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Toyota Lights up Abuja Fair With All-new Camry

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Toyota
  • Toyota Lights up Abuja Fair With All-new Camry

About two months after creating so much excitement in Lagos with the launch of the eighth generation Camry, Toyota Nigeria Limited last week took the new vehicle to the just concluded Abuja motor show and it expectedly was the cynosure of all eyes.

The Camry Forum was a special event where some select very important personalities were invited to interact with the Managing Director of the TNL, Kunle Ade-Ojo, on the elegant features of the new car.

Apart from the Camry, there were other Toyota models on display at the motor show. The Public Relations Manager of the TNL, Bukunola Ogunnusi, explained that this year’s exhibition provided another opportunity for the company to bring all the Toyota models under one roof for visitors and prospective buyers to have a feel of the auto firm’s superior quality products.

The Camry as a Toyota model has since its first launch to the global market in 1982 remained one of the bestselling family cars on account of its functionality and reliability.

The latest generation of Camry, according to auto analysts, has been made sportier, combining functionality with style, power and comfort.

Ade-Ojo, at the press launch of the vehicle in Lagos had described it as another masterpiece from the stable of Toyota Motor Corporation Japan to the Nigerian automobile market.

Speaking through the TNL’s General Manager, Corporate Services, Mr Bunmi Onafowokan, the TNL MD said the new car had come with upgraded, trendier exterior and spacious interior design, adding that it “will readily arouse in its lovers a driving pleasure unparalleled in its class. Indeed, it is a remarkable package of safety, comfort and performance in equal proportion.”

He also confirmed that the model had “undergone a total transformation and transition, from a proven sedan to one that pushes the boundaries of technology.”

According to him, the Camry as a model has enjoyed a high level of goodwill and acceptance not only for the superior quality engineering behind it but also for its stunning beauty.

The TNL’s Brand Manager, Mr Bayo Olawoyin, said the models being introduced to the Nigerian market, 2.5 litre and 3.5 litre petrol engines, would impress many with their cool features, which were a collection of luxury, high-tech and safety quality.

He said the vehicle had been specially built to offer improved ride control, quietness and an “interior that projects an immediate feeling of excellence on the one hand and a driving experience that everyone appreciates” on the other.

He listed some of the striking features as back monitor with pedestrian detector, intelligent clearance sonar rear cross traffic auto brake, adaptive front lighting system, rear electric sunshade, rear electric reclining seats, electronic parking brake.

The new Camry’s selling points, according to Olawoyin, are found in its leading fuel economy and driving performance; high quality ride; top-class safety performance; and segment leading advanced human machine interface.

Interior

He said the vehicle interior had been redesigned to be roomier especially for the rear occupants to enhance the luxury feel of the vehicle. The seats had also been redesigned to increase comfort for all occupants, he added.

He said, “Camry’s newly developed direct shift eight-speed automatic transmission improves acceleration from a stop, provides a smooth ride even at high speeds and helps enhance fuel efficiency.

“The three distinct available drive modes give you even more control. Sport mode indulges your spirited side with a sharper acceleration feel; Eco mode adjusts throttle input to maximise your efficiency. Normal mode blends fuel economy with performance. Thanks to this choice of drive modes, a perfectly tailored drive arrives with the push of a button.”

Its rear seat can be reclined at the touch of a button, reduced gap between windshield and roof to reduce wind noise; a hood silencer to keep engine noise out of the cabin, rear control panel allows power seat, power sun shade and AC adjustment from the rear cabin of the vehicle.

Engine

The new Camry is said to offer a compelling choice of petrol engines, the all-new 2.5L Dynamic Force four-cylinder and a new 3.5L V6, each delivering a sophisticated blend of performance and efficiency.

Toyota said, “Both engines utilise the D-4S direct-injection system, which selects the optimal injection method based on driving conditions to pack a powerful punch with enhanced fuel economy to boot.

“The new 2.5L engine has improved performance by approximately six per cent over that of the out-gone model.”

Talking about performance, Olawoyin explained that the new Camry’s high efficiency, high-powered next generation Dynamic Force Engine, powerful acceleration and new direct shift 8AT had contributed to the car’s low fuel consumption.

Is the CEO and Founder of Investors King Limited. He is a seasoned foreign exchange research analyst and a published author on Yahoo Finance, Business Insider, Nasdaq, Entrepreneur.com, Investorplace, and other prominent platforms. With over two decades of experience in global financial markets, Olukoya is well-recognized in the industry.

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Telecommunications

MTN Nigeria Strengthens Working Capital By Raising N50bn In New Commercial Paper

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MTN

MTN Nigeria Communications PLC (MTN Nigeria) has disclosed plans to raise N50 billion through its latest issuance of commercial paper (CP) to boost its working capital.

The plan is under N250 billion Commercial Paper Issuance Programme.

Not only that this Series 11 and 12 CP issuance is expected to strengthen MTN Nigeria’s short-term working capital, it will also diversify its financing base.

A notification to the Nigerian Exchange Limited and the investing public further revealed that this proposed issuance is part of MTN Nigeria’s ongoing strategy to tap the debt market as a flexible funding source to meet immediate financial needs.

It builds upon the company’s series of CP issuances in the past year as it pursues a robust approach to balance its capital structure.

The funds are expected to support the company’s operational and growth requirements as it seeks to expand its infrastructure, improve service delivery, and cater to the increasing demand for telecommunications and digital services across Nigeria.

MTN’s financial statement as of September 2024 suggests it has negative working capital of about N1.49 trillion

The cash flow is necessary in order to enable the company meet cash flow demands and service short-term debt without over-relying on long-term financing

This approach provides financial flexibility, allowing MTN Nigeria to manage interest costs and adjust its debt profile in line with operational cash flow, which is critical for a company with significant external loans.

