The Federal Government has plans to make cars accessible to all income earners through a low-interest car loan scheme. The Director-General of the National Automotive Design and Development Council, Jelani Aliyu, disclosed that the Government is working on various policies, including an auto finance fund.
The auto finance fund would enable more Nigerians and corporate organisations to access low-interest loans to acquire new cars and change existing vehicles that are due for replacement.
Aliyu made this known during the unveiling of the made-in-Nigeria Honda HR-V entry-level sport utility Vehicle in Nigeria, where he assured that efforts are ongoing to commence the implementation of the National Automotive Industry Development Plan (NAIDP) which was reviewed and assented to by President Muhammadu Buhari.
About the NAIDP: It was drafted to make Nigeria a regional powerhouse in car manufacturing, through comprehensive development of the local automotive industry. It specifies several policy measures that are needed to revitalise the industry so that it can fulfill its potential to Nigeria’s economy in terms of job creation, local value addition, technology acquisition and as a precursor to our industrialization are embedded in the plan.
Nigeria’s manufacturing goal: Aliyu also reiterated the Government’s promise to reduce the importation of cars by drafting policies that will support the manufacturing and distribution of new vehicles in Nigeria.
“The Nigerian government through the NADDC is already working to accelerate the process of transition from the importation of used cars to the manufacture and distribution of new passenger vehicles, while providing a conducive legislative environment that would encourage the manufacturing of motor vehicles in Nigeria.
“The council’s focus and commitment remain on initiating policies, implementing strategies and bringing in world-class approaches that will make Nigeria become and remain the center for automotive development in Africa.”
Nigeria’s Honda SUV: The Made-in-Nigeria Honda sport utility vehicles (SUV) was recently unveiled by Honda Automobile Western Africa (HAWA) Limited. The company is pushing to position Nigeria as Africa’s leading car manufacturing hub.
The local assemblers of Honda Motor vehicles partnered with The Honda Place to manufactured the new made-in-Nigeria 2019 Honda HR-V entry-level SUV. The unveiling follows the rollout of Accord in July 2015 from HAWA Limited.
The Accord was rolled out to advance the production of Honda automobiles from Africa’s first Honda SKD (semi knock Down) facility at Ota, Ogun State, Nigeria.
About Honda HR-V SUV: The car was manufactured for individual driving comfort. The new Honda HR-V will cater to the growing demand for functional and affordably priced entry-level SUV, while also closing the gap between upscale Honda variants including 3.5liter Pilot and 2.4liter CR-V.
Why it matters: The new made-in-Nigeria Honda HR-V SUV affirms Honda‘s quest to supply products that are of high quality but at a reasonable price. According to Akihiro Daido, the Managing Director of HAWA Limited, the new Honda HR-V marks the arrival of entry-level SUV from Honda into the Nigerian automobile market.
“Now, Nigerian customers can experience the power of our three SUVs: Honda Pilot 3.5litre, CR-V 2.4Litre and all new HR-V 1.8Litre.
“The Hi-Rider Revolutionary-Vehicle (HR-V) is a five-seater vehicle, proudly assembled in Nigeria with adherence to the Honda global production standards.”
Going a step further: Commenting on the effort of Honda in satisfying their customers after sales, THP Managing Director, Arun Rishi, said the company is committed to ensuring the satisfaction of customers extends beyond sales.
“We thrive not only in guaranteeing the joy of buying for the customers or the joy of selling for the dealership or the joy of creating for the manufacturer, but essentially, the joy of sustaining the product useable history, using our unrivalled after sales service support facilities located strategically across the country.”
HAWA Limited and The Honda Place have maintained a technical partnership lasting about 26-years. The business relationship between them began when HAWA Limited became the sole distributor for Honda automobiles in Nigeria.
Nigeria imported over 55% of cooking gas consumed in October 2020
55.47% of cooking gas consumed by Nigerians in October 2020 was imported, according to a recent report by the PPPRA.
Nigeria imported 55.47% of cooking gas, known as Liquefied Petroleum Gas (LPG), consumed in October 2020, with the remaining 44.53% sourced and supplied locally.
This is according to the monthly LPG supply data, provided by the Petroleum Products Pricing Regulatory Agency (PPPRA). The data confirmed steady growth in the import of LPG, compared with the previous month (19.6%) and the corresponding period of 2019 (13.2%).
- Data released by the PPPRA indicated that the total quantity of LPG both imported and sourced locally in October 2020 was 123.27 thousand Metric Tonnes in Vacuum (MT (Vac)).
- Out of this, 68.37 thousand MT (Vac) was imported, and 54.90 thousand MT (Vac) was sourced locally.
- Imports grew by 19.6% in October, compared with September and by 13.2% compared to the corresponding period of 2019.
- On the other hand, LPG sourced locally declined by 30.8%, compared with the previous month. However, it grew significantly by 219.3% compared with the corresponding period of 2019.
- NIPCO, with Port of Discharge at BOP, Apapa and PWA, Lagos, was the highest importer of the commodity into the country in October 2020, with 32.67 thousand MT (Vac) of LPG, representing 47.8% of the total import and 26.5% of total LPG supplied in the period under review.
