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Consul General of India in Lagos Highlights Economic Growth’s Impact on Car Ownership

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Chandramouli Kern, the Consul General of India in Lagos, emphasized the crucial role of a thriving economy in improving the standard of living for citizens and empowering them to afford cars.

Speaking at the opening ceremony of the three-day West Africa Automotive Show in Lagos, Kern addressed a diverse audience that included numerous Indian companies.

Kern highlighted the significant presence of the parent body of the automotive company manufacturing association, which brought over 20 of its members to the exhibition and several other Indian companies participated, signaling their keen interest in the Nigerian market.

Comparing India’s populous nature with that of Nigeria, Kern noted that economic development had led to diversification and increased disposable income among the population. This, in turn, had resulted in a rise in car ownership and frequent car replacements, providing ample opportunities for automotive companies to flourish.

Ngozi Emechebe, the President of the Auto Spare Parts & Machinery Dealers Association, Lagos State branch, expressed her optimism regarding the impact of auto shows in Lagos on the growth of her association’s business.

Emechebe pointed out that procuring visas for international travel posed challenges for members, but through exhibitions like this, they could directly engage with manufacturers and discuss areas of interest.

She emphasized the importance of nurturing relationships between Nigerian importers and manufacturers, with the ultimate goal of bringing more business opportunities to Nigeria.

The exhibition manager, Georgina Lloyd, shared that more than 156 exhibitors from around the world were participating in the automotive show. Nigeria was specifically chosen as the host country due to its economic advantages and other favorable factors.

Lloyd expressed her satisfaction with the growing global interest in the Nigerian market and pledged to work closely with the Auto Spare Parts & Machinery Dealers Association to ensure the exhibition becomes an annual event, attracting more companies from across the globe.

The West Africa Automotive Show in Lagos serves as a platform for industry stakeholders to converge, fostering partnerships, collaborations, and business growth. By providing a direct avenue for Nigerian importers to interact with manufacturers, the exhibition aims to bridge the gap between demand and supply, facilitating smoother trade and bolstering the automotive industry in the region.

The Consul General’s highlighting of economic growth’s positive impact on car ownership underscores the significant role that a thriving economy plays in transforming lives and creating opportunities. With the automotive show in Lagos acting as a catalyst for business growth and collaboration, the future of the Nigerian automotive industry appears promising, driven by both domestic demand and international interest.

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

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App-Based Transport Workers in Nigeria Launch Nationwide Strike Over Fuel Subsidy Removal

The Amalgamated Union of App-Based Transport Workers of Nigeria (AUATWON), representing drivers from platforms like Bolt, Uber, and others, has initiated a nationwide strike today in response to the removal of fuel subsidy.

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The Amalgamated Union of App-Based Transport Workers of Nigeria (AUATWON), representing drivers from platforms like Bolt, Uber, and others, has initiated a nationwide strike today in response to the removal of fuel subsidy.

The removal of the subsidy has resulted in a surge in the price of Premium Motor Spirit (PMS), causing e-hailing drivers to express concerns about the inadequate fare increase implemented by ride-hailing companies. This, in turn, has had a detrimental impact on their income.

In a statement released by AUATWON, it acknowledged that the Federal Government has engaged in discussions with the Nigeria Labour Congress to address the fuel subsidy removal and facilitate negotiations on behalf of the workers.

Nevertheless, the union alleges that app companies have obstinately refused to establish a platform for negotiations with the drivers, thereby prolonging the planned industrial action.

The union said,

“App companies are not bigger than the government. If our government despite its strength can negotiate and have documented agreements with NLC and TUC, why will-App companies remain in their dictatorial attitude It’s time we negotiate with them and have documented agreements away from the terms and conditions they are changing every day without our input.

“As a result of this insensitivity, the union is directing all its members across the nation to shut down their service on all ride-hailing applications from Wednesday, June 7, 2023, in protest against every dictatorial practice and lack of concern for welfare and security of App-Based Transport workers of Nigeria.”

The union is urging driver partners, fleet managers, and app-based transport workers nationwide to stand in solidarity and support the strike. Additionally, they emphasize that during the protest, all drivers on rentals or hire purchases should be granted a waiver.

Checks by Investors King showed that to address the drivers’ concerns, they are requesting several measures, including a minimum of a 200 percent increase in fares, a 50 percent reduction in commission charges, and an end to the unjust deactivation of drivers who decline to work due to low fares and resulting lack of profitability.

