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Manufacturing

NADDC moves to unveil Nigeria’s first electric vehicle

Nigeria’s first locally assembled electric car, Hyundai Kona, is set to be officially unveiled by the NADDC.

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NADDC moves to unveil Nigeria’s first electric vehicle tomorrow

Nigeria’s first locally assembled electric car, the Hyundai Kona, is set to be officially unveiled by the Federal Government through the National Automotive Design and Development Council (NADDC) today, 5th February 2021.

The electric car, which was assembled by the Stallion Group Automobile, has been tagged as an innovation that will enable Nigeria and Nigerians to benefit from the gains in renewable and sustainable energy. This innovation will help to foster an eco-friendly environment.

READ: Tesla’s market value bigger than any African country

According to the Director-General of NADDC, Mallam Jelani Aliyu, the ceremony will be followed by a roadshow across the city of Abuja to provide Nigerians with the opportunity to see, feel, and drive the Electric Vehicle (EV).

What you should know

  • The Hyundai Kona was launched on November 13, 2020, by the Lagos State Governor, Babajide Sanwo-Olu, at VON Automobiles in Ojo, Lagos State where the car was manufactured.
  • According to a Nairametrics report, the Electric car was regarded in the European motoring industry as the world’s number one, and it costs N24 million.
  • However, the material used to assemble the 100% electric and zero-emission car was mostly sourced locally.

READ: AfDB approves a grant of $7m for renewable mini-grid industry in Africa

Why this matters

  • The Hyundai Kona shows Nigeria’s readiness towards addressing the problems of climate change, as human activities have severely impacted changes in global temperature and weather patterns.
  • With the launch of the Nigerian-made EV, Nigeria joins the rest of the world in embracing the recent innovation in energy mobility towards electric cars, courtesy of Hyundai and the Stallion Group.
  • This innovation is an open letter from Nigeria to the rest of the world, as it shows the country’s seriousness about a clean environment through clean and other sustainable energy options.
  • This new development is a move towards replacing internal combustion engine-powered vehicles with electric vehicles, in a bid to reduce environmental pollution and keying into an eco-friendly green environment.

READ: UBA Records 13% Earnings Growth and Delivers N111billion Profit

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.

1 Comment

1 Comment

  1. Deji olaoye

    February 5, 2021 at 11:48 am

    This is a well come development.It is my hope that, government of Nigeria will assist in sustaining this laudable initiative. Nigeria is gradually joining the league of advanced nations.

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Manufacturing

Industrial index down by 0.72%, as shares of BUA Cement, Beta Glas, Cutix decline

NSE Industrial index declined by 0.72% to close at 1,922.02 index points.

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Manufacturing sector in Nigeria and the reality of a "new normal"

The Nigerian Stock Exchange Industrial Index at the close of trading activities for the week ended 17th February 2021, depreciated by 0.72%, to close at 1,908.19 index points.

At the end of the seventh trading week, the Index shed 13.83 index points in total to close lower for the week at 1,908.19 index points, as shares of BUA Cement, Beta Glas, Cutix declined on NSE.

A preview of the performance of the index revealed that as of the close of trading activities on Friday 17th February 2021, the index stood at 1908.19 index points, from 1922.02 index points at the close of trade on Friday 12th February 2021.

What you should know

The NSE Industrial Index was designed to provide an investable benchmark to capture the performance of the Industrial Sector. It comprises the most capitalized and liquid companies in the industrial sector and is based on the market capitalization methodology.

The index monitors the performance of ten industrial companies on the Nigerian Stock Exchange which includes Dangote, BUA, and Lafarge Cement.

The overall performance of the companies was relatively bearish as the index closed on a negative note with three losers and three gainers, while the other four companies closed flat.

BETAGLAS (-9.75%) led the loser’s chart for the week, while PORTPAINT (+14.44%) led the gainer’s chart.

Top gainers

  • PORTPAINT up 14.44% to close at N3.25
  • CAP up 5.56% to close N19.00
  • WAPCO up 1.01% to close at N25.00

Top losers

  • BETAGLAS down 9.75% to close at N50.00
  • CUTIX down by 5.70% to close at N2.15
  • BUACEMENT down by 1.37% to close at N72.00

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Manufacturing

Nigeria’s manufacturing sector contracts by 2.75% in 2020

NBS report reveals that the real GDP of Nigeria’s Manufacturing Sector contracted by 2.75% in 2020.

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The Manufacturing Sector contracts by -2.75% in 2020, bringing 2 years of growth to an end

The recent Gross Domestic Product (GDP) report released by the Nigerian Bureau of Statistics (NBS) has revealed that the real GDP of the manufacturing sector contracted by -2.75% in 2020.

This signals the end of a two-year run of real growth in the sector.

The contraction in the real GDP of the Manufacturing sector, leaves the sector in a vulnerable position, noting that the sector according to NBS computation grew by 0.77% in 2019 and 2.09% in 2018.

It is essential to understand that in nominal terms, without factoring in the change in prices in 2020, the Nominal GDP of the sector recorded a growth rate of 16.44% at the end of the year, compared to 34.73% in 2019.

READ: OFFICIAL: Nigeria’s oil sector accounts for 93.8% of export revenue

Highlights

  • At the end of the fourth quarter of 2020: the manufacturing sector’s Real GDP contracted by –1.51% (year-on-year). This is lower than the corresponding quarter of 2019 and the preceding quarter by –2.75% points and –0.01% points respectively.
  • The growth rate of the sector, on a quarter-on-quarter basis, stood at 5.60%.
  • However, in nominal terms, the sector’s GDP growth at the end of the fourth quarter of 2020 was recorded at 24.60% (year-on-year), this is -1.69% points lower than 26.29% recorded in the corresponding period of 2019 but 11.06% points higher than the preceding quarter (13.54%).
  • In nominal terms, quarter on quarter growth of the sector was recorded at 5.78%
  • The Real contribution of the sector to the Nation’s GDP in the fourth quarter of 2020 was 8.60%, which is lower than the 8.74% recorded in the fourth quarter of 2019 and the 8.93% recorded in the third quarter of 2020.
  • At the end of 2020, the annual contribution of the Manufacturing sector to Nigeria’s GDP stood at 8.99%.

READ: Honeywell Flour Mills declares N120 million profit in Q3 2020/21

What you should know

The Manufacturing sector is comprised of thirteen activities: Oil Refining; Cement; Food, Beverages and Tobacco; Textile, Apparel, and Footwear; Wood and Wood Products; Pulp Paper and Paper products; Chemical and Pharmaceutical products; Non-metallic Products, Plastic and Rubber products; Electrical and Electronic, Basic Metal and Iron and Steel; Motor Vehicles and Assembly; and Other Manufacturing.

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