NACCIMA Hails CBN’s Resolve to Fight Inflation, Expresses Concern about High Cost of Fund - Newstrends
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NACCIMA Hails CBN’s Resolve to Fight Inflation, Expresses Concern about High Cost of Fund

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Governor of CBN, Godwin Emefiele

The National Association of Chambers of Commerce, Industries, Mines and Agriculture (NACCIMA) has tasked the Central Bank of Nigeria (CBN) to carry the organised private sector (OPS) along in its effort to tame the continuous rise in inflation.

NACCIMA expressed the view yesterday in a statement titled, “NACCIMA’s Position on the Raising of Interest Rate from 14 Per Cent to 15.5 Per Cent by CBN’s Monetary Policy Committee (MPC).”
The association said now was the time for a multi-sector, intergovernmental agencies/ministries, and OPS technical submissions on taming the heightening inflation rate.

NACCIMA stated, “The decision of the MPC of the CBN to raise the Monetary Policy Rate (MPR) from 14 per cent to 15.5 per cent is the third move by the central bank in 2022 in response to the continuous increase in inflation rate. Indeed, this approval reflects the resolve of the MPC of the CBN to stem the rising rate of inflation. Nonetheless, this should have been accomplished in close cooperation with the OPS.”

The association noted that the increase in interest rates was merely a strategy to manage the escalating inflation rate, which might not be sufficient to reduce inflation. It highlighted the need to address its underlying causes.

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The association stated that the government must ensure monetary stability, continuous electricity supply and security to promote inclusive economic growth in order to reduce inflation.

NACCIMA added, “While we suspected that the government believed that the country’s inflation could be controlled by a one-directional review, we, as the organised private sector, feel that the country’s pressing inflationary condition is the result of multiple factors.
“And that relying just on monetary policy to restrain its unabated growth may be ineffective, as opposed to producing the desired outcome.
“The ramifications of the increase in the interest rate would negate the proliferation of ease of doing business, the impact of which most businesses are still uncertain about.”

It stated, “The monetary policy of raising interest rates is unidirectional and would negatively affect both businesses and individuals. It is never the best policy to contemplate in the current economic situation, as it is evident that there are other causes of the stunning levels of inflation.
“The encouraging approach to reduce the current rate of inflation is to conduct a comprehensive analysis of all the causes contributing to the inflation’s rising trend and to implement control measures that can halt their effects.”

The NACCIMA added, “Following this policy, the majority of Small and Medium Enterprises (SMEs) would begin to have less discretionary income because of increased interest payments, reducing their capacity to invest, reinvest, and hire additional personnel.

“Due to higher interest rates, it would be more challenging for businesses to repay their loans, and the majority could be threatened with insolvency.
“Consequently, the survival of small and medium-sized businesses is threatened by the rising costs of capital and production, which result in an increase in the price of finished items. This new regulation will cause increased hardship for businesses and individuals.”

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Four-day Abuja International Motor Fair begins tomorrow Nov 10 

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Four-day Abuja International Motor Fair begins tomorrow Nov 10 

 

Nigeria’s automotive industry is set for a major convergence of manufacturers, investors, policymakers and technology players as the 26th Abuja International Motor Fair opens on November 10, 2026, at Eagle Square, Abuja, with a renewed focus on accelerating local production, investment and industry transformation.

 

The four-day exhibition, organised by the National Automotive Design and Development Council (NADDC) in partnership with BKG Exhibitions Limited, will bring together stakeholders across the automotive value chain, including vehicle manufacturers and assemblers, component producers, financial institutions, technology firms, transport operators, logistics companies and government agencies.

 

A major highlight will be a three-day industry conference themed, “Driving Nigeria’s Automotive Transformation: Policy, Production, and Prosperity.” The conference is expected to examine critical policy directions, investment opportunities, local manufacturing and emerging technologies shaping the future of Nigeria’s automotive sector.

 

In a statement, BKG Exhibitions said the conference would feature contributions from industry leaders and experts across relevant sectors.

 

Chairman of the Organising Committee and Managing Director of BKG Exhibitions, Mr Ifeanyi Agwu, said NADDC Director-General, Otunba Joseph Osanipin, would deliver the keynote address, alongside presentations by leading figures in the automotive and transport industries.

 

Agwu said the fair would offer participants opportunities to engage policymakers, investors and business executives while exploring new vehicles, technologies, products and investment prospects.

 

Other attractions include the Nigeria Automotive Excellence Awards Night, Abuja Automotive Road Show, Ultimate Test-Drive experience, exotic car displays and the Automotive and Future Mobility Arena.

 

The annual exhibition has established itself as a major platform for automotive business networking, product promotion and policy engagement, with this year’s edition expected to further advance conversations around investment, innovation, local production and sustainable industry growth.

 

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Tinubu Targets December 3 Inauguration for Kaduna-Kano Rail Project as Construction Hits 90%

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Tinubu Targets December 3 Inauguration for Kaduna-Kano Rail Project as Construction Hits 90%

 

The Kano-Katsina-Maradi railway project has also reached 70 per cent completion, according to the APC Presidential Campaign Council.

President Bola Ahmed Tinubu has intensified efforts to complete major railway projects in Northern Nigeria, with the Kaduna-Kano Standard Gauge Railway scheduled for inauguration on December 3, 2026.

 

The All Progressives Congress (APC) Presidential Campaign Council disclosed this in a statement issued on Sunday by its spokesperson, Dele Alake, stating that the 203-kilometre Kaduna-Zaria-Kano railway project had attained approximately 90 per cent completion.

 

The council also announced that the 400-kilometre Kano-Katsina-Maradi railway project, which extends towards the Niger Republic, had reached 70 per cent completion.

