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The Chairman of Peugeot Automobile Nigeria (PAN) and former member of the House of Representatives, Hon. Ahmed Wadada Aliyu, yesterday forecasted that Nigeria will import used cars and motorcycles worth $7.7 billion (N3 trillion) in 2021.
He also described the recent tariff reduction on automobiles as a policy somersault from 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, during a media parley on, “The tariff regime for automobile assembly plant in the 2020 Finance Bill,” yesterday in Abuja, also 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… More details through: https://www.thisdaylive.com/index.php/2021/01/13/peugeot-forecasts-nigeria-importing-n3tn-used-vehicles-motorcycles-in-2021/
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Mikano Motors, a subsidiary of Mikano International Limited, said plans are in top gear for the commence sale of gas and electric cars in Nigeria soonest. However, the company wants the Federal Government to create the enabling environment and legal backing.
Similarly, it is seeking legislation that will protect local assemblers against importation that is taking chunks of the nation’s automotive market share, according to a recent statement by the company’s Public Relation Officer, David Fakuade. Mikano Motors’ General Manager, Mr. Ali Salman, was quoted in the statement to have said that Nigeria’s auto market would compete favourably with global brands if given the right support. He said: “The Nigerian auto industry shall effectively compete in the entire African automobile market if the right policies are made by the government.” The automaker also celebrated the launch of its locally assembled Geely EC7 Sedan and Geely X7 Crossover into the Nigerian automotive market… More details through: https://www.newtelegraphng.com/mikano-to-roll-out-gas-electric-vehicles-in-nigeria/ The new management of Peugeot Automobile Nigeria (PAN), has said that it will, in the next six months, commence two shifts of its vehicle production lines.
Acting Managing Director of PAN, Ms. Taiwo Oluleye, who disclosed this during the graduation of 2019/2020 Batch trainees of Modern Auto Maintenance Techniques at the PAN Learning Centre, said that will increase manpower. At the graduation ceremony of the training sponsored by the Industrial Training Fund (ITF) and Nigeria Employers Consultative Association (NECA), Oluleye said technical and vocational skills for Nigerian youths is the surest way of tackling threats of unemployment and youths restiveness presently confronting Nigeria… More details through: https://dailytrust.com/pan-begins-vehicle-production-on-2-shift-in-6-months Importation of used vehicles by Nigerians from United States has soared by 60.4 per cent from $715.39million in 2018 to N828billion ($1.80billion) in 2019. Total global vehicle importation into the country was $2.24billion in 2018 and $5.63 boillion in 2019. Following massive car theft at United States ports, the CBP has embarked on conducting outbound cargo examinations at the nation’s ports.
It was learnt that some of the vehicles are being shippied to Nigeria and other West African countries. The CBP said that it had recovered 1,082 stolen vehicles between October 2019 and September 2020, noting that of those cars, 833 or 89 per cent was destined to Nigeria, Benin, Gambia, Ghana, Guinea, Ivory Coast, Liberia, Senegal, Sierra Leone, and Togo… More details through: https://www.newtelegraphng.com/nigeria-imports-n828bn-low-grade-vehicles-in-1-year/ The decision to slash duty on imported vehicles in the country is not an attempt by the Federal Government to kill the country’s automobile manufacturing industry, but to reduce the cost of transportation on the people in the face of growing economic challenges, Vice President Yemi Osinbajo has said.
The VP was speaking in Abuja on Monday at the opening plenary session of the 26th Nigeria Economic Summit (NES#26) on the theme “Building Partnerships for Resilience.” He was reacting to views expressed by a panelist, Chidi Ajaere, who said the decision by the government to cut the duty imposed on imported vehicles from 35 per cent to five per cent was a disincentive to prospective and existing investors in the local manufacturing of vehicles… More details through: https://www.premiumtimesng.com/news/top-news/427760-why-nigeria-is-slashing-duty-on-imported-cars-from-35-to-5-osinbajo.html Nigeria plans to introduce a policy for government to buy only locally assembled cars in a bid to increase the competitiveness of the country’s auto manufacturing industry.
This is after the proposal to reverse an automotive policy that increased duties and levies on imported transport vehicles and trucks to make locally made cars more attractive. Duties on the imported automobiles will be cut to 10% from 35% to tackle the high cost of transportation as the higher taxes introduced in 2013, failed to boost local production of automobiles While annual demand for vehicles in Africa’s most populous country is about 720,000 vehicles, only 14,000 are produced locally, Vice President Yemi Osinbajo said in statement on Monday… More details through: https://www.bloomberg.com/news/articles/2020-11-23/nigeria-govt-plans-to-buy-locally-assembled-cars-to-spur-growth Innoson Vehicle Motors launches its brand of ride-hailing service, IVM Cruise, today. It begins at Enugu with other cities coming. The IVM Cruise ride-hailing service from Nigeria’s foremost vehicle manufacturing company is unique as it offers drivers, aptly named pilots, a chance of becoming owners of brand new Innoson vehicles after a period of three years in which the cost of these vehicles would have been paid.
IVM Cruise is a technology-driven ride-hailing service. It offers commuters a platform for requesting pickups and drop-offs from their various locations to their destinations. The IVM Cruise service is designed to operate on an incremental digital architecture in line with modern trends in the city transportation industry… More details through: https://www.tekedia.com/innoson-motors-launches-a-ride-hailing-service-ivm-cruise/ An automotive trading platform, Cars45 said it will expand operations to 10 African countries by 2021 to seize the huge used car market in Africa.
The used car market, according to Chief Executive Officer (COO) of the company, Ganguly Soumobroto is estimated at over $45 billion. While briefing newsmen on the activities of the year, he said the used car segment constitutes about 95 per cent of car dealerships in Africa while five per cent is just for new cars. He said in Nigeria alone where it has its footprint in about 11 states, Cars45 sells 750,000 cars annually… More details through: https://dailytrust.com/cars45-targets-45bn-used-car-market Following the takeover of PAN Nigeria Limited, Kaduna, the new core investor, Nesbitt Investment Nigeria Limited, has announced plans to inject a total of $150 million (about N5.7b) in the next three years to “awaken this huge sleeping giant of immense economic potential.”
The formal handover at the Kakuri factory confirmed Daily Sun’s story on this page weeks ago (on Monday, September 21), in which it was exclusively reported that the Asset Management Corporation of Nigeria (AMCON) was concluding plans to sell the premier auto plant to new venture capitalists. Speaking at the handover ceremony on Monday, October 19, PAN Nigeria chairman, Hon. Ahmed Wadada Aliyu, said the new owners were humbled and fortunate to be in the saddle, even as he thanked AMCON for the opportunity to undertake the task of repositioning the once leading auto maker in the country… More details through: https://www.sunnewsonline.com/new-core-investor-nesbitt-to-reposition-pan-with-n5-7b/ NESBITT Investment Nigeria Limited has taken over the management of Peugeot Automobile Nigeria (PAN) Ltd as the core investor. It has also disclosed plans to inject $150 million for retooling and upgrading of the assembly line, support infrastructure and working capital over the next three years.
At the handing over ceremony in Kaduna, the Chairman of PAN Nigeria Ltd, Honourable Ahmed Wadada Aliyu, commended AMCON for the opportunity to invest in PAN as the new core investor… More details through: https://dailytrust.com/nesbitt-acquires-peugeot-to-inject-150m-fund |
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