Business
Nigeria, others to benefit from $2 billion OPEC Fund
Nigeria and other African countries may benefit from donor-assisted funding by the OPEC Fund for International Development (OFID), The Nation had learnt.
It may be recalled that the OPEC Fund had in July announced that its first financial bonds in the global markets, amounting to $1 billion dollars, could be issued this year.
Speaking on the sidelines of the Islamic Development Bank Group (IsDB) meeting recently, the Director General of the OFID, Abdulhamid Alkhalifa, was quoted as saying that the Fund could issue low-interest bonds following its 2021, high credit rating, and is only waiting for international markets to stabilise.
Since its establishment, the Fund has been providing development assistance in 125 countries with a total financial cost of $190 billion and a capital of about $7.5 billion.
Records show that about 50 percent of the financing provided by the Fund is in African countries, including the Arab countries in North Africa and Sudan. Funds have also been made available to other Arab countries, the Caribbean, Eastern Europe, and Asia regions.
The Fund targets the transport, health, education and energy sectors which are among the important sectors in the target regions and countries, in addition to the agriculture and water sectors.
READ ALSO:
- CBN defends naira with $7.6bn in five months
- Medicine seller arrested over alleged defilement of eight-year-old
- Stay away from Kalabari, Dokubo-Asari warns Tompolo, soldiers
According to the OFID boss, more than one billion dollars were spent in the health and related sectors during the outbreak of the coronavirus pandemic. Currently, the Fund does not intend to increase its capital or the members’ subscriptions.
It was his view that development institutions, such as the OPEC Fund, do not compete with commercial banks in financing projects. They were established to take high risks. It is, therefore, necessary to ensure the sustainability of the return on these projects by being at least able to repay the provided financing to be sustainable for a longer period.
In alignment with the Fund’s plans to diversify funding sources, the expected value of the first bonds offered by the Fund might be $300 million, $500 million, or $1 billion.
The total loans approved by the Fund in 2021 amounted to about $1.8 billion, and it is expected to increase to $2 billion in 2022.
The OPEC Fund is a multilateral development finance institution established in 1976 by the Member States of the Organisation of Petroleum Exporting Countries (OPEC) and exclusively provides financing from member countries to non-member countries.
With the rise of the food crisis in many developing countries, there has been a call for a shift in its focus. Consequently, the Fund is in talks with other partners to prepare an aid package for developing countries to help mitigate the impacts of the current food crisis.
The Nation
![]()
Auto
EXEED Sets Sights on Nigeria’s Luxury Car Market, Showcases Technology, Design Vision
EXEED Sets Sight on Nigeria’s Luxury Car Market, Showcases Technology, Design Vision
Versat Automobile Limited, the Nigerian representative of EXEED, is stepping up efforts to introduce the premium automotive brand to the country, offering prospective customers a closer look at its technology, design philosophy and vision for the future of mobility.
The move signals a new phase in EXEED’s Nigerian market entry, as the company seeks to establish its identity in an increasingly competitive premium vehicle segment where technology, performance, comfort and ownership experience are becoming important considerations for buyers.
Following its initial introduction to Nigeria in August, Versat Automobile is advancing the brand’s pre-launch activities by highlighting the philosophy and engineering thinking behind EXEED, a premium automotive marque within the Chery Automobile family.
Drawing on Chery’s extensive investment in automotive research and development, EXEED’s technology proposition covers vehicle architecture, powertrain engineering, intelligent cabin systems and connected driving technology.
However, the brand says its approach to innovation goes beyond simply adding more technological features to vehicles. Rather, it focuses on integrating intelligence, convenience, connectivity and performance to improve the overall driving experience and respond to the expectations of modern motorists.
Design is another major pillar of EXEED’s identity, with its vehicles combining distinctive exterior styling, lighting, detailing and cabin architecture with functionality and everyday usability.
The company’s approach reflects an evolving definition of premium mobility, where luxury is no longer determined solely by a vehicle’s appearance but also by how it feels, functions and interacts with occupants.
At the heart of the brand is its philosophy, Born for More, which is reinforced by what it describes as its Spirit of Exploration.
The philosophy is built around challenging conventions, looking beyond familiar boundaries and pursuing new possibilities. It targets customers who seek experiences beyond the ordinary and view mobility as more than simply moving from one destination to another.
Versat Automobile believes this positioning could resonate with Nigeria’s evolving premium automotive market, where buyers are increasingly considering technology, contemporary design, performance, comfort and the overall ownership experience when making purchasing decisions.
Christopher Irumudomon, General Manager, Sales, Versat Automobile Limited, said the introduction of EXEED was about presenting Nigerians with a different perspective on premium mobility rather than merely adding another vehicle brand to the market.
“The introduction of EXEED is about more than bringing another automotive brand to Nigeria. It is about introducing a different perspective on premium mobility, one that brings together technology, design, performance and the freedom to explore.
“EXEED has a distinctive philosophy and a clear vision for what it wants to represent, and we are excited to give Nigerians a closer look at the brand and what it has to offer,” he said.
