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Car Sales Drop Amid Apapa Gridlock

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  • Car Sales Drop Amid Apapa Gridlock

The inability of potential customers to access auto dealers at Berger area of Lagos is hurting car sales, the United Berger Auto Dealer Association (UBADA) has stated.

In an interview with James-Brown Nwabueke, the Chairman, National Dealers Forum, UBADA, the chairman said the association has done everything possible to up sales but nothing seem to be working.

He said, “In a week, we hardly sell up to two or three cars. Sometimes, we don’t sell anything in some weeks. As I am talking to you now, sales had dropped by 98 per cent. It is that bad. The road is very bad but we are doing a lot to make sure that we improve it. Most of the fillings you see here are self-help efforts on our own to improve the situation, but at the end of the day the trailers on the traffic queue destroy it.”

Nwabueke said the situation has pushed their customers to competitors in Festac and Western Avenue, saying “if you want to enter this place now to buy a car, it will take you up to five hours; that’s why many people don’t come to Berger again; they go to Western Avenue or Festac to buy.”

He later said if the situation is not addressed that it would affect job creation and create an avenue for crimes.

“We are trying to partner with the government to do the right thing because a lot of people are going to lose their jobs if nothing serious is done. From dealers to people washing cars, women doing businesses here, we have more than 3,000 people working in Berger who are fully employed and receive payment which keeps them out of all manner of criminal activities”, he said.

The chairman, however, advised the federal government to open land borders to boost the economy, ease congested roads leading to Apapa and Tin-Can Island wharfs and enhance revenue by doing so.

He said: “If the government opens our borders, Customs in collaboration with Auto Dealers Association, Lagos State chapter, will make sure that no vehicle that is not with duty paid value, DPV, will enter any market in Lagos State.

“This is not about the Customs being on the road to check what they want to check and allowing some to go free like while they collect their bribes. Often these Customs men would ask the smugglers to while a different team would still catch them up again somewhere ahead. The people that will say no to it are the people at the helm of affairs in the market. If you bring it we check it, if it is not with duty paid value, they are made to pay.

“Land border revenue generated will be going into the federal government purse instead of only shipping companies. The land border will boost the economy of this country. I wouldn’t like to see this country that I have known and lived in for many years to deteriorate the way is doing now”, he concluded.

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.

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Economy

Fall in Economic Activities in Nigeria Created N485.51 Billion Fiscal Deficit in January -CBN

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The drop in economic activities in Africa’s largest economy Nigeria led to a N485.51 billion fiscal deficit in January, according to the latest data from the Central Bank of Nigeria (CBN).

In the monthly economic report released on Friday by the apex bank, the weak revenue performance in January 2021 was due to the decline in non-oil receipts following the lingering negative effects of COVID-19 pandemic on business activities and the resultant shortfall in tax revenues.

In part, the report read, “Federally collected revenue in January 2021 was N807.54bn.

“This was 4.6 per cent below the provisional budget benchmark and 12.8 per cent lower than the collection in the corresponding period of 2020.

“Oil and non-oil revenue constituted 45.4 per cent and 54.6 per cent of the total collection respectively. The modest rebound in crude oil prices in the preceding three months enhanced the contribution of oil revenue to total revenue, relative to the budget benchmark.

“Non-oil revenue sources underperformed, owing to the shortfalls in collections from VAT, corporate tax, and FGN independent revenue sources.

“Retained revenue of the Federal Government of Nigeria was lower-than-trend due to the lingering effects of the COVID-19 pandemic.”

“At N285.26bn, FGN’s retained revenue fell short of its programmed benchmark and collections in January 2020, by 41.3 per cent and 7.5 per cent respectively.

“In contrast, the provisional aggregate expenditure of the FGN rose from N717.6bn in December 2020 to N770.77bn in the reporting period, but remained 14.4 per cent below the monthly target of N900.88bn.

“Fiscal operations of the FGN in January 2021 resulted in a tentative overall deficit of N485.51bn.”

The report noted that Nigeria’s total public debt stood at N28.03 trillion as of the end-September 2020, with domestic and external debts accounting for 56.5 percent and 43.5 percent, respectively.

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Economy

NNPC Supplies 1.44 Billion Litres of Petrol in January 2021

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The Nigerian National Petroleum Corporation (NNPC) supplied a total of 1.44 billion litres of Premium Motor Spirit popularly known as petrol in January 2021.

The corporation disclosed in its latest Monthly Financial and Operations Report (MFOR) for the month of January.

NNPC said the 1.44 billion litres translate to 46.30 million litres per day.

Also, a total of 223.55Billion Cubic Feet (BCF) of natural gas was produced in the month of January 2021, translating to an average daily production of 7,220.22 Million Standard Cubic Feet per Day (mmscfd).

The 223.55BCF gas production figure also represents a 4.79% increase over output in December 2020.

Also, the daily average natural gas supply to gas power plants increased by 2.38 percent to 836mmscfd, equivalent to power generation of 3,415MW.

For the period of January 2020 to January 2021, a total of 2,973.01BCF of gas was produced representing an average daily production of 7,585.78 mmscfd during the period.

Period-to-date Production from Joint Ventures (JVs), Production Sharing Contracts (PSCs) and Nigerian Petroleum Development Company (NPDC) contributed about 65.20%, 19.97 percent and 14.83 percent respectively to the total national gas production.

Out of the total gas output in January 2021, a total of 149.24BCF of gas was commercialized consisting of 44.29BCF and 104.95BCF for the domestic and export markets respectively.

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NNPC Says Pipeline Vandalism Decrease by 37.21 Percent in January 2021

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The Nigerian National Petroleum Corporation (NNPC) said vandalisation of pipelines across the country reduced by 37.21 percent in the month of January 2021.

This was disclosed in the January 2021 edition of the NNPC Monthly Financial and Operations Report (MFOR).

The report noted that 27 pipeline points were vandalised in January 2021, down from 43 points posted in December 2020.

It also stated that the Mosimi Area accounted for 74 percent of the total vandalised points in Janauray while Kaduna Area and Port Harcourt accounted for the remaining 22 percent and 4 percent respectively.

NNPC said it will continue to engage local communities and other stakeholders to reduce and eventually eliminate the pipeline vandalism menace.

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