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Business

Automotive policy will make Nigeria Africa’s manufacturing hub – FG

The Trade Minister has disclosed that the New Automotive Industry Bill will help to position Nigeria as the manufacturing hub of Africa.

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MSME, world bank, FG seeking FDI to develop Special Economic Zones - Trade Minister, FG clamps down on filling stations, others for faulty measuring and weighing equipment, AfCFTA: Nigeria securing approval to ratify agreement- Trade Minister, FG meets group to access AfCFTA's $650 billion market, UNIDO’s $60m investment programme to boost Nigeria’s industrialisation - FG, FG to strengthen economic ties with Turkey, FG moves to facilitate tax incentives for SMEs, Made-in-Nigeria vehicles gulp N364 billion from FG

The Minister of Industry, Trade and Investment, Adeniyi Adebayo has disclosed that the new Automotive Industry Bill will help position Nigeria in its rightful position, as the manufacturing hub of Africa.

This statement was made by him today while speaking during an interview in Abuja with ChannelsTV.

According to him, the whole idea of the New Automotive Policy will be centered on creating an enabling environment for key players in the industry, as the policy seeks to gain the confidence of investors in the industry, especially the Original Equipment Manufacturers (OEM), with the view to have them come in to set up manufacturing plants in Nigeria.

READ: FG says slash on import duties for tractors, vehicles to start next week

In this space, the country will be able to leverage on the buffers coming from the recently ratified African Continental Free Trade Area (AfCFTA), an agreement that has a total market of 1.2 billion people, while 200 million of the 1.2billion people are here in Nigeria.

The Minister revealed that to make this happen, the government is set to put in place a policy that guarantees the investments of manufacturers and other key players in Nigeria.

In a bid to ensure that key infrastructure and materials required for production are in place, the minister revealed that the Ministry of Mines and Steel Development has been engaging key stakeholders to ensure that Ajaokuta is up and running.

READ: Manufacturing sector in Nigeria and the reality of a “new normal”

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What they are saying

Mr. Niyi Adebayo said:

“When this government came in, we tried to work with the policies that were in place, but when we realized the policy was not working, we had to review it and come up with a new policy. We are not unmindful of the facts that key infrastructure must be in place, as this is key for us to have a successful auto industry. However, the government is doing a lot in that regard.

“The New policy is supposed to bring a multiplier effect with regards to manufacturing within the Nigerian economy, the policy will help both auto manufacturers as well as other stakeholders in the manufacturing sector as well as the Nigerian Economy at large.

READ: CAC registration: 100,000 business names registered for free so far

“However, in a bid to ensure that this policy does not fail, the assurance we have is that we are making a comprehensive review, which means we are working with practitioners, manufacturers and all stakeholders in the industry, and whatever we come with will be passed into law with the view to ensure that it is sustainable.

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“We have discussed with OEMs like Honda, Hyundai, Toyota, Volkswagen that we want them to come to Nigeria and manufacture their vehicles instead of operating through agents, and they have told us what they require of us that would give them that confidence to set up operations in the country.

“We are at the point whereby that new policy would soon be in place, and once it’s in place Nigerians will definitely enjoy the benefits.”

READ: Nigeria’s GDP growth to rebound between 1.7% and 2.0% in 2021 – United Capital report

What you should know

  • According to the Minister, the auto industry as of today employs about 5,000 direct workers and 20,000 indirect workers.
  • The new policy will enable OEMs to use Nigeria as an access point into the African economy, and marketplace.

Omokolade Ajayi is a graduate of Economics, and a certificate holder of the CFA Institute’s Investment Foundation Program. He is a business analyst, and equity market researcher, with wealth of experience as a retail investor. He is a business owner and a stern advocate of Financial literacy, who believes in the huge economic prospect of the Nigerian Payment channels and Fintech space.

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Business

Burger King to open first outlet by Q4 2021- Franchisee

Burger King is expected to employ about 6,000 people (direct and indirect) in Nigeria between 2021 and 2026.

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Burger King

Burger King, an American multinational hamburger fast food chain, is expected to start its operations in Nigeria by the fourth quarter (Q4) of 2021.

The company is also expected to employ about 6,000 people (direct and indirect) in the country between 2021 and 2026, other things being equal.

These were disclosed by Antoine Zammarieh, the Franchisee of Burger King in Nigeria and Managing Director, Allied Food & Confectionary Services Limited, in an interview with Nairametrics on Tuesday.

