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Ford Enlivens Nigeria’s Auto Market With New Edge

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  • Ford Enlivens Nigeria’s Auto Market With New Edge

Just before the end of a recession year in Nigeria, characterised by poor sales and scarce new car launches, Coscharis Motors has unveiled the 2016 edition of Ford Edge, which comes loaded with sophisticated technologies including active noise control and pre-collision assist/pedestrian detection.

The event, which was held in Lagos, was witnessed by officials of the Ford Middle East and African Region, led by the Chief Executive Officer, Mr. Jacques Brent.

The President, Coscharis Group, Cosmas Maduka, says the introduction of the new Ford Edge to the Nigerian market is not to allow the gloomy recession deny the fans the opportunity of having the latest Ford masterpiece in their garages.

Specifically, he says the new vehicle, coming after the 2016 Ford Explorer and all-new Ford Figo, is a confirmation of the automaker’s continuous improvement and innovation on all its line-up.

According to Maduka, the Edge comes in three variants – SE, SEL and Limited, all of which have striking designs and assert their presence on the road, either in motion or in parking position.

He says the new Ford Edge is an upscale sport utility vehicle that delivers premium levels of comfort, sophisticated driver assistance features and class-leading driving dynamics, adding that its Ford Adaptive Steering automatically adjusts the steering ratio according to speed to optimise manoeuvrability and precision.

Ford, in a statement on the new Edge, quotes its Regional Sales and Marketing Manager, Customer Services Division for sub-Saharan Africa, Rob Johnston, as saying, “The spacious and high-tech Ford Edge responds to our customers’ demands for a premium Ford SUV.

“Offering cutting-edge style with commanding presence and high specification including Ford Intelligent All Wheel Drive, the Edge makes advanced technologies and premium quality more accessible to the growing numbers of SUV customers around the world, and in Africa.”

Interior

Ford also says the vehicle sets new standards in its class for interior space, featuring high quality materials and offering comfort with convenience features including heated as well as cooled front seats and a panoramic roof on the high-spec models.

It has luxurious seating options, depending on model derivative, which include front and rear heated leather seats that enhance comfort in cold weather, and cooled front seats that offer relief to occupants on hot days by directing cold air from the climate system through perforations in the seat leather.

Ford says, “Customers who welcome the sunshine into their cars will enjoy Edge’s expansive panoramic glass roof on the SEL, Titanium and Sport models, with two large glass panels that add to the spacious, open and airy feel of the interior.”

Luggage capacity of 1,847 litres with the rear seats folded is among the largest in the segment, and additional stowage areas are located around the wheel arches, according to the automaker.

Other striking features

Pre-Collision Assist with Pedestrian Detection is unique to the car and it applies braking if a collision with another vehicle ahead is imminent, and is designed to detect people in or near the road ahead and automatically apply the brakes if a potential collision is detected.

Its adaptive LED headlamp technology employs Ford’s Adaptive Front Lighting System to adjust the headlight beam angle to match the driving environment; while the Glare-Free High-beam technology detects vehicles ahead, both oncoming and those travelling in the same direction, and blocks out light that could dazzle from the adaptive LED headlamp technology while retaining maximum illumination for other areas.

The all-new Edge sensor technologies also make parking easier with its Perpendicular Parking that can detect and reverse the car hands-free into spaces alongside other cars in the same way that Active Park Assist helps drivers to parallel park.

Engine

The new Ford Edge comes with the advanced 2.0-litre four-cylinder EcoBoost engine that uses a twin-scroll turbocharger to produce 245 horsepower and 275 lb.-ft. of torque.

The Ford Edge uses the latest powertrain technologies to deliver optimised fuel efficiency and CO2 emissions.

There is the option of 3.5-litre Ti-VCT V6 engine with 280hp and 250 lb.-ft peak outputs.

Its all Edge derivatives are mated to a six-speed SelectShift automatic transmission, with the choice of front-wheel drive or Ford’s Intelligent All Wheel Drive system on the 2.0 EcoBoost and 3.5 V6 versions.

Safety

Some of its safety features are the Blind Spot Information System; Traffic Sign Recognition; Lane Keeping Alert; Lane Keeping Aid and Driver Alert.

