Business
Recession looming over naira scarcity, state governors warn
Governors of the 36 states in Nigeria have warned of a possible recession arising from the devastating effects of the current scarcity of naira notes to the small-scale businesses and by extension the nation’s economy.
They therefore asked President Muhammadu Buhari and the Central Bank of Nigeria (CBN) to listen to the voice of reason from the nation and the international community concerning the naira issue.
The Council of State had last Friday advised the CBN to print more naira notes or release the old ones to the system to ease the sufferings of Nigerians.
This was after the governors of Kogi, Kaduna, Zamfara and Kano states had dragged the Federal Government to Supreme Court, seeking cancellation of the CBN deadline for the new naira policy which they said had caused untold hardship to their citizens.
The apex court had last week ruled in favour of the governors, ordering the suspension of the February 10 deadline.
The state governors, rising from their meeting on Saturday under the aegis of the Nigeria Governors Forum (NGF) asked the FG and CBN to reconsider their stand on the naira issue.
They expressed sympathy and support for Nigerians who they said were experiencing great difficulties under the current CBN naira redesign and cash withdrawal restrictions policy.
Chairman of the NGF and Sokoto State governor, Aminu Tambuwal, said they felt the pains of Nigerians and that they were determined to employ all legitimate channels to ease the situation.
He said, “The current approach of the CBN raises concerns about the respect for the civil liberties and rights of Nigerians as it relates to their freedom to use legitimately earned income as they so wish.
“The Forum believes that to deploy a cashless policy and deepen digital transactions, the best practice around the world is to create a suite of incentives to attract customers; rather than a draconian approach as we have witnessed in the last three months.
“The argument by the CBN for what it describes as the astronomical increase in the currency in circulation as the basis for this policy is not supported by its own data. According to the CBN, the currency in circulation increased from N1.4 trillion in 2015 to N3.23 trillion in October 2022.
“The bank appears not to have taken into consideration the increase in the size of the country’s nominal GDP over this period, the doubling of consumer prices, rising population, and the impact of the humongous Ways & Means advances to the federal government by the Central Bank of Nigeria over this period.
“In the circumstances, it is safe to draw either of two conclusions – the CBN data may be incomplete or in fact, Nigerians may have done exceptionally well in the transition to a cashless economy.
“In addition, considering the sizable informal sector in the nation, the amount of banknotes created in exchange so far by the CBN implies it vastly underestimated the economy’s actual cash needs.
“The inability to use the new notes has had far-reaching economic effects, leading to the emergence of the Naira black market, severe food inflation, variable commodities prices based on the method of exchange, and long queues as well as crowds around Automated Teller Machines (ATMs); and banking halls across the country with individuals hoping to get a fraction of their money in new notes to meet their daily livelihood; the country runs the risk of a CBN-induced recession.
“While we acknowledge the submission of the attorney-general of the federation that the federal government will comply with the ruling of the Supreme Court which calls for the halting of CBN’s plan to end the use of the old currency notes, we are yet to observe changes in the financial system.
“Consequently, we call on the federal government and the CBN to respect the Rule of Law and listen to the voice of reason expressed by Nigerians and several other stakeholders including the Council of State, before the damage to our economy becomes too great to fix by the next administration.
“Members rose from the meeting agreeing to direct their attorneys-general to review the suit at the Supreme Court with a view to consolidating the legal reliefs pursued by states.”
Auto
Abuja Demand Rises as Jetour Brings X70 Plus Experience to FCT
Abuja Demand Rises as Jetour Brings X70 Plus Experience to FCT
Jetour Nigeria is taking its seven-seater X70 Plus SUV to Abuja as rising interest from motorists in the Federal Capital Territory and neighbouring states fuels the brand’s latest push to deepen its presence across Nigeria.
The X70 Plus will headline the Jetour Experience Abuja, holding from September 22 to 24 at Maha Event Centre, Area 8, Garki, following the strong response recorded during the Lagos edition, where motorists turned out for test drives and made enquiries about Jetour models.
The Abuja activation is designed to give prospective buyers direct access to the X70 Plus and other models, with opportunities to test-drive the vehicles, engage product specialists and experience their technology, safety and comfort features.
The X70 Plus is positioned as a family-oriented SUV, offering seven-seat capacity and a range of features targeted at customers seeking comfort, technology and practicality.
The SUV is available with 1.5-litre and 1.6-litre turbocharged engine options, with outputs of up to 145kW and 290Nm of torque, paired with a dual-clutch automatic transmission.
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Its safety equipment includes front, side and curtain airbags, Vehicle Stability Control, Hill-Start Assist, Hill-Descent Control and a 360-degree panoramic camera with 2D and 3D viewing modes. Advanced Driver-Assistance Systems are also available.
Inside the cabin, the X70 Plus features a 10.23-inch LCD touchscreen, dual-zone climate control with air purification, wireless charging, a panoramic sunroof and an eight-speaker audio system.
Jetour Nigeria, the authorised distributor of the brand in the country, currently operates through seven accredited dealers: Elizade Nigeria Limited, Mandilas Autos, R.T. Briscoe Motors, Germaine Auto Centre, Kojo Motors, Tab Autos Limited and New Era Auto Vehicle Services Limited.
The company said the dealer network supports vehicle sales, genuine spare-parts supply and after-sales services across the country.
Jetour has also received recent industry recognition in Nigeria, including Fastest Growing Auto Brand by the Nigeria Auto Journalists Association and Auto Brand of the Year at the Nigeria Transport Lecture and Awards.
