Speed Limiter Vendors, Firm Plan Local Production

  • Speed Limiter Vendors, Firm Plan Local Production

The Association of Speed Limiter Vendors of Nigeria on Friday signed a Memorandum of Understanding with a speed limiter manufacturer, Highway Digital Nigeria Limited for the local production of speed limiting device for commercial vehicles in the country.

The agreement, it was learnt, would drive down the cost of the device from about N45,000 to N25,000 per unit, thus encouraging fleet owners to purchase it in bulk at reduced rates, while also providing jobs for technicians.

Speaking during the signing of the MoU in Abuja, the Chairman, ASLON, Adekunle Oyegoke, said the partnership between the association and the speed limiter manufacturer was informed by the clamour for a reduction in the unit cost of the device by commercial vehicle operators.

He noted that the vendors expended huge foreign exchange on the importation of speed limiters from China, South Africa and Kenya, adding that this had kept the unit cost of the device at between N35,000 and N45,000.

“Consequent upon this, the executive of the association, with the support of the distinguished members, engaged one of us, Highway Digital Nigeria Limited, which has got the approval from the Technical Committee on the Implementation of the Speed Limiting Device, which comprises the Federal Road Safety Corps, Standards Organisation of Nigeria and the Nigeria Automotive Design and Development Council, to be an indigenous manufacturer of a speed limiting device with the product name, ITMS-NANO,” Oyegoke explained.

Following the approval, Oyegoke said the HDNL would no longer be a vendor but a manufacturer of the device and would no longer sell the product directly to end-users.

“Once this MoU goes into force, the new price regime for fixing one unit speed limiter, which includes the cost of device, installation certificate of fitment and technician fee will be N25,000,” he stated.

Oyegoke, who is the Chief Executive Officer, Gifted Driving Services and Motor Solution Limited, reminded vehicle owners and fleet operators present at the event that the annual renewal of fitment certificate was as paramount as the first installation.

He commended the FRSC for the introduction and enforcement of speed limiters, noting that the corps had through the initiative created jobs for entrepreneurs and technicians, while reducing crashes on the roads.

About the Author

Samed Olukoya
Samed Olukoya is the CEO/Founder of investorsking.com, a digital business media, with over 10 years experience as a foreign exchange research analyst and trader.

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