A fully configurable 3D digital instrument cluster allows drivers to personalise the information displays to their own preferences, while maintaining a simple, elegant appearance, Ford adds.

“The Ford Edge is the first Ford vehicle designed to meet the new 2016 Euro NCAP five-star occupant and pedestrian protection standards.”

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Crude Oil

Nigeria’s Oil Sector Sees $16.6bn Investment Boost, Plans $20bn Expansion

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Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, announced on Monday that approximately $16.6 billion in investments have been committed over the past year.

This significant influx of capital marks a period of rejuvenation for the oil sector following years of stagnation caused by policy inconsistencies and the delayed passage of the Petroleum Industry Act.

Lokpobiri shared these updates during a briefing in Abuja, where he highlighted the achievements in the oil sector since President Bola Tinubu assumed office on May 29, 2023.

The minister emphasized that the government’s efforts to create a more investment-friendly environment have paid off, attracting substantial foreign and domestic investments.

Rekindling Investor Confidence

“One of our main objectives has been to create an environment where investments can thrive,” Lokpobiri stated. “Today, I am pleased to announce that our efforts have rekindled investor confidence in the sector.”

He pointed to notable investments, including $5 billion and $10 billion commitments in deepwater offshore assets, and a $1.6 billion investment in oil and gas asset acquisition.

The surge in investments is attributed to a series of roadshows in the United States and Europe, which successfully showcased Nigeria’s potential and the government’s commitment to sectoral reforms.

This renewed global interest is also evident in the ongoing bid rounds for new assets.

Production Increase and Strategic Initiatives

A significant achievement since President Tinubu took office is the increase in crude oil production.

“When we took office, production was at approximately 1.1 million barrels per day, including condensates,” Lokpobiri reported. “Today, I am proud to report that we have increased our production to approximately 1.7 million barrels per day, inclusive of condensates.”

To achieve this increase, the government has undertaken several strategic initiatives.

These include revamping redundant oil assets, continuous engagement with international oil companies, and resolving industry disputes.

Efforts to protect critical assets and reduce oil theft have also been intensified, with collaborations between private security firms and government agencies leading to a sharp decline in crude oil theft.

Upcoming $20bn Expansion Deal

In addition to the recent investments, Lokpobiri revealed that the Federal Government is on the verge of finalizing a $20 billion deal aimed at further boosting oil and gas production.

During a meeting with Olivier Le Peuch, CEO of Schlumberger Limited, Lokpobiri disclosed that negotiations with major investors are nearing completion. “Investments of over $20 billion are coming. One company alone will invest $10 billion,” he noted.

This deal, once consummated, will represent one of the largest single investments in Nigeria’s oil sector in recent history, promising to significantly enhance the country’s production capacity and economic growth.

Ongoing and Future Projects

Lokpobiri also highlighted the commencement of production from Oil Mining Leases (OMLs) 13 and 85, managed by Sterling Exploration and First E&P respectively.

These projects are expected to produce an average of 20,000 and 40,000 barrels per day, further bolstering Nigeria’s output.

This period of renewed investment and increased production is a testament to the government’s commitment to optimizing the nation’s oil and gas assets.

President Tinubu’s administration aims to sustain this momentum, ensuring continued growth and stability in the sector.

Government Transparency and Accountability

In line with President Tinubu’s directive for transparency, all ministers have been tasked with presenting their performance reports to the public.

The Minister of Information and National Orientation, Mohammed Idris, announced that the first-anniversary celebrations will include sectoral media briefings by the 47 federal ministers, starting on Thursday.

These briefings are designed to keep Nigerians informed about the government’s achievements and ongoing initiatives.

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Energy

Oil Prices Stable Amid Federal Reserve’s Talk of Interest Rate Tightening

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In a landscape where global oil markets often sway with the slightest economic shifts, stability can be a rare commodity.

However, amidst discussions from the U.S. Federal Reserve regarding potential interest rate adjustments, oil prices have remained surprisingly steady.

Brent crude oil, against which Nigerian oil is priced, gained 10 cents, or 0.1% rise to $82.00 a barrel, while U.S. West Texas Intermediate (WTI) crude oil edged up 7 cents to $77.64 a barrel.

