Private investors including foreigners have invested a total of N500bn in the Nigeria’s auto industry, which now has the capacity to manufacture 400,000 cars annually.
Chairman, National Automotive Design and Development Council, Senator Osita Izunaso, disclosed this when he led members of the council’s board on a tour of auto assembly plants in Lagos and other parts of the country.
Other board members on the tour are Mr Tokunbo Aromolaran, Dr. Nankin Bagudu, Engr. Emmanuel Kwaya, Reverend Lambert, Dr. Obi, and Director General Jelani Aliyu.
A report obtained on Sunday from the Facebook page of the council stated that fundamentally, the Nigerian Automotive sector could produce 400,000 vehicles per annum, adding, “What the nation needs is Nigerians to buy that number of these locally produced/assembled vehicles instead of spending money on 400,000 second hand imported vehicles that have been used and dumped by other counties.
“As a result of NADDC’s unrelenting efforts, over half a trillion naira, i.e. over N500 billion has been invested by credible Nigerian and international companies in setting up factories towards the development of the nation’s automotive sector: companies such as Dangote-SinoTrucks, Innoson, PAN, Cherry, Peugeot, Stallion Group, Hyundai, Honda, Elizade, Lanre Shittu, JAC, Kojo, Nord, Omaa, Vistar, Jet Systems, National Trucks Manufacturers, GAC, Kia, Mikano/Geely.”
It stated that these commited companies are now actively producing/assembling vehicles in Nigeria. “They have a combined installed capacity to produce over 400,000 vehicles per year. And this capacity is not only made up of fossil fuel powered vehicles: recent developments have seen the start of electric vehicles assembly in Nigeria with the Hyundai Kona EV, and the test run of the Jet Systems Electric Van,” it added.
Davido, Tuface, Ned Nwoko, others on alert as Ferrari recalls nearly every car
Super-rich Nigerians and celebrities who drive Ferrari will have to surrender their Italian luxury sports car to the manufacturer to fix a major problem.
Ferrari has discovered a big stopping problem, with 19 of its models dating back to 2005 reportedly at risk of a potential brake failure, according to the National Highway Traffic Safety Administration (NHTSA).
Some of those known to have the super luxury car in Nigeria are singer Davido; former Arsenal and Super Eagles sensational striker Kanu Nwankwo; rapper and billionaire daughter DJ Cuppy; Ned Nwoko with his Nollywood wife, Reginal Daniels, and another famous ex-Super Eagles player Obafemi Martins.
MotorTrend, an online auto journal, on Monday reported the NHTSA filing as indicating that the issue had to do with the brake fluid reservoir cap which “may not vent properly, creating a vacuum inside the brake fluid reservoir, and resulting in a brake fluid leak that may lead to a partial or total loss of brake function.”
According to the NHTSA recall report, a whopping 23,555 Ferraris are implicated and will need to be serviced.
Owners are expected to receive messages from Ferrari with instructions for proactive repairs before September 24, 2022.
Considering the average price of a Ferrari is at least hundreds of thousand dollars, some quick math proves billions of dollars worth of Ferraris are potentially defective.
The report said Ferrari would replace the brake fluid reservoir cap and update the software in the affected vehicles to provide for a different warning message if the vehicle should lose sufficient brake fluid.
In the meantime, if your Ferrari flashes a “low Brake Fluid” warning, NHTSA directs you to pull off of the road as soon as it is safe to do so and have the car immediately towed to a Ferrari service centre.
Ford Trucks to showcase zero emission technologies at Sept IAA fair
Ford Trucks says it will return in a big way to the IAA Transportation, where it will unveil its new surprise zero emission technologies and innovations.
The IAA Transportation is adjudged the world’s leading trade fair for mobility, transport, and logistics and it is taking place this year from September 20 to 25 in Hanover, Germany.
The auto firm stated this in a statement, adding that this would advance towards the automaker’s global competition as a distinctive player in production, design, and product development.
It says the company will showcase the international award-winner F-MAX and present its CO2-neutral transport solutions roadmap, also new specifications and features, bringing connected mobility technologies to Ford Trucks customers, offering more convenience and greater efficiency.
Vice President at Ford Trucks, Serhan Turfan, says, “As an innovative brand that has the purpose of “to be the road mate that cares about customers and makes their businesses thrive”, we focus on future andprioritize R&D efforts on bringing next-generation technologies to the market. The transition of heavy commercial vehicles to zero emissions is critical for a sustainable future. Therefore, our objectiveis mainly to contribute to reduce operating costs and CO2 emissions in road transport while increasing fleet productivity.
“We look forward to presenting our innovations in line with our zero emission mission and new connectivity technologies that will thrive our customers’ businesses.”
According to the statement, Ford Trucks will take the point it has reached in new generation technologies to the next level in 2022 IAA Transportation with its new product variants, plus updated services and technologies and its current product range, launched in more than 40 countries.
