Connect with us

Business

New Vehicle Sale Drops to 6,000 Units Annually

Published

on

cars in a row at car plant
  • New Vehicle Sale Drops to 6,000 Units Annually

The sale of new vehicles in Nigeria has recorded a 60 per cent decline this year, the Managing Director, Toyota Nigeria Limited, Mr. Kunle Ade-Ojo, has said.

He specifically said the figure dropped to 6,000 units this year from 15,000 units sold by all dealers of new vehicles in different parts of the country last year.

Ade-Ojo spoke with journalists in Lagos on Wednesday, while giving a review of the year’s performance in the auto industry and a projection into the activities of next year.

This is coming after the Director-General, National Automotive Design and Development Council, Mr. Aminu Jalal, said the demand for new and used vehicles had dropped from 400,000 annually to 250,000 units, attributing the situation to the harsh operating environment affecting every sector of the economy.

Ade-Ojo also said factors such as shortage of foreign exchange and buyers’ low purchasing power due to the economic recession were responsible for the decline in the vehicle sales this year.

He added that the imposition of 70 per cent tariff on imported vehicles as stipulated by the auto policy led to the increase in the prices of new vehicles, thus making individuals and companies to either cut down on their number of vehicle purchases or shun them completely.

He said, “Between January and now, vehicles’ prices have doubled because of foreign exchange scarcity. Some of us incurred losses having had to go to the black market to source for forex.

“Government is still the biggest spender; and when it is cash-strapped, this will affect business in the country generally.”

Ade-Ojo, who said some companies had to sack or suspend their workers due to the harsh business environment, stressed that many auto firms could be forced to shut down next year if the Federal Government failed to take measures that would significantly improve the economic situation.

He also said the recent funds made available by the government to manufacturers to ease the forex problem was grossly inadequate, adding that it was just about 10 per cent of what was needed.

He said Toyota Nigeria had cut down on its spending on marketing and other non-essential issues to save costs just as he hinted that the firm would focus on after-sale service next year.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

Business

MTN Nigeria, Gameloft Partner to Increase Access to Variety of Exciting Games

Published

on

MTN 1

MTN Nigeria announced it has partnered with Gameloft, a leader in the development and publishing of games, to increase access to a variety of fun and exciting games online.

The telecommunications giant in collaboration with its new partner, Gameloft announced the launch of MTN Gameworld, a new gaming platform for its subscribers.

According to MTN, the new platform will allow the Nigerian growing gaming community access to a lot of unique games online through an extensive premium catalogue from Gameloft and other renowned publishers.

Commenting on the partnership, Srinivas Rao, the Chief Digital Officer, MTN Nigeria, said, “We are constantly seeking to deliver innovative products that support the aspirations of our customers, whilst delivering superior user experience. This partnership allows us to provide our customers with access to a variety of exhilarating games from Gameloft and other leading publishers at an affordable rate.”

MTN Gameworld will allow subscribed customers access to a variety of games, which they can play at subsidised data rates through the MTN Gameworld app. Android, iOS and Windows phone users can subscribe via SMS, app, web, USSD menu (*447#), 131 USSD menu and any other MTN customer channel.

Continue Reading

Business

President Buhari Commissions 5,000bpd Modular Refinery Built in Imo State

Published

on

President Buhari

President Muhammadu Buhari on Tuesday commissioned the 5,000 barrels per day modular refinery built by Waltersmith Group in Imo State.

President Buhari, who commissioned the new modular refinery virtually, said the refinery will enable Nigeria to export petroleum products to neighbouring countries and other markets.

The 5,000 barrels per day Waltersmith Modular Refinery is the first phase of 50,000 barrels per day combined capacity plant planned for Imo State, according to the Group.

Buhari commended Waltersmith Group, an indigenous oil firm, and the Nigerian Content Development and Monitoring Board for the collaboration that led to the actualisation of the modular refinery.

President Buhari, therefore, directed the Ministry of Petroleum Resources, the Nigerian National Petroleum Corporation, the Department of Petroleum Resources and all other relevant government agencies to provide Waltersmith all the necessary support in terms of access to crude oil and condensate feedstock.

Buhari said, “We rolled out our refining roadmap in 2018, to address challenges in the downstream sector. After many years of government giving out modular refining licences without any coming on-stream, we are today seeing a commissioning within two years.

“The plan to commence the expansion of this refinery to 50,000bpd capacity, to refine crude oil and condensate, is a demonstration of the economic reform Nigeria is undergoing.

“The realisation of the refinery roadmap will ultimately lead us to becoming a net exporter of petroleum products, not only to our neighbouring countries but to other wide markets,” he said.

Continue Reading

Business

Elon Musk Net Worth Jumps by $100 Billion this Year to Topple Bill Gates, Mark Zuckerberg, Others 

Published

on

Tesla earnings

Elon Musk, the Chief Executive Officer and founder of Tesla, is now the world’s second-richest person following another surge in the price of Tesla share.

Musk total net worth jumped by $7.6 billion to $110 billion between November 16 and 17 to dethrone Facebook founder, Mark Zuckerberg, from the third position.

Since then, Tesla stock has been on a bullish run and in the last 24 hours added $7.24 billion to Elon Musk’s total net worth, according to Bloomberg Billionaire Index. Bringing the billionaire’s total net worth to $128 billion.

Elon Musk’s net worth rose from just $28 billion in January 2020 to $128 billion on November 24, 2020, representing an increase of $100 billion, the highest by any billionaire.

Musk has finally toppled Bill Gates as the second richest person and for the first time, Bill Gates is the third richest man in the world. This is the first time in almost 40 years that Gates will be in the third position.

Billionaires listed on Bloomberg Index have collectively gained $1.3 trillion this year.

Continue Reading

Trending