Business
Tariff: Peugeot says many local assembly plants will shut down
- Nigeria to import N3tn used automobiles this year
Many vehicle assembly plants in Nigeria including Peugeot Automobile Nigeria (PAN) will shut down their operations this year following a recent reduction in import tariff on vehicles by the Federal Government.
Chairman of PAN, Ahmed Wadada Aliyu, who stated this, also predicted that Nigeria would import used cars and motorcycles worth N3 trillion this year as a result of the new policy.
Aliyu, who is a former member of the House of Representatives, condemned the tariff reduction on imported vehicles, describing it as a policy somersault.
The policy was based on the recommendations of the Automobile Standing Committee set up by the Federal Government through the Bureau of Public Enterprises (BPE) to examine factors hindering the growth of the automotive sector.
Ahmed, who spoke on Tuesday in Abuja during a media parley on ‘The tariff regime for automobile assembly plant in the 2020 Finance Bill’, accused the Comptroller-General of Customs, Col. Hameed Ali (rtd), of succumbing to the lobby of vehicle dealers with no matching investments in local vehicle assembly.
Aliyu expressed concern that the new policy would affect PAN Kaduna Limited, which had already secured a financing of $150 million over the next three years for its operations.
He added that the tariff reduction would mean the imminent closure of PAN and other auto assembly plants.
“The tariff portion of the Finance Bill was stepped down. But to our dismay, it was smuggled again into the Finance Bill and subsequently approved,” he stated.
He accused the Customs boss of abusing the direct access that he has to the presidency.
He said, “The Nigeria Ports Authority revealed in December 2020 that 13 vessels off-loaded used vehicles at the terminals. In 2020, the country imported used vehicles and motorcycles valued at N1.28 trillion.
“It means in 2021, Nigeria is likely to go berserk and triple the amount to N3 trillion. Forty per cent of the budget on importation of all manners of used cars is a direct consequence of the tariff reduction.
“The comptroller general intends to flood Nigeria with ‘Tokunboh’ vehicles and ensure the closure of all assembly plants whereas the assembly plants have put in place a car financing scheme for Nigerians to own brand new vehicles at affordable rates.
“We strongly believe the comptroller general succumbed to the lobby of ‘Tokunboh’ dealers who are glorified car dealers with no matching investments in local vehicle assembly, and without linkages and value chain components that can precipitate long term industrial growth of Nigerian economy.
“PAN Kaduna Limited has just been acquired and has already secured a financing of $150 million over the next three years, and the implication of this review means the imminent closure of PAN and other auto assembly plants due to misguided recommendations by the comptroller general.
“We categorically state that this tariff review will become more detrimental to the long-term competitiveness that the automotive industry must achieve if it is to play any dominant role in Africa continental free trade area.”
But the Nigeria Customs Service (NCS) dismissed the PAN chairman’s allegation, saying that Nigerians are happy with the new policy.
Public Relations Officer of the NCS, Mr Joseph Attah, said the position of the NCS was well known on the matter, adding that Nigerians were happy with the reduction of tariff on imported vehicles.
“Our position is well known and Nigerians are happy. Anyone can criticise our position. What you then ask yourself is on which grounds. I am not a businessman, but when people criticise based on their interests, I don’t know what you want me to say. Our position is well known and anyone can criticise us,” he stated.
Aviation
Disaster averted as bird strike hits Abuja-Lagos Air Peace flight
Disaster averted as bird strike hits Abuja-Lagos Air Peace flight
An Abuja-Lagos flight was on Thursday aborted following a bird strike on the airplane belonging to Air Peace, forcing the authorities to ground the aircraft.
The bird strike experienced in the early hours reportedly prompted a ramp return to ensure the safety of passengers onboard.
All the passengers quickly disembarked and were calmed down before they were moved into another plane for the one-hour journey.
A bird strike is a collision between a bird and an aircraft, or other airborne animal, while the aircraft is in flight, taking off, or landing. And it can be a significant threat to aircraft safety.
Air Peace in a statement by its Head of Corporate Communications, Ejike Ndiulo, said the bird strike occurred at 6:30am, and all passengers disembarked normally.
The statement read, “We wish to inform our esteemed passengers that our Abuja- Lagos 06:30 flight experienced a bird strike before take-off, prompting a ramp return as a safety measure. All passengers disembarked normally.
“We have deployed a replacement aircraft for the affected flight in order to minimize disruptions, thus ensuring that passengers continue their journeys promptly.
“We appeal for the understanding of our valued passengers impacted by this development, as well as those on other flights that may experience delays.
“At Air Peace, we are committed to providing safe, comfortable, and reliable air travel for all our passengers.”
Business
NNPC achieves 1.8mbpd crude oil production
NNPC achieves 1.8mbpd crude oil production
The Nigerian National Petroleum Company Limited (NNPC Ltd) and its partners have revved up crude oil and gas production to 1.8million barrels per day (mbpd) and 7.4standard cubic feet per day (scfd).
The company which announced this at a press briefing said the feat was achieved in compliance with the mandate of President Bola Ahmed Tinubu.
Speaking on the development, the Group Chief Executive Officer, Mr. Mele Kyari, congratulated the Production War Room Team that anchored the production recovery process.