As part of its broader engagement with the global technology and mobility ecosystem, the Versat team is also scheduled to participate in the International User Summit in China in October.
The visit is expected to provide opportunities for further engagement with Aimoga, a high-end robotics brand, highlighting the growing intersection between technological innovation, robotics and future mobility.
The engagement underscores the broader technological direction that EXEED seeks to associate with its premium brand identity.
Versat Automobile said further details about EXEED, including its products, technology and design philosophy, would be unveiled as the Nigerian pre-launch programme progresses.
Established in 2024, Versat Automobile Limited made its Nigerian market debut in 2026 with C&C Trucks and is building its portfolio around globally positioned automotive brands.
The company says its operations are guided by a commitment to performance, durability, quality, reliability and customer support, with EXEED representing its entry into the premium passenger vehicle segment.
For Nigeria’s automotive market, the forthcoming arrival of EXEED introduces another contender into the premium mobility conversation, with its eventual success likely to depend not only on the appeal of its technology and design but also on how effectively its Nigerian representative delivers on customer expectations.
![]()
Auto
Omoda, Jaecoo bet on warranty, after-sales support to win Nigerian car buyers
Omoda, Jaecoo bet on warranty, after-sales support to win Nigerian car buyers
Omoda and Jaecoo are stepping up investment in warranty protection, spare-parts distribution and after-sales services as the emerging automotive brands seek to strengthen customer confidence and establish a lasting presence in increasingly competitive global markets.
The strategy is particularly relevant to Nigeria, where concerns about spare-parts availability, maintenance costs, technical expertise and the reliability of after-sales support often influence decisions when purchasing new vehicles.
Beyond attractive designs, advanced technology and vehicle performance, motorists increasingly want assurances that their investments will remain protected long after driving their cars out of showrooms.
Recognising this changing customer expectation, Omoda and Jaecoo are expanding their international after-sales infrastructure and warranty programmes to improve the ownership experience and address some of the industry’s longstanding concerns.
In the United Kingdom, vehicles from the two brands come with a seven-year or 100,000-mile warranty, while batteries in electrified models enjoy eight-year coverage.
Although warranty conditions differ across markets, the programme underscores the brands’ emphasis on long-term ownership support and customer assurance.
The companies are also advancing their Super Hybrid System, which combines petrol and electric power to deliver improved fuel efficiency while retaining the convenience of conventional refuelling.
The technology is designed to address a major concern among motorists considering electrified vehicles, particularly those who want the benefits of electric mobility without depending entirely on charging infrastructure.
The Jaecoo J7 PHEV has already attracted considerable attention in the UK market, emerging as Britain’s best-selling new SUV in September.
It also secured a Guinness World Record for the lowest fuel consumption recorded by a plug-in hybrid production SUV during the UK Three Peaks Challenge.
Similarly, the flagship Jaecoo J8 combines 428 horsepower with all-wheel-drive capability and an electric-only driving range of more than 130 kilometres.
In Indonesia, a Jaecoo vehicle also secured a Guinness World Record after covering a verified distance of 1,660 kilometres on a single tank of fuel and battery charge, further highlighting the efficiency potential of the brand’s hybrid technology.
Beyond product development and performance achievements, the companies are strengthening the supply chain that supports vehicle ownership.
A major step in this direction was the opening of a 12,000-square-metre spare-parts distribution centre in Dubai’s Jebel Ali Free Zone in December 2024.
The facility stocks more than 20,000 different components to support parts distribution and improve service delivery.
The company has also indicated plans to establish similar facilities across different continents, with expansion already underway in South Africa.
For Nigeria, where the cost and availability of genuine spare parts can significantly affect vehicle ownership expenses, such investments could have important implications.
A dependable distribution network would help reduce the challenges associated with sourcing replacement components, while effective warranty administration and access to trained technicians could improve customer satisfaction and strengthen confidence in the brands.
As competition intensifies in Nigeria’s automotive market, the ability to provide reliable after-sales support could become just as important as introducing technologically advanced vehicles at competitive prices.
For Omoda and Jaecoo, the challenge will be to translate their growing international infrastructure and warranty commitments into accessible, consistent and responsive services for Nigerian customers.
Ultimately, winning the confidence of Nigerian motorists will require more than impressive vehicles and international performance records. It will depend on the brands’ ability to support customers throughout the entire ownership journey, from the first showroom visit to routine servicing and eventual replacement of parts.
![]()
Auto
Why Toyota RAV4 Remains Attractive Choice for Nigeria’s SUV Buyers
Why Toyota RAV4 Remains Attractive Choice for Nigeria’s SUV Buyers
As Nigerian motorists increasingly look for vehicles that deliver comfort, dependable performance, fuel economy and versatility, the Toyota RAV4 continues to offer an appealing proposition in the country’s competitive sport utility vehicle market.
Combining a distinctive exterior design with a thoughtfully crafted interior, practical luggage accommodation and performance engineered for everyday driving, the RAV4 is designed to meet the expectations of individuals and families seeking a vehicle that balances functionality with driving pleasure.
Toyota (Nigeria) Limited (TNL) presents the RAV4 as an SUV that combines refined engineering, comfort and practicality, making it a consideration for motorists navigating the country’s diverse driving conditions.
