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Toyota Nigeria Announces Rollout of Hybrid Electric Models

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Toyota

Toyota Nigeria Limited (TNL) has unveiled its ambitious plans to introduce three hybrid electric vehicles to the Nigerian market within the next three years.

This initiative is part of TNL’s commitment to support the government’s green deal initiative and promote sustainable transportation.

Speaking at the maiden edition of the Toyota Motor Show, held in Lekki from June 27-29, TNL Managing Director Mr. Kunle Ade-Ojo shared the company’s roadmap for rolling out the hybrid electric models.

The first vehicle to be introduced will be the Toyota Cross hybrid, expected by the end of this year.

Following this, the RAV4 hybrid is set for launch in 2025, with the Land Cruiser Prado hybrid anticipated for late 2025 or early 2026.

“We are excited to announce our lineup of hybrid electric vehicles, which align with our commitment to sustainability and innovation,” said Ade-Ojo. “These models represent our dedication to providing Nigerian consumers with advanced, eco-friendly vehicle options.”

In addition to the hybrid rollout, Ade-Ojo revealed TNL’s plans to support the Federal Government’s campaign for Compressed Natural Gas (CNG)-powered vehicles.

TNL aims to utilize its extensive network of workshops for vehicle conversions to CNG power, enhancing the accessibility and convenience of this green initiative for Nigerian drivers.

The Toyota Motor Show featured a variety of activities, including vehicle displays, product launches, special after-sale packages, test drives, and interactive sessions with TNL executives.

The event provided a platform for Toyota to engage directly with customers, offering insights into their range of vehicles and value-added services.

“Our solo Toyota Motor Show allows us to focus entirely on our customers, understanding their needs, and showcasing the full spectrum of what Toyota can offer,” Ade-Ojo stated.

“We are committed to delivering exceptional after-sale services, ensuring the availability of spare parts, and providing top-notch body and paint services.”

The event also included the unveiling of two new models, the Toyota Belta and the Rumion, further expanding TNL’s diverse product lineup.

Reflecting on the event’s success, Ade-Ojo expressed satisfaction with the turnout and the positive feedback received from attendees.

“It was a wonderful outing. The opportunity for one-on-one interactions with our team was greatly appreciated by our customers,” he said. “The free vehicle diagnostics and the test drive experience were particularly well-received.”

As Toyota Nigeria prepares to launch its hybrid electric vehicles, the company remains committed to driving innovation and sustainability in the Nigerian automotive industry, paving the way for a greener and more efficient future.

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

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Fintech

Flutterwave Celebrates Inclusion in CNBC’s Top 250 Global Fintechs

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Flutterwave has been recognized as one of the Top 250 Fintech companies globally by CNBC and Statista.

Joining the ranks of industry giants like Ali Pay, Klarna, Piggyvest, and Mastercard, this accolade underscores Flutterwave’s impact on the financial technology sector.

This honor follows Flutterwave’s recent inclusion in Fast Company’s Most Innovative Companies list, highlighting the company’s pivotal role in transforming Africa’s payment landscape.

The recognition is a testament to Flutterwave’s dedication to innovation and excellence in providing seamless payment solutions across the continent.

Expressing gratitude, Flutterwave acknowledged its talented team, supportive board, reliable partners, and loyal customers for contributing to this success.

The company continues to drive progress in the fintech industry, reinforcing its commitment to enhancing financial accessibility and inclusion in Africa and beyond.

Flutterwave’s recognition on these prestigious lists marks a proud moment and a significant milestone in its journey, reflecting the company’s growing influence and leadership in the global fintech arena.

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Startups

Google Leads $250 Million Funding Round for Glance

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

Google is leading a $250 million funding round for Glance, a mobile content provider.

This infusion of capital aims to expand Glance’s reach and solidify its market position amidst growing competition.

Glance, a subsidiary of InMobi Group, offers a unique service that delivers news, entertainment, and other content directly to users’ mobile screens without unlocking their devices.

With a user base exceeding 300 million across India, the US, Japan, and Indonesia, the startup has gained significant traction since its inception in 2019.

The funding round, expected to close in the coming weeks, marks a continued partnership between Google and Glance.

Google initially invested in the company in 2020, and this latest round will further enhance Glance’s capabilities to innovate and reach new audiences.

This investment reflects Google’s strategic interest in India, the world’s most populous nation, where it competes with tech giants like Microsoft, Meta, and Amazon.

With India’s rapidly growing middle class and increasing smartphone adoption, the market presents vast opportunities for digital expansion.

The support from Google comes on the heels of a previous $200 million investment by Mukesh Ambani, Asia’s wealthiest individual, which valued Glance at over $1 billion.

The startup’s largest stakeholder, InMobi, continues to thrive as a pioneer in mobile advertising, with Glance benefiting from its expertise and resources.

As Glance prepares for this new phase of growth, it stands poised to redefine how content is consumed on mobile devices worldwide.

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Cyber Threats Surge as Nigeria’s Digital Economy Expands

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cybercrime - Investors King

As Nigeria’s digital economy flourishes, it faces escalating cyber threats, prompting the Federal Government to issue 33 cyberattack advisories in the past year.

These warnings, issued by the Nigeria Computer and Emergency Response Team (ngCERT), highlight the growing vulnerability of the nation’s digital infrastructure.

Since July 2023, ngCERT has alerted Nigerians to new attack methods and vulnerabilities. With 22 advisories issued in 2024 alone, the surge in cyberattacks coincides with the accelerated digitization spurred by the COVID-19 pandemic.

Monthly internet usage in Nigeria soared from 125,149.86 terabytes in December 2019 to 753,388.77 terabytes in March 2024.

The National Information Technology Development Agency (NITDA) notes that increased digitalization has heightened cybersecurity risks, necessitating robust protective measures.

According to Check Point Research, Nigerian businesses face approximately 2,308 attacks weekly across all sectors.

The advisories reveal various cyber threats, including ransomware and banking trojans. A recent warning highlighted Grandoreiro, a malware targeting over 1,500 banks globally, affecting 41 banking applications in Nigeria alone.

These attacks aim to steal sensitive financial data, potentially causing significant financial losses.

Nigeria’s critical infrastructure is also under threat. In August, pro-Nigerien hackers attempted to disrupt MTN Nigeria’s network, although they were unsuccessful.

During the 2023 elections, the government recorded 12.99 million cyberattacks, underscoring the scale of the threat.

Cybercrime costs Nigeria about $500 million annually. This includes data damage, stolen money, lost productivity, and post-attack disruptions.

The Federal Bureau of Investigation ranked Nigeria as the 16th country worst affected by cybercrime in 2020.

Experts emphasize the need for stronger cybersecurity measures. Adesina Sodiya, a professor of Computer Science and Information Security, warns that cyberattacks will continue to grow in sophistication.

He stresses the importance of building a cybersecurity curriculum and involving experts in creating effective strategies.

In response, NITDA plans to reduce cyberattacks by 40% by 2027. “As we digitize, we must build with security in mind,” said Kashifu Inuwa, director-general of NITDA.

The agency aims to implement comprehensive strategies to protect Nigeria’s burgeoning digital economy.

As Nigeria’s digital economy expands, it must address the growing cyber threats that accompany this progress. By enhancing cybersecurity measures and fostering collaboration among stakeholders, Nigeria can safeguard its digital future.

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