“The team has done a great job in driving this project of not just production recovery but also escalating production to expected levels that are in the short and long terms acceptable to our shareholders based on the mandates that we
have from the President, the Honourable Minister, and the Board,” Kyari explained.
Giving details of the efforts of the Production War Room, the Chief War Room Coordinator and Senior Business Adviser to the Group Chief Executive Officer, Mr. Lawal Musa, disclosed that the feat was achieved through the collaborative efforts of Joint Venture and Production Sharing Contract partners, the Office of the National Security Adviser, as well as government and private security agencies.
READ ALSO:
- BREAKING: FEC proposes N47.9 trillion budget for 2025 fiscal year
- EFCC arrests ex-NCMB boss over $35m energy project fraud
- FG gets fresh $134m loan from AfDB for agric projects
He said the interventions that led to the recovery of production cut across every segment of the production chain with security agencies closely monitoring the pipelines.
He stressed that when the Production War Room team was inaugurated on 25th June 2024, production was at 1.430mbpd, but the team swung into action, culminating into sustaining the production recovery to 1.7mbpd in August and hitting the current 1.808mbpd in November.
“We are confident that with this same momentum and with the active collaboration of all stakeholders, especially on the security front, we can see the possibility of getting to 2mbpd by the end of the year,” he stated.
Also speaking on the development, Chairman of the NNPC Ltd Board of Directors, Chief Pius Akinyelure, who also congratulated the team, said he was happy to be part of the production recovery process, adding: “today, I will leave this place with my heart full of joy”.
He charged the Company’s Management to come up with a cashflow projection based on the new production figures to facilitate planning, stressing that he was looking forward to further production increase to 3mbpd.
On his part, the Honourable Minister of State for Petroleum (Oil), Senator Heineken Lokpobiri, expressed satisfaction with the performance of the team and pledged the Federal Government’s support for the company to do more.
NNPC achieves 1.8mbpd crude oil production
Business
FG gets fresh $134m loan from AfDB for agric projects
FG gets fresh $134m loan from AfDB for agric projects
The Federal Government has secured a loan facility of $134million from the African Development Bank (AfDB) to help farmers boost seeds and grain production in the country.
This is contained in a statement issued by Anthonia Eremah, Chief Information Officer, Ministry of Agriculture and Food Security, on Thursday, in Abuja.
Minister of Agriculture and Food Security, Sen. Abubakar Kyari, made his know at the unveiling of the 2024/2025 National Dry Season Farming in Calabar, Cross River State capital.
Kyari explained that with the re-introduction of the national dry season farming to boost year-round agricultural production, the loan would be handy and guarantee national food security in the country.
The minister said the initiative is under the National Agricultural Growth Support Scheme-Agro Pocket (NAGS-AP) Project.
He said the federal government had declared an emergency on food production to enable all Nigerians to get easy access to quality and nutritional food at affordable rates.
Kyari also said government wants to use the agricultural sector for national economic revival through increase in production of some staple food crops such as wheat, rice, maize, sorghum, soybean, and cassava during both dry and wet season farming.
He added that 107,429 wheat farmers were supported under phase 1 of the 2023/2024 dry season, and 43,997 rice farmers under the second phase of the 2023/2024 dry season.
READ ALSO:
- Court adjourns Yahaya Bello’s trial till Nov 27
- We are understaffed, ICPC boss laments
- Edo Gov Okpebholo freezes govt accounts, reverses ministry’s name
The minister said recently, government supported 192,095 rice, maize, sorghum/millet, soyabean and cassava farmers under the 2024 wet season across the 37 States including the FCT.
He said Cross River was leading 16 other states in wheat production, adding that over 3000 wheat farmers have been listed to benefit from the support to grow the grain.
Kyari noted the Cross River government’s commitment to wheat production.
He said it informed why the federal government is partnering with the state to kick start the maiden wheat production and enlisting them among states commencing the current 2024/2025 dry season farming.
“The 2024/2025 dry season farming, the project is targeted to support 250,000 wheat farmers across the wheat-producing states with subsidised agricultural inputs.
“This is to cultivate about 250,000 hectares with an expected output of about 750,000 metric tonnes of wheat to be added to the food reserve to reduce dependence on importation of the product and also increase domestic consumption.
“Equally the programme will provide support to 150,000 rice farmers under the second phase to cover all the 37 states, including FCT, with an expected output of about 450,000 metric tonnes,” he said.
FG gets fresh $134m loan from AfDB for agric projects
(NAN)
-
International3 days agoBelgium University offers scholarship up to €12,000 for Master’s students
-
Sports9 hours agoBREAKING: Super Eagles qualify for AFCON 2025
-
Railway2 days agoNigerian railway adds extra train to Friday, Saturday trips on Lagos-Ibadan route
-
International2 days agoUK announces 45,000 seasonal worker visas for 2025
-
Aviation11 hours agoDisaster averted as bird strike hits Abuja-Lagos Air Peace flight
-
Education1 day ago12-year-old Nigerian girl Eniola Shokunbi invents air filter to reduce spread of diseases in US schools
-
International3 days agoSaudi crown prince says Israel committing ‘genocide’ in Gaza
-
Business2 days agoTop 5 crypto apps that work with Nigerian Bank accounts
You must be logged in to post a comment Login