The Federal Reserve’s release of minutes from its recent policy meeting unveiled deliberations on the possibility of raising interest rates to combat persistent inflationary pressures.

The minutes stated, “Various participants mentioned a willingness to tighten policy further should risks to inflation materialize in a way that such an action became appropriate.”

Such discussions surrounding interest rates can have a profound impact on oil demand. Higher interest rates typically result in increased borrowing costs, potentially constraining funds that could otherwise stimulate economic growth and, consequently, oil consumption—particularly in the United States, the world’s largest oil-consuming nation.

Additionally, the Energy Information Administration’s report indicating a 1.8 million barrel rise in U.S. crude stocks last week, as opposed to an anticipated draw of 2.5 million barrels, added a layer of complexity to the market dynamics.

This unexpected increase in inventory weighed on market sentiment, despite ongoing efforts to balance supply and demand.

Furthermore, global physical crude markets have been grappling with subdued refinery demand and abundant supply, exacerbating the pressure on oil prices.

Analysts from Citi highlighted recent market softness, attributing it to weaker data encompassing rising oil inventories, tepid demand, and refinery margin weakness, compounded by the looming risk of production cuts.

Russia’s announcement that it surpassed its OPEC+ production quota in April due to “technical reasons” added another dimension to the market narrative.

The Russian Energy Ministry revealed plans to present a compensation strategy to the Organization of the Petroleum Exporting Countries (OPEC) Secretariat shortly.

Against this backdrop, anticipation mounts ahead of the OPEC+ meeting scheduled for June 1, where crucial decisions regarding production cut levels will be deliberated.

Despite uncertainties surrounding the meeting’s outcome, industry experts foresee challenges in significantly tightening the market in the near term, potentially leading to a rollover of existing voluntary cuts.

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Energy

Electricity Subsidy Surges to N628.61bn in 2023, Discos Earn N1.08tn

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Amidst ongoing debates regarding Nigeria’s power sector and the financial dynamics surrounding it, the latest data from the Nigerian Electricity Regulatory Commission (NERC) has revealed significant figures concerning electricity subsidy and the earnings of power distribution companies (Discos).

According to the data obtained from NERC, the Federal Government’s expenditure on electricity subsidy soared to a staggering N628.61 billion in 2023.

This substantial subsidy expenditure indicates the government’s continued financial support to ensure electricity affordability for consumers across the nation.

Simultaneously, power distribution companies amassed a total revenue of N1.08 trillion during the same period.

This substantial revenue underscores the financial capacity of the Discos despite ongoing challenges within the power sector, including issues related to infrastructure, metering, and service delivery.

Analysis of the figures provided by NERC reveals a consistent increase in electricity subsidies throughout 2023.

In the first, second, third, and fourth quarters of the year, subsidies on power amounted to N36.02 billion, N135.23 billion, N204.6 billion, and N252.76 billion, respectively.

This steady rise in subsidy expenditure reflects the government’s commitment to bridging the gap between the cost-reflective tariff and the allowed tariff.

Conversely, power distribution companies witnessed notable revenue growth over the same period.

Despite concerns raised by consumers regarding service quality and reliability, Discos reported earnings of N247.09 billion, N267.86 billion, N267.61 billion, and N294.95 billion in the first, second, third, and fourth quarters of 2023, respectively.

This substantial revenue generation highlights the financial viability of the Discos within the current regulatory framework.

The surge in revenue by Discos has prompted calls from various stakeholders for improved service delivery and accountability within the power sector.

Consumers have expressed dissatisfaction with the quality of service provided by Discos, emphasizing the need for enhanced operational efficiency and infrastructure investment to address prevailing challenges.

In the absence of cost-reflective tariffs, the Federal Government continues to bear the burden of electricity subsidies to ensure affordability for consumers.

These subsidies primarily target power generation costs payable by Discos to the Nigerian Bulk Electricity Trading company, thereby supporting electricity generation and supply across the country.

Commenting on the subsidy expenditure for the fourth quarter of 2023, NERC highlighted the government’s policy to harmonize exchange rates and maintain end-user customer tariffs at approved rates.

This policy direction contributed to the increase in subsidy obligations, reflecting the government’s efforts to stabilize electricity prices amidst economic uncertainties.

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