He said, “Burger King will start operations by Autumn, i.e between September and November 2021. We have set up the Quality Control unit and have met some of our local suppliers to seal the deal. Also, we have sent some of the ingredients to America to test quality.

As a company, we are delighted to enter this new market being the largest country in Africa and are looking forward to serving our future guests with our world-famous Burger King meals.

Most importantly, our goal is to positively contribute to the economy by creating more jobs and employment opportunities. In five years, we hope to directly or indirectly employ between 5,000 and 6,000 people in Nigeria.”

Zammarieh added that the hamburger maker, in a show of interest in the Nigerian market, had signed a development agreement for the Nigerian market.

He explained that the development agreement of the chain in Nigeria, which was recently signed, would give more confidence to the Nigerian market and consumers in general, especially during these hard times.

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What you should know

Nairametrics had reported, three weeks back, when Zammarieh said, “I always believed in Nigeria and in its people. I am confident this venture will go a long way and prove successful for Burger King, Nigeria, and our company.”

“I believe this will be a tremendous step towards giving more confidence to the Nigerian market and consumers in general.”

What to expect

The first outlet of the hamburger chain in Nigeria is expected to be launched in Lagos.

The Florida-based restaurant chain is set to join the likes of Dominos Pizza, Krispy Kreme, KFC, and Chicken Republic (pieXpress) in a stiff competition for market share and dominance in a saturated market, with hundreds of other traditional restaurant chains.

Burger King is expected to dig deep into its quiver of strategies to ensure an impressive performance and success in its first year of operation, as other players have been having it tough following their respective launches into the Nigerian market.

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The COVID-19 pandemic however has affected the fast-food industry severely, as the disruption to the industry’s supply chain, especially the on-trade channel, which accounts for a significant percentage of restaurant sales, triggered declines in their profits in 2020.

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Business

JAMB: How to register for the 2021 UTME examinations

JAMB stated that the registration for the examinations has now commenced in full swing as all the issues have been resolved.

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The Joint Admissions and Matriculation Board (JAMB) had about 3 weeks ago announced the commencement of the 2021 Unified Tertiary Matriculation Examination and Direct Entry registration exercise on April 8, 2021, to May 15, 2021, with National Identification Number (NIN) made mandatory at the point of registration.

This was put on hold due to the exam body’s effort to ensure that candidates have access to its registration app for the 2021 UTME/DE and also finalise work on its pin vending process before the take-off of the exercise.

However, in a new statement, the spokesperson for JAMB, Dr Fabian Benjamin, said the registration for the examinations has now commenced in full swings as all the issues have been resolved.

JAMB in its public communications gave a guide on how to register for the UTME.

READ: How to link your National Identity Number with your phone number

How to register for the 2021 UTME

  • VALID, FUNCTIONAL E-MAIL, PHONE NUMBER: The applicants must have a valid and functional e-mail account in addition to an active phone number. This is relevant for registration and sending and receipt of information from JAMB.
  • NATIONAL IDENTIFICATION NUMBER (NIN): JAMB has made it mandatory for applicants or potential candidates to provide their NIN at the point of registration or enrolment.
  • VISIT JAMB WEBSITE: After having your email address and NIN, the applicant can proceed to the examination body’s website, where he/she can create a JAMB profile, preferably before buying the form.
  • CHECK JAMB iBass: After creating a profile, you are advised to check JAMB iBass to be sure of your eligibility to take this year’s examination. The information is provided on the official website of the exam body.
  • JAMB e-pin: After confirming your eligibility, you can go ahead to buy your 2021 JAMB e-pin registration from banks and other accredited outlets.
  • CBT CENTRE: Then, proceed to any accredited 700 computer-based test (CBT) centre with your personal details and your profile code.

READ: JAMB sets date for 2021 UTME registration and examination, makes NIN mandatory

What you should know

JAMB a few days ago confirmed the commencement of registration for the 2021 UTME/DE examinations after the initial hiccup.

It stated that applicants must provide NIN at the point of registration with the registration by Direct Entry candidates to run concurrently with that of UTME candidates.

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JAMB also said that the mock examination is expected to hold on Friday, April 30, 2021, for those who indicate interest and are registered before April 24, 2021, with the registration fee for the application still N3,500 and N500 for recommended Reading Text.

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