- The other importers, according to the data, includes Matrix Energy, 12.46 thousand MT (Vac); Algasco LPG Services Limited, a subsidiary of Vitol, 13.82 thousand MT (Vac); Prudent, 5.63 thousand MT (Vac); and Hyson, 3.80 thousand MT (Vac).
- The origin of the imported LPG was the USA and Equatorial Guinea. The USA supplied 50.27 thousand MT (Vac), representing 73.5%, while Equatorial Guinea supplied 18.10 thousand MT (Vac), representing 26.5%. Imported LPG was discharged at BOP, Apapa; Matrix Jetty, Warri; PWA, Lagos, and Prudent Energy Jetty, Oghara.
- NIPCO was responsible for 26.42 thousand MT (Vac) of the total 54.90 thousand MT (Vac) sourced locally in October 2020; Algasco sourced 13.20 thousand MT (Vac); Stockgap Fuels Limited sourced 8.19 thousand MT (Vac), and Rainoil sourced 7.08 MT (Vac).
- The origin of the locally sourced LPG was NLNG, Bonny and BRT. NLNG supplied 47.82 thousand MT (Vac), representing 87.1%; while BRT supplied 7.08 thousand MT (Vac) representing 12.9%. Local LPG was discharged at PWA, Lagos; Rainoil Jetty, Lagos; Lister Jetty, Apapa; and Stockgap Jetty, Port Harcourt.
What this means
The 30.8% decline in local supply compared to the previous month is particularly worrying, considering the huge proven gas reserves in the country estimated at over 200 trillion cubic feet.
However, the 219.3% increase compared to the corresponding period in 2019 may mean that all is well. The 55.1% increase in locally sourced LPG from 35.40 thousand MT (Vac) in August to 54.90 thousand MT (Vac) in October 2020 appears to further confirm there may be no cause for alarm.
Notwithstanding the improvement, the country needs to make concerted efforts towards developing facilities and capabilities needed to improve local production of LPG, since it has abundant gas reserves.
What you should know
It may be argued that efforts are being made towards improving on what is currently obtainable. In this context, Nairametrics reported that the country has increased its LPG storage capacity to 69,968 Metric Tonnes. The latest addition being the 8,400 MT Tonnes capacity built by Techno Oil in Kirikiri, Lagos.
COVID-19: AstraZeneca vaccine could be 90% effective against the virus
AstraZeneca has said that its vaccine being developed in collaboration with the University of Oxford could be 90% effective.
British pharmaceutical company, AstraZeneca, announced that the COVID-19 vaccine it is developing with Oxford University is 90% effective and also prevented 70% of trialists from falling ill.
AstraZeneca joins other major pharmaceutical companies including Pfizer and Moderna in the race to develop a vaccine for the pandemic.
What they are saying
Oxford University said it could be 70.4% effective and tests on two dose regimes show that it could be is 90%.
The company expects to have up to 200 million doses by the end of the year and produce up to 700 million doses by the first quarter of 2021.
The new vaccine also answers issues of vaccine storage and distribution, as it can be kept at basic refrigerator temperature for transport, making it much easier to transport, compared to Moderna and Pfizer’s vaccines.
What you should know
Nairametrics reported earlier this month that Pfizer Inc disclosed that its experimental vaccine, which is jointly developed with BioNTech was more than 90% effective in preventing COVID-19, based on initial data from a large study, in the ongoing phase 3 trials.
Last week, Pharmaceutical company, Moderna Inc, stated its COVID-19 vaccine is 94.5% effective in treating coronavirus, after preliminary analysis of a large late-stage clinical trial.
#EndSARS: Insurance firms can seek refund after indemnifying victims – MD, NICON Insurance
NICON MD has stated that it is possible for the insurance firms to be compensated by the FG after victims have been indemnified.
The Managing Director and Chief Executive Officer (CEO) of NICON Insurance Limited, Mr. Muhammadu Bagudu Hussaini, has advised Insurance firms to maximize certain provisions in the constitution that guarantees their refund after compensating victims of the recent #EndSARS protest, opining that it is possible for the insurance firms to be compensated by the Federal Government of Nigeria.
He made the disclosure during an interview with the Daily Trust, where he decried the high level of losses encountered during the protest and the imminent high claims on insurance firms, which if care is not taken, might affect liquidity in the system.
Mr. Hussaini stated that the government has the machinery to pay the insurance companies without recourse to treasury, but he was quick to point out that it is a dormant machinery.
What they are saying
Elucidating his points, Mr. Hussaini said: “There will be a large volume of claims which the insurance industry would have to pay. I have no doubt about the capacity of the insurance industry to meet its obligations on claims that may arise from the destruction across the country.
“However, two issues would arise because the context of the claims are huge and would come in at the same time. There will be no spread, thus this will impact the finances of the underwriters and may destabilize their finances.
“What happened was as a result of breakdown of law and order. Section 14 (2b) of the Nigerian Constitution vests the duty of guaranteeing security and providing for the welfare of the citizens in the hands of government – the executive precisely. I will look at the damages from the protest as a failure of the government to provide security and welfare for the citizens.
“The section says the security and welfare of the people shall be the primary purpose of government. Thus, insurance companies have a subrogation right – the right to recover from the government their funds after they pay the claims arising from the destruction.
“Therefore, I advise the insurance companies to pay their claims and seek refund on the basis of Section 14 (2b) of the Constitution of the Federal Republic of Nigeria.”