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SnackFix From Bühler Adds Value to Local Grains in Nigeria and Boosts Food Security

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The SnackFix small-scale cereal bar production system from Swiss technology group Bühler is the ideal solution for small and medium enterprises (SMEs) to add value to locally produced grains in Nigeria and assist the country to address food security, says Manuel Murrenhoff, Managing Director, Bühler Nigeria.

On-the-go snacking consumption in Nigeria is rising steadily, presenting opportunities for SMEs to enter the market. “In terms of bars, fruit, and sweet snacks alone, this market segment is expected to exceed half a million tonnes by 2025,” says Murrenhoff. The main driver is the burgeoning population, estimated at 223.8 million in 2023, a 2.41% increase over 2022, and expected to grow to 377 million by 2050.

“The economically active part of the Nigerian population is quite sizeable and very mobile, which is boosting on-the-go snacking consumption,” says Murrenhoff. In addition, with half of the population living below the poverty line, there is more than ever the need to drive consumption of the full range of locally grown grains to keep final product prices in check.

“With the price of wheat projected to rise to record heights, Nigeria cannot possibly feed the growing population by importing wheat and other products. On the one hand, there is a shortage of forex and on the other hand, prices are escalating globally. That is where innovation, using local grains, plays an important role in food security, especially as these can be successfully incorporated into ready-to-eat foods,” says Murrenhoff.

Iyore Amadasun, Sales and Channel Business Manager at Bühler Nigeria, says that Bühler’s Snackfix, designed for food producers seeking a share from the on-the-go snack segment, promotes the processing of locally sourced grains for snacks while maintaining the highest food safety standards.

SnackFix is a multi-grain solution that allows SMEs to innovate across the spectrum of locally produced grains in Nigeria. The technology presents an entry-level, plug-and-play solution that is compact, cost-effective, and easy to commission and operate.

SnackFix includes a continuous mixer, a cooling tunnel, and a cutting system, all in one – everything needed for quality production. The combination allows SMEs to manufacture a huge variety of cereal bars at a volume of up to 130 kg per hour.

Customers benefit from Bühler’s experience in product development using a wide range of locally produced grains including, for example, sesame seeds, cashews, and peanuts. “We can help newcomers in the market achieve the best recipe to satisfy functional and indulgence consumer requirements in this segment and then supply them with a customised solution,” says Amadasun. In addition, Bühler has an innovation centre and laboratory in Switzerland to assist with different formulations and product development.

“The ready-to-eat market is of strategic importance to Nigeria, as it can adapt local grains for snacking consumption, promote healthy eating habits, and at the same time assist with Food Security,” says Amadasun.

With offices in Lagos and Kano, Bühler Nigeria is a leader in grain and food processing and offers solutions for grain drying and storage, flour milling, rice milling, cacao and chocolate processing, wafer and biscuit, pasta and noodles, feed, and aqua feed milling. Bühler Nigeria also provides support in the form of solutions for ink and coating applications and flexible packaging systems.

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Nominations are Open for the 2023 Africa Women Innovation and Entrepreneurship Forum (AWIEF) Awards

The Africa Women Innovation and Entrepreneurship Forum (AWIEF) has announced the call for nominations for the 2023 AWIEF Awards

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The Africa Women Innovation and Entrepreneurship Forum (AWIEF) has announced the call for nominations for the 2023 AWIEF Awards.

In its seventh edition, since 2017, the prestigious awards recognise, honour, and celebrate the achievements of female entrepreneurs and business owners in Africa, across various industry sectors, for their contribution to the continent’s inclusive economic growth and development.

Nominees for the AWIEF Awards are both emerging and established female entrepreneurs and founders who have demonstrated outstanding vision, leadership, inspiration, and success in their businesses in line with AWIEF’s core areas of innovation, technology, entrepreneurship, leadership, and socio-economic development.

The AWIEF Awards cover eight categories, each with specific criteria for qualification:

  • Young Entrepreneur Award
  • Tech Entrepreneur Award
  • Agri Entrepreneur Award
  • Creative Industry Award
  • Empowerment Award
  • Energy Entrepreneur Award
  • Social Entrepreneur Award
  • Lifetime Achievement Award

Nominations for the 2023 AWIEF Awards are open and will close on 17 July 2023. Candidates can either self-nominate themselves or be nominated by anybody else. Entries will be judged by an esteemed panel of business leaders and professionals.

The winners will be announced at a special ceremony and gala dinner in Kigali, Rwanda, during the AWIEF2023 Conference which will take place on 9 and 10 November 2023.

To nominate someone for an award, follow these steps:

  • Click here
  • Register your entrant profile by clicking “Submit an entry” in the top right-hand corner of the page.
  • Fill in the nomination form and submit.

Nominations close at 23.59 CAT on 17 July 2023.

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