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Tag: WAAS

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Auto industry attracts over $1 billion investments

The Nigerian auto sector has received a significant boost with over $1 billion investment from distinguished automotive manufactures last year in 2019, thus lifting capacity to at least 409,000 vehicles annually. 

The manufacturers, which include Honda, Peugeot, Innoson, and Mitsubishi among others, have also created employment for about 4,782 Nigerians.

Jelani Aliu, the Director-General of the National Automotive Design and Development (NADDC), disclosed this yesterday in his message to the ongoing review of the Nigerian Automotive Policy Bill, & Nigerian Automotive Industry Development Plan (NAIDP), in Abuja.

He highlighted that the NADDC has put in place a N5billion vehicle finance package to assist Nigerians buy new cars, repayable at agreed terms instead of the current craze of patronising fairly-used cars, which has continued to drain the nation’s foreign reserves, and creating jobs for other countries.

He said: “Nigerians can now put down say, 10 percent of the value of cars they wants to buy and spread payments for over five years. This arrangement has been concluded with some selected banks in the country with the support by the Central Bank of Nigeria (CBN). If we go this way, our citizens will also begin to enjoy ridding new vehicles.”

The participating banks includes Zenith, Wema and Jaiz.

Although government had banned vehicle importation through land borders, however, the Area Controller, Port Terminal Multipurpose Limited (PTML) Command, Nigeria Customs Service, Mrs. Florence Dixon, said the border closure has triggered increase in vehicle importation through the Lagos seaport to about 35 per cent as at third quarter 2019, without giving details.

This means that more Nigerian’s are still buying used vehicles, with the sale of brand new locally manufactured vehicles hitting only 11,000 units in 2019, up from the 10,000 recorded a year earlier.

General Manager of Stallion Motors in Nigeria, Arpita Roy Luthra, in a chat with The Guardian, said with the finance initiative 2020 sales will be much better.

She said: “I foresee an increase in sales in the new year. In fact, we are very happy with the kind of direction the government is taking. One is the closure of land borders, so that has boosted our businesses.”

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Source: The Guardian, January 2020

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West Africa Automotive Show records massive turnout at Nigeria’s maiden edition

West Africa Automotive Show (WAAS), a new international trade exhibition which is ongoing at the Landmark Centre, Victoria Island, Lagos, has pulled a large audience, attracting stakeholders from the regional and global automotive sector under one roof.

The maiden event which commenced since 6th and will end on the 8th November had a wide range of exhibitors from the automotive maintenance and repair sector. Car parts manufacturers, assemblers, and distributors, commercial garages, retailers, mechanics, fleet operators, and logistics companies of Nigeria and across the world besieged the event from the first day of the exhibition.

In the first day, about 100 exhibitors from Nigeria and from around the world had relocated to Lagos, venue of the exhibition, to forge new business ties and show off the latest developments and products in the spare parts and services sector.

It was also a fertile ground for Suppliers, dealers and manufacturers to discuss best practice for the industry and find out more about the developing local motor manufacturing industry.

Speaking at the event, Jamie Hill, managing director of BtoB Events, organisers of the event said that the event was put together in Nigeria because they actually believed in the Nigerian market and the opportunity it presents.

Describing Nigeria as a market that needs to be represented by a platform such as an exhibition, Hill said “It is an opportunity to bring the stakeholders under one roof to interface and move their businesses forward”.

According to Hill, the exhibition is in line with the federal government’s plans to make sure that a large percentage of cars on the Nigerian roads are made in Nigeria.

On what they intend to achieve with the exhibition, Hill said “It is a perfect opportunity and it represents the local automotive industry. We want to create global recognition to the Nigerian auto parts sector be they spare parts or  auto assembly because we hope a lot more manufacturers are coming up in Nigeria”.

Emphasising that WAAS marketing strategy is to target ECOWAS countries first, Hill however, observed that Nigeria is the powerhouse for the exhibition project.

He said the government is very proactive in their plans to increase the number of cars on Nigerian roads to be made in Nigeria, adding that WAAS will align themselves with the plans of the government and the National Automotive Design and Development Council (NADDC) so that they can work together.

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Source: National Daily, November 2019

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West Africa Automotive Show Premieres

West Africa Automotive Show, WAAS, a new international trade exhibition, brought the region’s automotive parts industry together for the first time.

The maiden edition was recently held at the Landmark Centre in Victoria Island, Lagos. The 3 day exhibition which had about 100 exhibitors from Nigeria and around the world hosted more than 3000 visitors.

The exhibition aimed at forging new business ties, show off the latest developments and products in the spare parts and services sector. Also, suppliers, dealers and manufacturers will be able to discuss best practice for the industry and find out more about the developing local motor manufacturing industry.

Managing Director, BtoB Events’ Jamie Hill, the organiser of WAAS, stated that they had two successful show launches in Lagos over the past year, Beauty West Africa and Food and Beverage West Africa.

I envisioned the regional automotive sector come together under one roof during the launch of WAAS, he said.

“We have a wealth of international exhibitors looking to bring high-tech equipment to Nigeria for the first time and a large number of local exhibitors are looking to expand their business and increase exports to surrounding countries,” he said.

He stated Nigeria having the largest population on the continent creates a huge market opportunity, and BtoB has selected Lagos to launch its first show. Also, it recognises Nigeria is well placed to become the automotive hub of the African continent with over 11.5 million vehicles on the roads.

Hill stated that with over 60% of vehicles on the road being over 12 years old, there is a huge aftermarket industry, and so, the need for high quality and affordable spare parts is becoming increasingly important.

He stated that there is also a real hunger to boost the local assembly of vehicles across the country with the 2013 National Automotive Industry Development plan (NAIDP), with more assembly plants being set up, this again significantly increases the demand for spare parts.

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Source: This Day, November 2019

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