Comfort and convenience for everyday motoring
One of the RAV4’s major attractions is its emphasis on passenger comfort and convenience.
According to Toyota Nigeria Limited, the vehicle features an automatic air-conditioning system with independent temperature controls for the left and right sides of the cabin. This enables occupants to enjoy a more comfortable interior environment, particularly during Nigeria’s hot weather.
The steering wheel is equipped with conveniently positioned audio control switches, allowing drivers to operate the entertainment system without taking their hands away from the steering wheel.
The interior design also prioritises passenger accommodation, providing generous seating space and flexibility for different transportation needs.
For motorists who regularly travel with family members or require additional luggage capacity, the rear seats can be folded to create more room for carrying larger items.
This practical arrangement makes the RAV4 suitable for everyday commuting, family outings, shopping trips and longer journeys.
Performance that balances acceleration and fuel economy
Performance is another important consideration for Nigerian motorists, particularly those who combine daily urban commuting with occasional interstate journeys.
Toyota Nigeria Limited describes the RAV4’s engine as delivering excellent acceleration from low speeds, while maintaining fuel economy, clean emissions and quiet operation.
This combination is particularly relevant in Nigerian cities, where motorists frequently encounter stop-and-go traffic, congested roads and varying driving conditions.
The emphasis on responsive acceleration and quieter operation also contributes to a more comfortable driving experience.
Fuel economy remains an important consideration for prospective vehicle owners, especially in a market where the cost of running and maintaining a vehicle influences purchasing decisions.
Toyota notes that fuel consumption varies according to fuel quality, environmental conditions and individual driving habits.
## Designed with practicality in mind
Beyond its performance and comfort, the RAV4 offers the versatility expected of a modern SUV.
Its flexible luggage arrangement allows owners to accommodate different cargo requirements by folding the rear seats when additional loading space is needed.
This feature is particularly useful for families, business professionals and motorists who require a vehicle capable of handling both passenger transportation and occasional cargo duties.
The SUV’s interior layout also reflects Toyota’s attention to functional design, with controls positioned to make everyday operation more convenient.
The advantage of buying through Toyota Nigeria Limited
For prospective buyers, the decision to purchase an SUV should go beyond the vehicle’s appearance, performance and convenience features.
The availability of genuine spare parts, professional maintenance services and manufacturer-backed warranty protection is equally important.
Toyota Nigeria operates through seven accredited dealers: Elizade Nigeria Limited, R.T. Briscoe (Nig.) Plc, Omoregie Motors, Germaine Auto Centre, Kojo Motors, Mandilas Motors and Metropolitan Motors Limited.
According to the company, vehicles purchased through its accredited dealers enjoy a three-year or 100,000-kilometre warranty, whichever comes first.
TNL also explains that its vehicles are selected and supplied with specifications approved for the Nigerian operating environment.
An important component of this approach is the Severe User Package, which includes reinforced suspension, heavy-duty shock absorbers and engine under-guards, among other features designed to help vehicles withstand demanding road and terrain conditions.
This consideration is particularly relevant in Nigeria, where road conditions can vary considerably between urban centres, highways and rural communities.
The company’s accredited dealers also provide access to genuine Toyota spare parts and authorised servicing facilities.
Toyota further states that genuine spare parts purchased through its accredited dealers carry a 12-month or 20,000-kilometre warranty, subject to applicable terms and conditions.
A practical option for Nigerian motorists
For Nigerian buyers considering an SUV, the Toyota RAV4 presents a combination of passenger comfort, flexible luggage accommodation, responsive engine performance and practical everyday features.
Its automatic climate control, steering-mounted audio switches and adaptable rear seating arrangement address important aspects of everyday vehicle ownership.
Combined with Toyota Nigeria’s emphasis on specifications suitable for Nigerian conditions, warranty protection and access to genuine spare parts, the RAV4 offers prospective customers additional considerations beyond the initial purchase.
For individuals and families seeking an SUV that combines everyday practicality with the established Toyota ownership proposition, the RAV4 deserves consideration.

![]()
-
metro2 days agoLami Dawa: CAN Takes 14-Year Jail Sentence to Appeal Court, Borno Govt Reacts
-
metro2 days agoEdo Youths Chase Policemen, Vigilantes From Checkpoint Over Alleged Extortion
-
metro2 days agoThree Dead, Five Rescued as Two-Storey Building Collapses in Osun
-
metro2 days agoAdeboye Fires Back at Journalists Over Viral Jonathan Protest Photo, Says It Was Prayer Walk
-
Auto2 days agoNigeria’s Auto Dealers Face New Challenge as After-Sales Service Takes Centre Stage
-
International2 days agoBadenoch Rejects Slave Trade Apology, Says African Kingdoms Also Profited From Slavery
-
metro2 days agoHijab Controversy: MURIC Demands Suspension of Law School Exams, Threatens Peaceful Protests
-
metro1 day agoContempt: Court Orders Arrest, Remands Lagos NURTW Chairman Sego, Secretary in Kirikiri