The Abuja experience is expected to provide prospective customers in the FCT and surrounding states with direct access to the X70 Plus and other Jetour models as the brand continues its national market expansion.
Abuja Demand Rises as Jetour Brings X70 Plus Experience to FCT
Auto
Jetour Unleashes F700 Hybrid Pickup as Abuja Experience Begins Tuesday
Jetour Unleashes F700 Hybrid Pickup as Abuja Experience Begins Tuesday
Jetour is taking its premium pickup game to Abuja as the automaker prepares to showcase the powerful F700 hybrid pickup at the Jetour Experience Abuja, bringing a blend of electrified performance, luxury and rugged off-road capability to the Federal Capital Territory.
The three-day event, scheduled for September 22 to 24 at Maha Event Centre, Area 8, Garki, comes on the heels of strong reception in Lagos and is expected to draw commercial fleet operators, corporate buyers and luxury pickup enthusiasts keen to experience Jetour’s latest hybrid workhorse.
Following high-impact reception in Lagos, the Abuja activation, which holds at Maha Event Centre, Area 8, Garki, answers massive demand from commercial fleet leaders, corporate buyers, and luxury truck enthusiasts eager for an electrified workhorse built without compromise.
Jetour’s rapid ascendancy as Nigeria’s Fastest Growing Auto Brand and Auto Brand of the Year is backed by nationwide after-sales infrastructure, certified technicians, and genuine parts availability through its authorized dealer network including Elizade Nigeria Limited, New Era AutoVehicle Services, Germaine Auto Centre, Kojo Motors, Mandilas Autos, R.T. Briscoe and
Tab Autos.
The Ultimate Hybrid Powerhouse
Engineered on the heavy-duty platform of Jetour’s G700 luxury SUV, the double-cab F700 redefines utility.
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Stretching nearly 5.5 meters, it commands road presence via a high-tensile ladder-frame chassis and independent double-wishbone suspension engineered for punishing industrial demands and refined highway cruising alike.
Under the hood lies the revolutionary Kunpeng Super Hybrid CDM-O powertrain—pairing dual high-output electric drive motors with an onboard turbo petrol generator that seamlessly feeds the battery pack on the fly, eliminating range anxiety entirely.
According to Jetour, an advanced CATL 800V architecture surges the battery from 20% to 80% in just 10 minutes, achieving ultra-fast charging.
The vehicle delivers a monumental combined cruising range of up to 1,300 km on a single charge and tank, and achieves exceptional fuel economy, sipping as low as 1.39 L/100 km.
Conquering Terrain in First-Class Luxury
Engineered for unforgiving terrain, the F700 deploys Jetour’s intelligent XWD all-wheel-drive system governed by front, center, and rear mechanical differential locks.
With 9.5 inches of ground clearance and an imposing 900 mm water-wading capability, the F700 glides through deep water crossings, unpaved construction corridors, and rocky trails effortlessly.
Inside, the cabin abandons utilitarian compromises for bespoke executive refinement, featuring
35.4-inch Panoramic “Sky Screen” dominating the dash architecture.
Also, it features the 15.6-inch Central Command Touchscreen for seamless telematics and vehicle dynamics, Sculpted Luxury Finishes combining aviation-grade acoustic insulation, premium materials, and active driver-assist safety suites.
The three-day Jetour Experience Abuja will feature live technical walkarounds, rugged dynamic tests, and hands-on driving trials at the capital.
Jetour Unleashes F700 Hybrid Pickup as Abuja Experience Begins Tuesday
Auto
26th Abuja Motor Fair: NADDC, BKG Set November 10 Date for Auto Industry Show
26th Abuja Motor Fair: NADDC, BGK Set November 10 Date for Auto Industry Showcase
The National Automotive Design and Development Council and BKG Exhibitions Ltd have unveiled plans for the 26th Abuja International Motor Fair, scheduled to hold from November 10 to 13, 2026, at Eagle Square, Abuja.
The four-day event is expected to bring together major players across the automotive value chain, such as vehicle manufacturers and assemblers, component producers, financial institutions, technology firms, transport operators, logistics companies, development partners, investors and government agencies.
A three-day conference will also feature prominently at the fair, with the theme, “Driving Nigeria’s Automotive Transformation: Policy, Production, and Prosperity.”
A statement on Friday by BKG Exhibitions said the conference would examine key issues shaping the development of Nigeria’s automotive industry, with speakers drawn from various sectors of the industry and related fields.
Chairman of the Organising Committee and Managing Director of BKG Exhibitions, Mr Ifeanyi Agwu, said the conference would feature a keynote address by the Director-General of NADDC, Otunba Joseph Osanipin, alongside presentations and speeches by leading stakeholders in the automotive and transport sectors.
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According to him, the fair will provide participants with opportunities to engage industry leaders, investors, government officials and business executives while exploring emerging vehicles, technologies, products and investment opportunities.
Other highlights of the event are the Nigeria Automotive Excellence Awards Night, Abuja Automotive Road Show, Ultimate Test-Drive experience, exotic automobile displays and the Automotive and Future Mobility Arena.
Visitors will also have access to professional advice, technical papers and a showcase of some of Abuja’s finest cuisine.
The Abuja International Motor Fair has, over the years, evolved into one of Nigeria’s major automotive exhibitions and platforms for industry and policy dialogue.
The organisers said this year’s edition would further strengthen the platform’s role in promoting investment, innovation, local production and sustainable growth across Nigeria’s automotive sector.
26th Abuja Motor Fair: NADDC, BGK Set November 10 Date for Auto Industry Showcase
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