 

According to the statement, the Kano-Katsina-Maradi project was barely five per cent complete when Tinubu assumed office in 2023, while the Kaduna-Kano railway had achieved less than 30 per cent completion.

 

The projects, described as part of the administration’s major infrastructure initiatives, are expected to improve transportation, strengthen regional connectivity and facilitate the movement of passengers and goods across Northern Nigeria and neighbouring countries.

The Kaduna-Kano railway is an extension of the existing Abuja-Kaduna Standard Gauge Railway and is expected to establish a continuous rail connection between Abuja, Kaduna, Zaria and Kano, linking major commercial centres in the region.

 

The council said the projects were recently inspected on the directive of President Tinubu by a Federal Government delegation led by the Permanent Secretary of the Federal Ministry of Transportation, Engr. Funso Adebiyi.

 

The delegation reportedly expressed satisfaction with the quality of construction, particularly the railway alignment, drainage infrastructure, embankment protection, stone pitching and soil stabilisation.

 

As part of the inspection, officials undertook a test-run journey by train from Jaji in Kaduna State to Kano to assess the completed track infrastructure and passenger comfort.

 

The statement added that Tinubu had directed the immediate resolution of outstanding land acquisition and compensation issues within Kaduna metropolis to facilitate the completion of the remaining railway corridor linking Abuja and Kano.

 

It further disclosed that the 190-kilometre Jaji-Kano section of the Kaduna-Kano railway, alongside the 250-kilometre Dawanu-Kano-Kazaure-Daura-Katsina section of the Kano-Maradi project, was scheduled for inauguration on December 3, 2026.

 

When fully operational, the Kaduna-Kano railway is expected to provide an alternative to road transportation, improve passenger movement and boost commercial activities along one of Northern Nigeria’s busiest economic corridors.

 

Similarly, the Kano-Katsina-Maradi railway is expected to strengthen cross-border transportation and trade between Nigeria and the neighbouring Republic of Niger.

 

The APC Presidential Campaign Council said the projects reflected Tinubu’s commitment to ensuring that ongoing infrastructure developments across the country were completed as scheduled.

 

 

Tinubu Targets December 3 Inauguration for Kaduna-Kano Rail Project as Construction Hits 90%

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Uwatse Joins Ade-Ojo, Maduka in Exclusive League of Nigeria Auto Legends

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Uwatse Joins Ade-Ojo, Maduka in Exclusive League of Nigeria Auto Legends

 

In a rare recognition of industry leadership and enduring contributions to Nigeria’s automotive sector, the Nigeria Auto Journalists Association (NAJA) has named Chief Benson Uwatse, Chairman of Weststar Associates Limited, recipient of the prestigious Nigeria Auto Legend Award at the 19th Nigeria Auto Industry Awards.

Uwatse’s emergence places him in an exclusive league of automotive icons, making him the third industry heavyweight to receive the distinction after Chief Michael Ade-Ojo, Chairman of Toyota Nigeria Limited, and Dr Cosmas Maduka, President and Chief Executive Officer of Coscharis Group.

The recognition celebrates Uwatse’s more than three decades of involvement in the Nigerian automotive industry, particularly his role in advancing the Mercedes-Benz brand and strengthening its presence in the country’s premium and luxury vehicle market.

The recognition underscores Uwatse’s longstanding involvement in the Nigerian automotive sector and his contributions to the development and representation of the globally renowned Mercedes-Benz brand in the country.

As Chairman of Weststar Associates Limited, the authorised general distributor of Mercedes-Benz in Nigeria, Uwatse occupies a strategic position in the country’s premium and luxury automobile market.

Weststar is responsible for coordinating Mercedes-Benz’s business activities in Nigeria, covering passenger cars, commercial vehicles, trucks and buses, alongside dealer support, marketing, training, genuine spare parts supply, warranties and after-sales services.

The company officially commenced operations in February 2008, assuming responsibility for Mercedes-Benz sales and after-sales operations in Nigeria. Its distribution network and authorised dealerships provide sales and servicing support across different parts of the country.

Uwatse’s association with the Mercedes-Benz brand spans more than three decades, giving him considerable experience in the Nigerian automotive business, particularly in premium vehicle distribution, customer relations and brand development.

His involvement in the business has also included leadership responsibilities in the Mercedes-Benz dealership network, specifically as Managing Director of MB Automobile Services Limited, one of the authorised Mercedes-Benz dealers in Nigeria.

The Nigeria Auto Legend Award is particularly significant because it recognises individuals whose contributions extend beyond routine business operations to the development, growth and advancement of the nation’s automotive industry.

Chief Ade.Ojo, the founder of Elizade Nigeria Limited and Chairman of Toyota Nigeria Limited, was the first recipient of the special industry recognition in 2017, in acknowledgement of his decades of investment, enterprise and contributions to Nigeria’s automobile business.

Dr Maduka, who transformed Coscharis from a modest automobile trading venture into one of Nigeria’s leading indigenous conglomerates, also earned recognition for his remarkable contributions to the automotive sector. Under his leadership, Coscharis Motors secured distribution franchises for several globally recognised automobile brands, including BMW, MINI, Rolls-Royce and Ford.

Uwatse’s emergence as the third recipient further reinforces NAJA’s commitment to celebrating individuals whose leadership, enterprise and industry experience have contributed significantly to the evolution of Nigeria’s automotive landscape.

The 19th edition of the Nigeria Auto Industry Awards, organised by NAJA, is scheduled to hold on Thursday, December 3, 2026, at the Civic Centre, Victoria Island, Lagos.

The annual awards bring together automobile manufacturers, distributors, dealers, policymakers, regulators, industry professionals and other stakeholders to celebrate outstanding achievements and recognise excellence across Nigeria’s automotive and transportation sectors.

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