyota By CFAO, the authorized distributor of Toyota vehicles in Nigeria, has commenced a three-day special display of the latest new Toyota models from the company at an Open Day organised in Port Harcourt, Rivers State, for residents of the city and its surrounding areas.
The Toyota By CFAO Open Day holds from Tuesday, November 26 to Thursday, November 28, 2024, according to a statement by the company.
The event running from 9am to 5pm each day is taking place at the auto company’s showroom located at 184B, Trans-Amadi Industrial Layout, Port Harcourt.
It discloses that the exciting event will feature the highly anticipated 2024 Toyota Land Cruiser Prado, one of Toyota’s flagship models, alongside a range of other exceptional vehicles tailored for the Nigerian market.
This, it notes, is an exclusive opportunity for attendees to explore the latest in automotive excellence, discover new vehicle options, and benefit from Toyota By CFAO’s End of Year Bonanza.
General Manager of CFAO Mobility Port Harcourt, Julius Fasetire, encourages all residents to “come witness history in motion as we proudly unveil the All-New 2024 Toyota Land Cruiser Prado.
“Be among the first to explore this remarkable masterpiece and discover our full range of Toyota vehicles. Don’t miss out on the chance to experience automotive excellence and enjoy a free diagnostic check for your Toyota vehicle!”
The 2024 Toyota Land Cruiser Prado has already generated excitement across the country, following its recent unveilings in Lagos and Abuja.
The product is quickly becoming one of the most sought-after sports utility vehicles in Nigeria, appealing to both corporate and individual buyers.
With over 11.3 million units sold globally in more than 170 countries, the Land Cruiser Prado is renowned for its rugged off-road capabilities and comfort for everyday driving.
The firm says this year’s model comes in two distinctive editions – the Limited Edition (First Edition) and the Adventure Edition – both equipped with a 2.4L turbocharged gasoline engine and an 8-speed automatic transmission, ensuring superior performance both on and off the road.
Toyota By CFAO also says it ensures that genuine parts and a comprehensive 3-year/100,000 kilometre warranty are available for all customers.
In addition to the Land Cruiser Prado, the event will showcase a variety of other popular Toyota models including the Belta, Rumion, RAV4, Camry, and Hiace.
The Open Day, it stresses, promises to be a must-attend event for anyone interested in exploring the world of Toyota vehicles, from luxury to practicality, and experiencing firsthand the future of automotive technology.
The company says more details about the rich offering of Toyota in the Nigeria market can be obtained from https://www.toyotabycfao.ng/.
Auto
Carloha hits N’Assembly with Chery’s flagship SUV, others as Abuja Motor Fair begins Monday
Carloha hits N’Assembly with Chery’s flagship SUV, others as Abuja Motor Fair begins Monday
Carloha Nigeria has concluded all arrangements to storm the 2024 Abuja Motor Fair holding at the National Assembly Complex with the best of Chery vehicles, the brand’s cutting-edge technologies and eco-friendly innovations.
This year’s event is scheduled to take place from November 25 to 29, 2024.
The authorised dealer and assembler of Chery vehicles in Nigeria says it is excited to participate as the exhibition will provide it a remarkable platform to highlight Chery’s cutting-edge vehicles, including the premium Tiggo 8 Pro, the versatile Tiggo 4 Pro, the compact Tiggo 2 Pro, and the eco-friendly Arrizo 5.
It notes that as a brand committed to redefining mobility and enriching lifestyles, Chery’s presence at the fair will underscore its unwavering dedication to providing Nigerian consumers with vehicles that combine style, performance and advanced technology.
It promises visitors to the Chery stand an immersive experience as they explore the features and innovations embedded in each model.
Leading the line up of vehicles from the brand is the Tiggo 8 Pro, Chery’s flagship SUV, said to epitomise luxury and performance.
Designed with modern families in mind, the Tiggo 8 Pro boasts a spacious interior, intelligent connectivity, and advanced safety features.
It is found ideal for discerning customers seeking comfort, sophistication, and reliability.
The Tiggo 4 Pro is tailored for urban adventurers, combining a sleek design with robust performance.
This dynamic SUV offers the perfect blend of style, technology, and versatility, making it a favorite among young professionals and growing families.
The Tiggo 2 Pro stands out with its vibrant design, agile handling, and impressive fuel efficiency for those seeking a stylish yet compact option.
It is the ultimate choice for individuals looking to easily navigate cityscapes while making a bold statement.
Adding to the lineup is the Arrizo 5, a sedan that represents Chery’s innovative approach to green energy. Equipped with a dual-fuel (petrol and CNG) system, the Arrizo 5 caters to environmentally conscious consumers, providing both sustainability and cost efficiency without compromising performance.
Apart from the vehicles on display, Carloha says the Abuja Motor Fair will also serve as an opportunity for the firm to showcase Chery’s cutting-edge technologies, including intelligent driving systems, advanced safety features, and eco-friendly innovations. It adds that engaging demonstrations and one-on-one consultations will be available to visitors, ensuring a comprehensive understanding of what makes Chery a leader in the automotive industry.
“Participating in the Abuja Motor Fair underscores our commitment to delivering premium vehicles that meet the evolving needs of our customers in Nigeria,” said Mathew Enuoma Aje, Marketing Manager at Carloha Nigeria. “We are thrilled to present Chery’s diverse line-up, each designed to enhance driving experiences and offer unmatched value,” he adds.
The Carloha’s Sales Director, Mr. Joseph Omokhapue, is also quoted as affirming the company’s commitment to making Chery ownership easy, accessible, and affordable.
He highlighted Carloha’s exclusive offers, including a 6-year free service plan, a 6-year/200,000 km warranty, and flexible auto financing options.
“These benefits reflect Carloha’s unwavering commitment to our customers.
“With competitive pricing and 24/7 nationwide parts and service support, we ensure our customers enjoy their Chery vehicles with absolute peace of mind.”
He urged all Chery enthusiasts and potential buyers to visit the Chery booth to explore the range of vehicles on display, participate in interactive activities, and take advantage of exclusive offers during the fair.
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