It states, “Ford Trucks will showcase the latest variants of the IToY award winner F-MAXas well as the latest cutting-edge technology and services at the exhibition area.
“Ford Trucks is exclusively marketed in Nigeria by Coscharis Motors Plc, a leading automobile dealership in the country. Some of the Ford Trucks variants currently stocked by Coscharis Motors include the Trailer Head, Waste Disposal Truck, Tipper, Concrete Mixer, etc.”
Multi-billion naira NADDC land, imported equipment rot away, says ex-agency boss
Nigeria may have lost multi-billion naira invested in massive landed property and imported equipment acquired by the National Automotive Design and Development Council for auto industry projects in some parts of the country.
A former acting Director-General of the agency, Mr Luqman Mamudu, gave this indication on Thursday, saying the millions of dollars facilities imported for the projects were no longer functioning.
He stated this in Abuja, where chief executive officers of auto companies and other stakeholders called for a review of Finance Act making it difficult for for local auto assemblers to compete with sellers of fully built imported vehicles.
They spoke at Auto CEOs Forum, an interactive session involving major players, Ministry of Industry Trade and Investment, heads of relevant government agencies such as Nigeria Customs Service, Bureau of Public Procurement and National Drug Law Enforcement Agency, National Bureau of Statistics and National Automotive Design and Development Council.
Mamudu said the FG invested billions of naira to acquire the huge land and import needed equipment for industrial clusters in six major cities across the country to give the auto policy a sound footing.
For instance, he said in Ikorodu, Lagos State, while about N1bn was spent to bring in test equipment for a facility to test vehicles emission level, the government paid N300m for the land housing the test centre.
Mamudu however lamented that nothing was currently happening the Lagos centre and other places.
He debunked the insinuation the NADDC did not consult widely before the auto policy was put together, adding that for about six months the agency held meetings and with other agencies, relevant groups and auto players on the matter.
He gave an overview of the policy, its objectives using a global template and the requirements to actualise the project such as incentives to attract investors/OEMs, acceptable credit facility for vehicle assemblers and buyers and anti-smuggling programme.
He said, “There is no need to change the NAIDP. We only need. We need to review time taken for renewal of yearly licence. It doesn’t have to take five months.
The Comptroller General of NCS, Col. Hameed Ali, represented by Controller Musa Mba, said the agency was carried along in formulating the policy.
According to him, they only implement the duty as passed onto the agency.
He said the auto policy is a long-term project, which would take time to mature, just as he stressed that it should be private sector-driven.
Chairman of National Drug Law Enforcement Agency, Brig Gen Buba Marwa, who spoke through Mr. Gadzama Bashir, accused some auto importers of bringing in hard drugs.
Indeed, he said some import cars from Canada concealed with Colorado, a variant of cannabis sativa (Indian hemp).
He called for the cooperation of auto players to rid the country of banned substance.
Auto CEOs who spoke through Olutobi Ajayi of Nord Motors, Taiwo Shittu of Lanre Shittu Motors, and Deputy Managing Director, CFAO Motors, Kunke Jaiyesimi, the current import duty of 10 per cent import duty for fully built units (vehicles) and 10 per cent for Semi-Knocked Down vehicles was discouraging local assembly of vehicles.
There is no way local assembly plants can compete with FBU vehicle importers at 10 per cent duty. We buy diesel, pay workers, among other running cost but they don’t do,” said Ajayi.
They called for a review of the Finance Act.
Kenya Elections 2022: Raila Odinga and William Ruto in Tight Race for President
Sanusi: I Warned Buhari’s Govt that Its Policies Will Destroy Nigeria’s Economy
Ondo Amotekun intercepts 168 invaders hiding under cows
CCECC completes Apapa port link to Lagos-Ibadan railway
Customs: Vehicle tariff reduction to begin next week
Biden, Treasury Secretary say Republicans COVID-19 aid too small
American preacher, Creflo Dollar confesses he misled congregants, says tithing not biblical + Video
[UPDATED]Conflicting Reports Over Viral Video Of Soldiers Evacuating ‘Bandits’ In Kaduna + Video
Lagos mother fights off suspected ritualist attempting to abduct kids + VIDEO
Politics1 week ago
Many Shut Out As INEC Ends Voters’ Registration
Sports1 week ago
Nigeria wins first gold medal in weightlifting at 2022 Commonwealth Games
metro1 week ago
Terror: Lagos police, South-West Amotekun on alert
metro1 week ago
Kwara Court sentences two sureties over failure to produce suspects
metro1 week ago
Maiduguri agog as Tinubu, govs, Dangote, others attend Shettima daughter’s wedding
Entertainment1 week ago
Wizkid Expects Fourth Child As Babymama Shows Off Baby Bump
News1 week ago
Nigeria may collapse soon, nowhere is safe, Northern CAN warns
metro1 week ago
Terrorists Abuja threat: Don’t return to S’E without Kanu, IPOB tells Igbo politicians