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Business News

Innoson partners Nigeria Army on military hardware.

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Innoson Arrest warrant, Innoson and GTBank

In its bid to domesticate the manufacturing of its wares, Nigeria indigenous motor manufacturing company, Innoson Motors has entered into partnership with the Army for modification of some of its equipment, local production of armoured fighting vehicles and other military hardwares.

The partnership was entered during a meeting between the management of the company led by the Chairman, Dr. Innocent Chukwuma and the leadership of the Nigerian Army led by the Chief of Army Staff, Lieutenant General T.Y Buratai at the Army Headquarters in Abuja.

This follows the satisfactory performance of three Innoson vehicles deployed in the troubled North Eastern region found to be durable.

 

What this means

Speaking on the essence of the partnership, the Chief of Army Staff said the meeting was to formalize the business relationship between the Nigerian Army and Innoson Vehicle Manufacturing Company.

“The Nigerian Army being patriotic and in a bid to encourage local entrepreneurs asked Innoson Motors to supply 3 vehicles early last year which were found to be durable and performing very well as they were employed in combat and proved to be useful, comfortable and convenient in military operations.”

“Based on that the Nigerian Army acquired over 70 more variants of the Innoson vehicles which were deployed in the North East for Operation LAFIYA DOLE”, Gen Buratai stated.

He further revealed that the Nigerian Army desires to deepen its cooperation by partnering with Innoson Vehicle Manufacturing Company Limited to conceptualize, design, modify and produce military hardwares.

According to the Army Chief, the specific areas of partnership between the Nigerian Army and the company include:

  • Immediate supply of 100 vehicles.
  • Supply of appropriate gears.
  • Engines and chassis required for immediate modifications
  • Repairs of armoured fighting vehicles in the North East Theatre of Operations.

Other areas according to the statement include

  • Identifying requirements for production of armoured fighting vehicle in Nigerian Army Central Workshop in Kaduna
  • Enhancing capacity of Nigerian Army personnel to actively participate on the successful implementation of the joint ventures.

In his response, Dr. Innocent Chukwuma expressed happiness that the Nigerian Army has found his vehicles working perfectly and commended the Chief of Army Staff for his great sense of patriotism.

He promised to assist the Nigerian Army in its quest for better vehicles for its troops and resuscitation of its special vehicle plant and workshops.

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Dr.Chukwuma further thanked the Gen. Buratai for the commendation, maintaining that his company would continue to improve and expand its capacity in vehicle manufacturing and commended the Nigerian Army for the critical role it is playing in national development through the fight against insurgency in the North East and Nigeria in general.

Chukwuma also handed over of 3 of the newly manufactured vehicles by the company for trial by the Nigerian Army. These newly manufactured vehicles are; IVM G80 Bigger Jeep, IVM G40 Smaller Jeep and IVM Granite Pickup.

Innoson Motors is the First Made-in-Africa automobile brand. 70% of the car parts are produced locally while the rest is being imported from Japan, China and Germany.

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Fikayo has a degree in computer science with economics from Obafemi Awolowo University. ITIL v3 in IT service management. An alumnus of Daystar Leadership Academy. Prior to joining Nairametrics had stinct in Project management, Telecommunications among others. Also training in Consulting and Investment banking from Edubridge Academy. He has very keen interest in Politics, Agri-business, private equity and global economics. He loves travelling and watching football. You can contact him via [email protected]

Business News

Senate calls for the liberalization of cement policy to crash the price of the commodity

The Senate also tasked the FG on providing more industrial incentives to bring new players into the cement industry.

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BUA Cement

The Nigerian Senate has called for the liberalization of Nigeria’s cement policy to boost production and subsequently crash the price of the commodity in the country.

This motion was raised by Senator Lola Ashiru at today’s senate plenary, the senator also tasked the Federal Government on providing more industrial incentives to bring new players into the cement industry, in addition to the liberalization of the cement policy in Nigeria.

Ashiru explained that to reduce the price of cement and in extension, other building materials in the country, the Federal Government needs to provide an enabling operating environment that will encourage new entrants in the country.

The Senate in conclusion called on the FG to provide more industrial incentives and protections such as concessionary loans and larger tax incentives to encourage new entrants and expand the national cement production infrastructure, as this boost in production will lead to a downward review of cement price in Nigeria.

What industry leaders are saying

Earlier this year the founder of BUA Group, Abdulsamad Rabiu, called for the liberalization of Nigeria’s cement policy to boost production and reduce the price of the commodity.

The billionaire philanthropist faulted the belief that Nigeria is self-sufficient in terms of cement production, noting that recent statistics and figures on Nigeria’s population and cement production do not support this status of sufficiency in cement production as stated by some individuals.

He attributed the high price of cement products in the country to the supply gap which exists in the country, as the few producers who currently operate in the country are unable able to meet the country’s huge and growing demand.

The Group Executive Director, Strategy, Portfolio Development and Capital Projects, Devakumar Edwin, explained that the demand and consumption of cement in the nation currently outstrips supply, and this can be pegged on the growth in the country’s population, and the strong appetite for real estate investment and construction in the country.

He revealed that a supply gap of about 40% exists in the country’s cement market and that all players in the industry are working hard to level production with the rising demand in the country.

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Business News

Paypal’s Venmo now permits cryptocurrency trading

Venmo will support four different cryptocurrencies: Bitcoin, Ethereum, Bitcoin Cash, and Litecoin.

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Venmo, a mobile payment service owned by PayPal has announced that it has started allowing users to buy, hold and sell cryptocurrencies on its app. Just like PayPal, Venmo will support four different cryptocurrencies: Bitcoin, Ethereum, Bitcoin Cash, and Litecoin, and users can carry out transactions with as little as $1 on the app

Founded in 2009, Venmo has over 70 million users and it is one of the most popular payment channels in the US. The payment platform processed around $159 billion in payments last year.

Since the app functions like a social network, adding cryptocurrency will offer a more user-friendly feel for people who love buying and selling crypto.

READ: 28 million merchants to be granted crypto usage on PayPal

As bigger companies show more interest in cryptocurrency, there will be wider adoption of virtual currencies in future. Venmo is the latest payment app that is offering support for cryptocurrency on its platform.

Paypal, the parent company of Venmo is one of the most active companies in the crypto space as it allows users to buy, sell and hold cryptocurrencies in their digital wallets. Paypal users can also spend their coins at millions of merchants globally.

Crypto on Venmo is enabled through PayPal’s partnership with Paxos Trust Company, a regulated provider of cryptocurrency products and services.

What they are saying

Darrell Esch, Venmo’s Senior Vice President and general manager said “Our goal is to provide our customers with an easy-to-use platform that simplifies the process of buying and selling cryptocurrencies and demystifies some of the common questions and misconceptions that consumers may have.”

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