Business
Reducing imported vehicles tariff will worsen economy, NAMA warns
The Nigerian Automobile Manufacturers Association has warned that the plan by the Federal Government to cut the import tariff on vehicles will worsen the nation’s economy.
Executive Director of NAMA, Remi Olaofe, who sounded the warned, specifically said it would lead to loss of more jobs; kill the local automotive industry gradually being revived, as well as make Nigeria a dumping ground for all manner of imported vehicles.
Olaofe, who spoke at a capacity training programme organised by the Nigeria Automobile Journalists Association (NAJA) in Lagos, said NAMA was already engaging the government on the need to rescind this decision as encapsulated in the new finance bill.
His viewed tallied with Chief Innocent Chukwuma’s, Chairman, Innoson Vehicle Manufacturing Company Limited (IVM) in a recent interview with journalists, who said that the reduction of the tariff would be a disincentive to investments, in addition to setting Nigeria’s automotive industry back by at least 10 years.
Chukwuma described the government’s plan as a “shocking decision,” stressing that it would lead to the forced closure of many auto plants in the country.
The Federal Executive Council (FEC) recently announced the plan to reduce the import duties and levies on buses, tractors and other vehicles as contained in the 2020 Finance Bill.
The government said it would reduce the tariff on tractors from 35 per cent to 10 per cent; goods transporting vehicles, from 35 per cent to 10 per cent; and those for transporting people, from 35 per cent to five per cent.
Olaofe urged the government to revive the National Automotive Industry Development Plan (NAIDP) 2013 for the growth of the automobile industry in Nigeria, stressing that policy inconsistency had been the bane of growth of the country.
He recalled how the announcement by the FG of the “National Automotive Industry Development Plan (NAIDP) in 2013 and the subsequent increase in the import tariffs on Fully Built Vehicles (FBUs) attracted the interest of leading auto assemblers.
“With most of the newly established Auto Assembly plants still at their teething stage, the automobile industry was rattled when the content of the proposed finance bill was released to the public.”
Olaofe said reducing the imported vehicles tariff could “result in reversal of huge foreign investments being channelled to this sector of the Nigeria economy; (put) pressure on the already scarce foreign exchange with its attendant pressure on our trade balance; avoidable gross failure of ancillary industries that largely depend on the auto assemblers; worsened unemployment from layoffs and business failures; and Nigeria returning to vehicles dump ground.”
Olaofe lamented that while Nigeria was still toying with the implementation of NAIDP, the neighbouring West African country, Ghana, which “borrowed Nigeria’s automotive bill,” had turned its own into a law with automobile companies jostling to establish plants in that country.
With this position, he argued that the implementation of the African Continental Free Trade Area (AfCFTA) in 2021 would further weaken the Nigerian economy as goods and products from Africa could come in without restrictions.
He said, “It can’t be in the interest of this country to say that the NAIDP Bill 2013 is about to collapse. There is no single part of vehicles that is manufactured in this country. We used to produce tyres, they are no more here. We produced batteries in this country before, it has become a history. In Kaduna, we had a company assembling Peugeot vehicles, it is no more there. The assembling plants are not doing anything again.
“There is no economy in the world where you see vehicles manufacturing go from zero to a Complete Knock Down (CKD); there is a process. It is a driven process. Money is involved. Automotive policy is the best we have; but we want to destroy it. This is very scary.
By next year, we are starting with the AfCFTA . What is going to be the hope of this country? Ghana borrowed the auto policy of Nigeria, Ghana has commenced implementation. I was in Rwanda last year to see its assembly plant; it is still this Semi Knocked Down (SKD). The issue is that you cannot have an auto assembly without the market. We have got the market here.”
He urged Nigeria to use its market to its advantage, adding that other African nations were targeting the market
Railway
NRC Appeals for Patience as Abuja–Kaduna Train Service Faces Temporary Disruption
NRC Appeals for Patience as Abuja–Kaduna Train Service Faces Temporary Disruption
The Nigerian Railway Corporation (NRC) has urged passengers using the Abuja–Kaduna train service to exercise patience, describing the current service disruption as temporary while repairs and security upgrades continue.