The issuance also serves the broader purpose of diversifying MTN Nigeria’s financing sources, reducing reliance on bank loans, and maintaining a balance between short- and long-term debt.

This financial strategy not only enhances MTN’s liquidity but also positions it to better withstand the economic challenges in Nigeria’s volatile business environment.

While the company has yet to disclose specific terms of the Series 11 and 12 notes, further details are expected to be shared in the coming weeks.

 

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E-commerce

Jumia Nigeria Launches Black Friday Offers, Extends Services To Smaller Towns, Villages

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Jumia - Investors King

Jumia Nigeria has launched its Black Friday deals and offers as consumers in smaller towns and villages nationwide now have access to its shopping experiences.

The company disclosed that it is expanding e-commerce access bearing in mind that the prevalent economic downturn in the country is having its tolls on many Nigerians, especially those in rural communities.

It disclosed that the campaign will run from November 1st to November 30th, 2024 with the theme ‘No Too Calculate’.

Reiterating its commitment to creating a simpler, stress-free shopping experience for Nigerians amid economic challenges, Jumia promised to allow consumers to enjoy great savings without budgetary worries.

Disclosing that this year’s Black Friday campaign is supported by Xiaomi as the platinum partner, alongside renowned brands such as Oraimo, Nivea, Infinix, Tecno, Itel, Haier Thermocool, Binatone, Pernod Ricard, Diageo, Bacardi, Hikers, Ecoflow, Skyrun, Glamstar, Ledrop, Unilever, Macallan, LG, and others, the CEO, Jumia Nigeria, Sunil Natraj stressed that the campaign is about making e-commerce more accessible to consumers in Nigeria.

Recognising the current economic situation in the country , Natraj said Jumia has worked closely with its brand partners to offer the best possible deals to consumers during this period.

According to him, Jumia expanded its network of Pickup Stations to ensure that even more consumers, regardless of their location, can benefit from the convenience of online shopping.

Harping on the company’s priority of creating real value for both its consumers and sellers through its extensive ecosystem, the CEO said those in rural areas would easily participate in the online shopping and get their delivery seamlessly.

For the Country Manager, Xiaomi Nigeria, Xingyu Yang, everyone deserves access to the latest cutting-edge technology, noting that Jumia Black Friday is the perfect opportunity for consumers to experience Xiaomi’s nnovative products at unbeatable prices.

He said since Jumia introduced Black Friday to Nigeria in 2014, the company has continued to unlock new opportunities for both consumers and businesses, expressing confidence that Nigeria will play a pivotal role in projection that online shopping in Africa will reach $75 billion by 2025.

He added that the Black Friday campaign serves as a powerful platform for international and local brands as well as SMEs to expand their reach and boost sales.

To make the online shopping and delivery easier, Yang stated that Jumia has extended its logistics network and has partnered with hundreds of local logistics service providers that will ensure easy delivery to all corners of Nigeria, including smaller towns and rural areas.

Listed on the New York Stock Exchange (NYSE) in 2019, Jumia is the leading e-commerce company in Africa, operating in 11 countries. The Jumia platform consists of a marketplace, which connects sellers with consumers, a logistics service, which enables the shipment and delivery of packages from sellers to consumers, and a payment service, JumiaPay, which offers a safe and easy solution to facilitate online payment transactions.

The company offers goods across a broad range of categories, such as phones and electronics, home appliances, fast-moving consumer goods, fashion and beauty.

 

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Technology

Google Supports Nigeria With N2.8bn For AI Talent Development 

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A logo is pictured at Google's European Engineering Center in Zurich

Google, an American multinational corporation and technology company, has given Nigeria the sum of N28.8 billion for the development of Artificial Intelligence in the West African country.

The donation of the money was announced by the Federal Government.

Google, poised to accelerating AI talent development across Nigeria, made the support through a N2.8 billion grant to Data Science Nigeria.

It is believed that the support will strengthen the Ministry of Communications and Digital Economy in its ongoing AI-driven initiatives to empower youth including under and unemployed Nigerians, with a focus on AI skill development and education.

This grant is part of Google’s broader $5.8 million commitment to support digital skills programmes across sub-Saharan Africa.

Nigeria’s Minister of Communications, Innovation & Digital Economy, Dr ‘Bosun Tijani, while announcing the grant in a statement, underscored the importance of the Google’a support in driving the nation’s digital transformation.

President of Google for Europe, the Middle East, and Africa, Matt Brittin, in his remarks disclosed that the company’s commitment to Africa’s innovation ecosystem is to ensure entrepreneurs harness the power of technology, including AI, to proffer solutions to large-scale societal challenges.

He said Google remains committed to supporting these innovators, helping them expand their impact across the continent and beyond.

Brittin stated that Google’s efforts in Africa have always been about unlocking the digital economy’s benefits for more people, adding that the synergy with Nigeria further attests its mission.

Giving insight to the grant, he said it is part of Google.org’s broader $5.8million commitment to support digital skills programs across Sub-Saharan Africa, adding that the financial support will bolster Data Science Nigeria’s work with the Federal Ministry’s AI talent development programs, including: DeepTech Ready Upskilling Programme aimed at providing 20,000 young Nigerians with advanced technical skills in data science and AI, preparing them for careers in this rapidly growing field.

Another area he mentioned is Experience AI Programme which is aimed at equipping 25,000 educators with the tools and resources to teach 125,000 young people about AI, inspiring the next generation of AI innovators.

According to Brittin, Government AI Campus Programme is to upskill policymakers and public servants in AI policymaking, ensuring that Nigeria’s AI policies are developed and implemented responsibly for economic transformation of the nation.

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