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Nigerian Government Adopts NADIP Plan, to Increase Local Production And Promotion of Electric Vehicles

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The federal government of Nigeria has adopted the National Automotive Industry Development Plan (NADIP) to increase local production and promotion of electric vehicles in the country by 2033.

Announcing this is Nigeria’s Trade and Investment Minister Otunba Adeniyi Adebayo, who said that the policy is aimed at enabling the increase in the production of local vehicles in the country with a target of 40% locally made vehicles and 30% locally produced electric vehicles (EVs).

He further added there will be enforced patronage of locally produced vehicles by the government while noting that the policy will also lead to a significant increase in the generation of millions of jobs for unemployed youths.

Recall that earlier this month, the Nigerian Government announced the approval of the Nigeria investment policy, and the adoption of a new National Automotive Industry Development Plan (NADIP) from 2023 to 2033, aimed at enabling the exponential increase in local production numbers of vehicles.

The government disclosed that the 2023-2033 automotive development plan, will enable Nigerians to migrate seamlessly from combustible engines into electric solar-powered engines. Notably, the Nigerian government revealed that its vehicle production industry recorded over $1 billion worth of investments last year.

Investors King understands that in August last year, the federal government of Nigeria entered into an agreement with Israeli, Japanese, and Nigerian companies to commence assembling and manufacturing environmentally friendly, green, electric, and smart automobiles by 2023.

It is understood that the new NAIDP plan would provide outstanding competitive fiscal and non-fiscal incentives to automotive industry manufacturers/ producers, investors, developers, and all relevant stakeholders. Experts disclose that local car manufacturers in Nigeria such as Innoson Motors, Stallion Motors, and several others will significantly gain from this policy.

While the main issue with electric vehicles has neither been the price nor the road, but the concern of where to charge them, considering the hours of electricity needed to keep the vehicle running.

It is interesting to note that the National Automotive Design and Development Council (NADDC) last year September, initiated an electric vehicle pilot program, which saw it collaborate with the Stallion Group, European Union, and other stakeholders to roll out 100 solar-powered electric vehicle charging stations across the country.

Reports reveal that interest in driving Electric vehicles (EV) has surged over the years despite doubts about whether it is viable for the Nigerian market especially due to electricity supply challenges and terrible road networks.

On the global level, for many developed countries, the switch from fossil fuel to cleaner and renewable sources of energy is ongoing, as there is massive adoption of EV vehicles. As transportation remains important in driving economies, electric vehicles are gradually taking center stage, with eco-friendly technology designed to reduce man’s dependence on fossil fuels.

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Fintech

From Trading to Credit: Robinhood Launches No-Fee Credit Card with Gold Membership Perks

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Robinhood

Robinhood Markets Inc. has announced the launch of its highly anticipated no-fee credit card and it was accompanied by exclusive perks for Gold membership subscribers.

This bold move is a step in the company’s mission to evolve into a comprehensive financial services provider.

The Robinhood Gold Card boasts an array of enticing features. Chief among them is the absence of annual costs or foreign transaction fees, positioning it as an attractive option for consumers seeking financial flexibility.

Moreover, cardholders stand to benefit from a generous 3% cash back on all categories of purchases, a competitive offer in comparison to industry rivals.

Vlad Tenev, CEO of Robinhood, emphasized the company’s commitment to innovation and industry leadership in an interview.

He expressed the intention to not merely introduce a credit card, but to revolutionize the market with a product that sets new standards for customer satisfaction and financial empowerment.

The announcement has sparked enthusiasm among investors, with Robinhood’s shares witnessing a 6.9% surge in early market trading following the news.

This surge further underscores the market’s confidence in the company’s strategic direction and its potential to disrupt traditional financial services.

Beyond the credit card venture, Robinhood has been steadily diversifying its offerings. With the introduction of retirement products and the expansion of commission-free trading services internationally, the company is positioning itself as a formidable player in the global finance landscape.

As Robinhood continues to innovate and expand its suite of services, its trajectory suggests a promising future as a leading force in democratizing access to financial tools and services.

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Telecommunications

NCC Files Copyright Infringement Charges Against MTN Nigeria and Others

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Karl O Toriola - Investorsking.com

The Nigerian Copyright Commission (NCC) has taken legal action against MTN Nigeria Communications Ltd. and four individuals, including its Chief Executive Officer, Karl Toriola, over alleged copyright infringement.

The charges, filed in the Federal High Court, Abuja Division, revolve around the unauthorized use of musical works belonging to artist Maleke Idowu Moye.

According to the NCC, the defendants are accused of offering for sale, selling, and trading musical works of Maleke without his consent between 2010 and 2017. These works were allegedly used as Caller Ring Back Tunes without proper authorization.

The musical pieces in question include popular tracks such as “911,” “Minimini-wanawana,” and “Stop racism,” among others.

The commission further alleges that the defendants distributed these musical works to subscribers without authorization, infringing upon the rights of the artist.

The charges are based on provisions of the Copyright Act, Cap. C28, Laws of the Federation of Nigeria, 2004.

As the case awaits assignment to a judge and a fixed date for mention, it marks a significant development in the ongoing efforts to uphold copyright protection in Nigeria’s telecommunications sector.

This legal action underscores the NCC’s commitment to safeguarding the intellectual property rights of artists and creators within the country.

MTN Nigeria, a major player in the telecommunications industry, now faces a legal battle that could have broader implications for how intellectual property rights are respected and enforced within Nigeria’s digital landscape.

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Telecommunications

MTN’s MoMo Sees 32.2% Surge in Transaction Volumes

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MTN Nigeria - Investors King

MTN Group’s mobile money platform, MoMo, has experienced a 32.2% surge in transaction volumes.

With 72.5 million active users, MoMo continues to solidify its position as a leading fintech service provider in Africa, tapping into the continent’s burgeoning mobile banking sector.

The company’s success underscores the growing trend of Africa’s young and tech-savvy population embracing mobile technology to address financial needs.

Mobile phones are increasingly becoming a tool for bridging gaps in services, particularly in banking, presenting a lucrative opportunity for wireless carriers like MTN to capitalize on the burgeoning fintech market.

MTN’s achievement comes as it finalizes a deal with Mastercard Inc., valuing its fintech business at an impressive $5.2 billion.

This strategic partnership further enhances MTN’s position in the digital finance space, positioning it for continued growth and innovation.

However, MTN is not alone in its fintech endeavors. Rivals such as Airtel Africa Plc, Safaricom Plc, and Vodacom Group Ltd. are also making strides in digital transformation, with plans to separate and monetize their fintech businesses in the long term.

Airtel Africa, for instance, is reportedly considering an IPO for its mobile money unit, indicating the high stakes and intense competition within the sector.

Despite the remarkable success in its fintech ventures, MTN faced challenges in its core telecommunications business, with service revenue growth slowing to 6.8%.

Inflation and currency devaluation in key markets, particularly Nigeria, impacted profitability, highlighting the complexities of operating in diverse African markets.

As MTN continues to expand its fintech footprint and invest in infrastructure to enhance connectivity across the continent, it remains poised to capitalize on the immense potential of Africa’s digital economy.

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