July 13th to 15th  2021,  Landmark Centre in Lagos, Nigeria  +44 (0) 2476 158100

Tag: West African Automotive Importation Levy

news, news and events

Fire Destroys Motorcycle Factory in Nnewi

A fire started on the 9th January gutted Louis Carter Industries Nigeria Limited, a multi million Naira motorcycle spare parts and allied products manufacturing company based in Nnewi, Anambra State. 

The company manufactures the Louis Carter brand motorcycle, which is widely used throughout the South and South Eastern parts of Nigeria. The motorcycle manufacturing company is named after founder and industrialist, Chief Louis Onwugbenu and has been operating for a number of decades.

The fire begun around 10:00pm on Saturday evening and raged throughout the night for around 6 hours despite the attempts to distinguish the blaze by the Anambra State fire service department.

Unfortunately the companies fire defied all the extinguishing machines located onsite and continued to blaze even after the arrival of the fire department.

General Manager of the company Mr Ndubisi Okoli, indicated that “The security men said the magnitude of the fire could not be put out with the extinguishes located onsite which consequently resulted in the team contacting the fire department”. Mr Okoli continued “The source of the fire was caused by Enugu Electricity Distribution Company’s (EEDC) high tension cable which exploded and ignited the fire into the section of the fire which stores the raw materials”.

Also reacting, the Chairman, Chief Executive Officer of Louis Carter Group of Companies, Chief Onwugbenu, said the fire incident had caused a huge loss to the company that had hundreds of workers in its employ.

Staff members indicated that raw materials and machinery worth over N500 Million was completely destroyed, along with the building, however thankfully there was no loss of life.

Chief Onwugbenu said that is would cause a substantial amount of money to rebuild the manufacturing factory, and added he was greatly uncomfortable about the number of staff members which have lost their roles due to the fire.

To register your attendance for free, Click Here

To read more, Click Here
Source: This Day, January 2021

news, news and events

Nigeria to prepare for the delivery of the Pfizer vaccine says WHO

The World Health Organization (WHO) announced yesterday that the Pfizer vaccine has been approved for immunising the Nigerian population. 

During the Presidential Task Force on Covid-19 press briefing in Abuja highlighted that the Pfizer vaccine, which needs to be stored at -70 degrees, is the first to be approved for Nigeria by the independent world health organisation and will be available for emergency purposes.

The first delivery batch of the Pfizer vaccine will be delivered by the end of January and will be sufficient enough to inoculate 20% of the Nigerian population (approx 42 million vaccines). Dr Faisal Shuaib, Executive Director of the National Primary Health Care Development Agency (NPHCDA) was quoted saying that the batch would come as part of Nigeria’s plan to vaccinate 40% of the population by the end of 2021, and an additional 30% in 2022.

In addition to the Pfizer vaccine, the Nigerian Federal Government have also been in talks with China to communicate their interest in gaining access to their Covid-19 vaccine. This will give the nation a number of possibilities to vaccinate the population in a shorter time frame.

To read more, Click Here
Source: This Day, January 2021

news, news and events

History made with the launch of the ACFTA

After months of delay due to the COVID-19 outbreak, the African Continental Free Trade Area was officially launched on the 1st January 2021. 

African countries have officially begun trading under the new continental free trade agreement.

The AFCFTA primary aims to being together over 1.3billion people in a $3.4 trillion economic bloc, which will be the largest free trade area since the World Trade Organisation was established. Predicted estimates forecast the free trade agreement could lift tens of millions of people out of poverty by the year 2035. The trade agreement is primary in place to boost trade among fellow African nations, as the continent has previously received low internal trade.

Backers claim that trade among fellow African nations will increase substantially and thus allowing the continent to establish its own value chains of distribution. Every African country is participating in the agreement, except from Eritrea, with a total of 54 nations involved.

Ghana’s President Nana Akufo-Addo indicated “There is a new Africa emerging with a sense of urgency and purpose and an aspiration to become self-reliant. COVID-19 has demonstrated that Africa is overly reliant on the export of primary commodities, overly reliant on global supply chains, when the global supply chains are disrupted, we know that Africa suffers.”

To read more, Click Here
For further information regarding the African Continental Free Trade Area, Click Here

Source: Aljazeera, January 2021

news, news and events

Nigerian Land Boarders to Reopen Soon Says President

After much debate, President Muhammadu Buhari has announced that the Nigerian Government are considering re-opening the land boarders ‘as soon as possible’.

The land boarders have been closed since August 2019 to decrease the level of illegal food and agricultural products being smuggled into Nigeria from neighbouring countries.

President Muhammadu Buhari announced the intention via social media on Tuesday, tweeting ‘In my meeting with State Governors today I explained that the closure of Nigeria’s land borders was partly an attempt to control the smuggling in of weapons & drugs. Now that the message has sunk in with our neighbours, we’re looking into reopening the borders as soon as possible.”

Zainab Ahmed, The Minister of Finance, Budget and National Planning, revealed last month that issue had been indicated and will be brought before the President to make a final decision.

To read more, Click Here

Source: Nairametrics, December 2020

news, news and events

Nigeria’s land borders to be reopened soon, minister announces

Nigeria’s land borders may be reopened soon after been closed since August 2019.

Zainab Ahmed, The Minister of Finance, Budget and National Planning, gave a announcement yesterday during a interview with the State House correspondence. Ahmed stated that the presidential committee which implemented the restrictions were pleased with the outcome and recommended the reopening of the borders.

Nigeria closed its land borders in August 2019 to halt the illegal importation of automotive products and parts into the country from neighbouring West African countries.

She indicated the committee will shortly submit a report to the President, Major General Muhammadu Buhari, and a formal announcement on the matter will be made on the matter following from his decision.

Although Ahmed stated that the committee were pleased with the regulations, she did not indicate when the report will be submitted to the president or when the land borders will be officially open.

To read more, Click Here

Source: The Punch, November 2020

news, news and events

Car import levy slashed from 35% to 5%

The federal government is implementing plans to decrease the levy paid on imported cars from 35 percent to just five percent.

This is contained in the draft of the 2020 finance bill to be presented to the national assembly.

The implemented bill becomes in place once it is passed by the legislature and acknowledged by President Muhammadu Buhari.

Information of the bill shared by the president also highlights that the import duty of Tractors and motor vehicles for the transportation of goods has also been dramatically decreased from 35 percent to 10 percent.

To improve ease of doing business, the bill also proposes that software acquisition now qualifies as capital expenditure.

Zainab Ahmed, the minister of finance, budget, and national planning, had previously explained that the reduction in import duties and levies is targeted at reducing the cost of transportation.

“The reason for us is to reduce the cost of transportation which is a major driver of inflation especially food production,” she told state house correspondents on Wednesday 18th November at the federal executive council.

Last year, Hameed Ali, the comptroller-general of the Nigeria Customs Service have purposely encouraged the federal government to reduce the levy on imported cars to 10%. A tactic to decrease the importation of smuggling or importing from neighbouring countries.

To read more, Click Here

Source: The Cable, November 2020

WhatsApp chat