Nigeria missing among Africa's automakers accessing Afrexim $1bn - AfCFTA – Newstrends
Connect with us

Auto

Nigeria missing among Africa’s automakers accessing Afrexim $1bn – AfCFTA

Published

on

Nigeria missing among Africa’s automakers accessing Afrexim $1bn – AfCFTA

Nigeria is not among recognised countries producing vehicles for Africa,  the African Continental Free Trade Area (AfCFTA) has said.
Nigeria is therefore missing the benefit of accessing from Afrexim’s $1bn facility meant for automakers in Africa.
Secretary General of AfCFTA, Wamkele Mene, stated this on Tuesday at the Zenith Bank’s international trade seminar, non-oil export in Lagos.
He expressed regret that Nigeria is not one of the African countries currently qualified to access the $1b fund.

Three countries currently benefiting from the fund are South Africa, Egypt and Morocco.
“Our continent produces 900,000 units of passenger vehicles per year between South Africa, Egypt and Morocco and we are 17 per cent of the global population” he stated.
According to him, Nigeria now has a new opportunity to joint the league of recognised automakers with estimated five million vehicles needed in Africa by 2035
Mene said there was a need for Nigeria to take the initiative of diversifying into automobile production to meet the vast gap of Africa’s population.

He said auto sector offers an opportunity to accelerate the diversification of Africa’s economy.

He said, “We have identified a number of priority sectors, which we believe in our studies indicate that these priority sectors will enable the diversification that we all want to see.
“I mentioned the pharmaceutical sector, agriculture and agro-processing, transport and logistics, and the auto sector.
“In the auto sector again, we have an opportunity to accelerate the diversification of Africa’s economy.”

Mene also said, “By the year 2035, our estimates indicate that in order for us to meet domestic demand in Africa we have to produce five million units of vehicles per year.
“That means that for Nigeria, there is an opportunity to include the auto sector in your strategy if it is not there already as your strategy for diversification for production of vehicles, creating jobs driving industrialisation. (This is) because we know that the demand for the auto sector, Africans auto sector is not going to be met by Egypt, Morocco, South Africa.
“We have to have more countries that are producing vehicles for the African continent and creating jobs and innovation and driving industrialisation.”
He recommended that the auto sector be closely looked, noting, “from every unit of investment on the assembly line to produce a vehicle, there are four jobs that are created in the components manufacturing sector, whether it is lithium battery, manufacturing or any other kind of a component.
“So, as we talk about diversification value addition, let us consider the auto sector as one of the enablers for the diversification that we all want to see.
“I am very happy that our development financing institutions have stepped up as Afrexim has provided the facility $1 billion for any country that wishes to start producing vehicles for  trade under the AfCFTA.”
The highpoint of the event was the Zenith Bank signing a memorandum of understanding (MoU) with AfCFTA to create an Intra-Africa trade portal known as the SMARTAfCFTA. This is a single portal for trade information for the continent.
The bank will fund the portal for trade information in Africa with one million dollars.
The Group Managing Director Zenith Bank, Ebenezer Onyeagwu, speaking on the MoU signed with AfCFTA said it would bring prosperity to the African continent and the portal to be created by Zenith Bank would foster intra-Africa trade.
“We expect that the implementation of this agenda will change the fortune of not just Nigeria but the whole of Africa.”
He added, “With the development of this portal, one of the capabilities we are going to build into is that you can sit in every part of Africa and market your products and services.
“You can sit in every part of Africa and identify whatever products and services you require that are in Africa.”

Auto

Appeal court takes over NURTW case as NIC withdraws

Published

on

Appeal court takes over NURTW case as NIC withdraws

The National Industrial Court has withdrawn from a case involving Alhaji Najeem Usman Yasin, Board of Trustees chairman of the National Union of Road Transport Workers (NURTW), and Alhaji Tajudeen Ibikunle Baruwa’s ambition to return as president of the union over lack of jurisdiction.

The industrial court’s decision was made to avoid conflict with the Court of Appeal, where the matter is already being heard.

Before the NIC announced its decision to hands-off the case, the defendants’ counsel, Mr. O.I. Olorundare SAN, had informed the court that the matter is currently before the Court of Appeal, Abuja division, and that the industrial court could not continue to adjudicate on the same matter.

The counsel cited authorities to support his claim, adding that the National Industrial Court does not have concurrent jurisdiction with the Court of Appeal.

The presiding judge, O.O. Oyewunmi, struck out the case, stating that the Appeal Court had taken over the matter and that the Industrial Court must respect the hierarchy of courts.