The appeal was made on Tuesday by NRC Managing Director Dr. Kayode Opeifa, following public concerns over the reduced frequency of train services on the corridor. He acknowledged commuter frustrations and affirmed that the Abuja–Kaduna line remains a flagship service under Nigeria’s railway modernisation programme.
Dr. Opeifa attributed the reduced services to two major setbacks: the March 2022 terrorist attack on the rail line, which prompted enhanced security measures, and a recent derailment that damaged multiple Diesel Multiple Unit (DMU) coaches, reducing the number of operational trains. He clarified that the service reduction was not due to neglect, but a necessary step to ensure passenger safety.
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Repairs and refurbishments are ongoing, with plans to deploy additional coaches to restore normal service frequency. “Passengers’ feedback helps strengthen our resolve to deliver safe, reliable and efficient service,” Opeifa said.
The NRC also highlighted continued support from the Federal Government under President Bola Ahmed Tinubu’s Renewed Hope Agenda, as the Minister of Transport works closely with the Corporation to accelerate full restoration. Alternative rolling stock is being considered to temporarily reinforce service, while safety certification and enhanced security along the corridor remain top priorities.
The NRC assured commuters that the challenges are part of a phase of recovery and rebuilding, promising progressive improvements and a return to multiple daily trips. Passengers can communicate directly with the Managing Director via SMS at 08075005411 for feedback.
NRC Appeals for Patience as Abuja–Kaduna Train Service Faces Temporary Disruption
Business
Nationwide Glo Network Outage Disrupts Data Services Across Nigeria
Nationwide Glo Network Outage Disrupts Data Services Across Nigeria
Millions of subscribers of Glo Nigeria were left stranded on Tuesday following a nationwide data outage that disrupted internet connectivity and online transactions across multiple states.
The disruption, which began around 8:30 a.m., affected users’ ability to browse the internet, access mobile apps, or carry out digital payments—causing widespread frustration among individuals and businesses relying on mobile data services.
In an official statement to customers, Glo acknowledged the service interruption and tendered an apology for the inconvenience caused. The telecom operator assured subscribers that its engineers were working urgently to resolve the problem and restore normal connectivity.
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“We understand how important reliable access is to you and sincerely apologise for the disruption,” the company said.
“Our technical team is working to resolve the issue and ensure services are restored as quickly as possible.
Thank you for your patience and for choosing Glo. We truly appreciate you.”
The Glo network outage marks one of the most significant service disruptions experienced by the operator in recent months, with subscribers taking to social media to express their concerns and seek updates.
Telecom experts say nationwide outages of this scale often stem from major fibre cuts, transmission failures, or core network faults, though Glo has yet to disclose the exact cause.
Subscribers are hopeful that full connectivity will be restored soon as the company continues its recovery efforts.
Nationwide Glo Network Outage Disrupts Data Services Across Nigeria
Business
Naira strengthens as official, parallel market rates align further
Naira strengthens as official, parallel market rates align further
The Nigerian Naira remained stable against the US Dollar on Tuesday, December 9, 2025, with trading data showing continued convergence between the official exchange rate and the parallel market. The trend follows sustained monetary reforms and improved foreign exchange inflows.
According to figures from the NAFEM window, the Naira opened at an average of ₦1,450.92 per dollar, maintaining its recent trading band between ₦1,450 and ₦1,460. Market analysts attribute the stability to rising foreign inflows and the US Federal Reserve’s dovish monetary stance, which has weakened the dollar globally.
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In the parallel market, currency dealers in Lagos and Abuja priced the dollar at around ₦1,490 (selling) and ₦1,475 (buying). Data from street platforms, including Aboki Forex, indicates that the gap between official and black-market rates has narrowed to roughly ₦40, signalling reduced arbitrage and improved efficiency in the FX ecosystem.
Experts say the Central Bank of Nigeria (CBN) has helped steady the currency through ongoing reforms and gradual reserve buildup. Anticipated US Fed rate cuts later this month are also boosting investor confidence in Nigerian assets, helping keep exchange-rate volatility low as the year closes.
Naira strengthens as official, parallel market rates align further
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