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Business News

Meet Kano cars, Innoson’s local competitor

It just happens that Innoson Vehicle is not the only local vehicle assembling company currently operating in the country.

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Sierra Leone govt purchases Innoson vehicles

It just so happens that Innoson Vehicle is not the only local vehicle assembling company operating in the country.

Another company was already in existence before Innosson.  It is called the National Truck Manufacturers Ltd.

About National Truck Manufacturers Ltd

Widely referred to as Kano Cars, National Truck Manufacturers Limited is a car assembling company that came into production in 1970. The company is located in Kano, and boomed during the  1970s.

During this period, Nigeria also witnessed the establishment of many other assembling plants such as Peugeot Automobile Nigeria Limited (PAN), Kaduna, Volkswagen of Nigeria Limited (VON), Lagos, Anambra Motor Manufacturing Limited (ANAMMCO), Emene, Enugu, and Steyr Nigeria Limited, Bauchi.

But virtually all these companies later went out of business, except for National Truck Manufacturers Limited. The company has mainly been assembling trucks. And even though it is not as popular as Innoson vehicle, it remains one of Nigeria’s only indigenous car production companies.

In 2010, it was reported that the NTM will start producing over 60,000 trucks in Nigeria.

Does the NTM threaten the presence of Innoson vehicle

Since NTM focuses more on the production of trucks, it may not exactly be a threat to Innoson Vehicle.

Moreover, many Nigerians on Twitter have opined that the company itself isn’t even known. According to them, they were just hearing about it for the first time, thanks to a tweet by a Nigerian lady identified as @ovieali.

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Things might change soon

Since Innoson Vehicle is not limiting its motor production to just cars, SUV’s, buses, and vans alone, NTM might become a competition in the future. Innoson recently introduced its newest trucks earlier this March.

But both companies’ vehicles aren’t really “wholly made in Nigeria”

Both National Trucks Manufacturers Ltd and Innoson Vehicle are still just assembling cars, as they do not wholly produce their vehicles.

70% of Innoson’s car parts are produced locally while the rest are imported from Japan, China, and Germany.

Regardless, the good thing is that Nigeria has its own indigenous vehicle manufacturing companies. And with the right support from the Government, these companies can become the ideal providers of vehicles for Nigerians; thereby putting an end to vehicle importation.

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    Business

    #DigitalSkillsTraining: FG announces conclusion of selection process

    Only successful applicants that are contacted by the Ministry are to report at the training venue.

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    President Buhari to address Nigerians on Lekki toll plaza shootings after investigation , Youth Investment Fund:  Ministry of Finance and CBN to launch provision of funds- Minister, Federal Ministry of Youth and Sports launch DEEL initiative

    The Federal Government through the Ministry of Youth and Sports disclosed that the selection process for the upcoming Digital Skills Training has been concluded for the #DigitalSkillsTraining from April 11th to 30th, 2021.

    This was disclosed in a statement by the Ministry of Youth and Sport on Sunday evening.

    “The Federal Ministry of Youth and Sports Development wishes to inform the general public and all Nigerian Youths that the selection process has been concluded for successful applicants for the #DigitalSkillsTraining scheduled for April 11 to 30, 2021,” the statement said.

    The Ministry added that only successful applicants that were contacted by the Ministry are to report at the training venue. Those who were not successful but arrive at the training would not be admitted.

    Upcoming #DigitalSkillsTraining Programmes of the Ministry will be widely publicized on youthandsport.gov.ng , on : noya.ng and on the Ministry’s social media handles,” the statement added.

    What you should know 

    Recall that Nairametrics reported in November 2020, that the Ministry of Youths and Sports Development announced it will scale up its digital skills training to cover 500,000 youths across the country after securing funding under the COVID-19 stimulus budget.

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    Business News

    Cost of building materials rise by over 60% in one year

    The price of building materials in the market experienced a rise of over 60% in the last one year.

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    2nd Niger Bridge, Suicide on Third Mainland Bridge

    The cost of Cement, Steel, Tiles and Plaster of Paris (PoP) cement, among others have risen by over 60% between March 2020 and March 2021.

    For instance, the cost of steel, which was sold at N234,000 per tonne as of March 2020, had increased to N380,000 at the end of March 2021. This represents a 62% increase within the period under review.

    While Dangote Cement increased from N2,600 to N3,800 (though it is sold at N3,600 in some areas in Lagos), Lafarge Cement and BUA Cement increased from N2,400 and N2,250 to N3,600 and N3,250 respectively within the same period.

    The price hikes are not limited to the cost of steel and cement alone but also to other materials like Tiles, PoP cement, and roofing sheets.

    The cost of super white cement increased from N2,500 (25kg) to N3,700, and the cost of high-quality white cement (40kg) also increased from N4,000 to N6,500.

    The cost of gravel increased from N80,000 to N140,000; that of 8mm diameter and 25mm diameter (imported) increased from N234,000 and N245,000 to N330,000 and N380,000 respectively.

    Doors are not left out in the hike. Costs of Flush door (high quality), Panel door and Turkish steel door (1,500 x 2,100) also rose from N35,000, N40,000, N165,000 to N60,000, N75,000 and N235,000 respectively.

    Why the hike?

    Industry experts have attributed the hike to persistent depreciation of the naira and the rising cost of other building materials.

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    Tunde Oluwole, a fellow of the Nigerian Institute of Builders, explained that the development was caused by high interest rate, inflation, increasing exchange rate and scarcity of forex in the country.

    He said, “The increasing prices in Nigeria is a result of the combined effects of high-interest rates, devaluation of the naira, inflation, and non-effective distribution network of the materials.”

    To Kolawole Adebisi, an Estate Developer, the development in the cement industry is caused by the ban of imported cement in the country.

    He told Nairametrics that he is not against the ban, as the government’s intention is to boost local production of cement but explained that “the local manufacturers were unable to produce enough cement to meet the demand and this contributed to the rising cost of the product.”

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