Alhaji Yasin and six others took the case to the Appeal Court, challenging the decision of the industrial court recognising a delegates’ conference held on May 24, 2023, where Baruwa was proclaimed as President of the union for a second term in office.

With the latest NIC judgement, both parties will now proceed to defend their positions at the Court of Appeal and await the final judgement.

Continue Reading

Auto

19 passengers burnt to death in Okene Bypass accident, FRSC blames traffic violation

Published

on

FRSC blames traffic violation as 19 passengers burnt to death in Okene Bypass accident

A total of 19 people were burnt to death in a tanker-bus collision on Sunday April 28 on Okene-Lokoja highway in Kogi State.

The collision that specifically occurred on Okene Bypass reportedly led to an explosion, trapping a total of 22 passengers in the inferno.

The Federal Road Safety Corps (FRSC) in a statement which gave these details said the crash was largely caused by traffic rules violation.

It added that its emergency rescue team deployed in the area battled the situation for three hours.

Part of statement read, “The crash investigation report revealed that the crash involved two vehicles comprising a Dangote truck bearing the following registration details NSH680YJ, and a Toyota Hiace Bus with registration number KMC455ZE.

“The Toyota Hiace bus loaded from Kano was on its lane on the highway when the Dangote truck driver who drove all the way from Port Harcourt wrongfully overtook a vehicle and collided head-on with the bus.

“The impact of the collision resulted in a fire inferno that burnt the victims to death.

According to the report, the crash which was caused by route violation ‘One-way’ and wrongful overtaking, involved 22 people all male.

“Unfortunately, 19 people out of the 22 victims were killed and one injured.

“The remaining two victims who got rescued by the FRSC operatives without injuries survived the crash because they complied with traffic regulations on compulsory use of seatbelt.

“The corpses of the dead victims have been deposited at Okene General Hospital.

The statement signed by the FRSC spokesman, Jonas Agwu, an Assistant Corps Marshal, recalled that the Corps Marshal of the commission, Dauda Biu, at a press conference last week Thursday “warned against traffic violations citing instances where they resulted in avoidable crashes with fire outbreak, leading to wanton loss of precious lives and destruction to properties.

“As a result of that he had earlier emphasised on the need for maximum penalty for these drivers.

Dauda Biu reaffirmed the resolution of the Corps to continue its ongoing prosecution of drivers who by their actions cause road traffic crashes in Nigeria, noting that the driver of the truck involved in the Okene crash will not be an exception.

“As such, he called on the judiciary, leadership of transport unions and other relevant stakeholders in the road transportation sector to join hands with the Corps towards restoring sanity through speedy and effective prosecution.”

Continue Reading

Auto

Chery celebrates automobile excellence, creativity at Lagos roadshow

Published

on

Chery celebrates automobile excellence, creativity at Lagos roadshow

Chery Nigeria on Friday held many Lagos fans of elegant new vehicles spellbound during its spectacular roadshow.

The event featured a captivating procession from the Carloha showroom to The Palms in VI passing through scenic routes such as the Third Mainland Bridge, Ikoyi and Victoria Island, ending with a celebration at the iconic shopping mall.

The roadshow not only showcased Chery’s exceptional vehicles but also celebrated the spirit of creativity and community.

The event provided a platform for guests to savour and enjoy the unique display of new work of art and automotive excellence.

The roadshow extravaganza, as the organisers called it, was revealed Chery’s commitment to engaging experiences, showcasing the brand’s latest masterpiece, the Tiggo 8 Pro,Tiggo 4 Pro and Arrizo 5, in an unforgettable way.
The highlight of the event was a unique “Sip and Paint” session led by a notable artist, who skilfully captured the essence of the Tiggo 8 Pro on canvas.

Guests were invited to unleash their creativity as they painted their own interpretations of the iconic Chery logo, adding personal touch.
The climax of the evening came with a breathtaking moment as Eben, renowned for his impressionistic prowess, unveiled his masterpiece – a stunning portrayal of the Chery Tiggo 8 Pro.
The artwork, met with awe and admiration from attendees, encapsulated the essence of Chery’s dedication to innovation, style, and sophistication.
Representative of Chery brand in Nigeria, Carloha, says it will continue to provide automotive solutions to  customers with its six-year free service and six-year warranty or 200,000km, whichever comes first.

Meanwhile, Chery has expressed its gratitude to all attendees, partners and supporters who contributed to the success of this extraordinary event.
“As the brand continues its journey of innovation and inspiration, it remains dedicated to delivering exceptional experiences that captivate hearts and minds,” the firm said in a statement on Saturday.

Continue Reading

Trending

Skip to content