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Referring to vehicles, automobile industry, and related topics.
The Nigerian Association of Road Transport Owners (NARTO) has urged the federal government to remove the 7.5% Value Added Tax (VAT) on Automotive Gas Oil (AGO), commonly known as diesel. According to NARTO, the high cost of diesel due to the VAT imposition is impacting the distribution and supply of Premium Motor Spirit (PMS) petrol. Diesel is the primary fuel for about 90% of haulage trucks used to transport petrol from depots to retail outlets across the country. NARTO warns that unless the government takes swift action, the transporters may park their trucks, leading to a shortage of petrol supply.
The Nigerian Association of Road Transport Owners (NARTO) is urging the Federal Government to stop the 7.5% Value Added Tax (VAT) on diesel, as it is causing a hike in fuel prices and disrupting the distribution of petrol. NARTO claims that diesel is essential for transporting petrol across the country, and the high cost of diesel is becoming unbearable for transporters. This article delves into the challenges and implications of the VAT on diesel and calls for an immediate solution to prevent further disruptions in the supply of petroleum products.
Nigeria's Vice President office has initiated a partnership with Micro, Small, and Medium Enterprises (MSMEs) to improve the economy and create jobs. The interventions will benefit 1.3 million people across 17 states and the Federal Capital Territory. These measures aim to fulfill the government's commitment to job creation and economic diversification, with MSMEs playing crucial roles. Various initiatives, including the establishment of shared centers, installation of solar panels, and the development of fashion hubs and furniture clusters, will contribute to this goal.
The Nigerian Association of Road Transport Owners (NARTO) has called on the Federal Government to remove the 7.5% Value Added Tax (VAT) on Automotive Gas Oil (AGO), also known as diesel. NARTO warns that failure to remove the VAT would lead to disruptions in the distribution and supply of petrol (PMS). The high cost of diesel, coupled with the deplorable state of roads and skyrocketing dollar rate, has made the cost of doing business in the transport sector unbearable.
Anambra State Governor, Prof. Chukwuma Charles Soludo, has laid the foundation for a new auto assembly and natural gas facility in Umunya, Oyi local government area. The facility, which will be the second automobile company in the state, aims to boost industrialization, create jobs, and contribute to the economy. Governor Soludo hailed the investment as significant progress for the state and encouraged more investors to consider Anambra as a prime destination for business opportunities.
Afreximbank, in collaboration with the Government of Anambra State, has signed a Memorandum of Understanding (MOU) to enhance the state's development efforts. The agreement encompasses project preparation, advisory services, and a potential debt financing program worth up to $200 million. The partnership aims to identify and fund strategic projects, promote trade and investment, and leverage Afreximbank's capabilities to bridge infrastructure gaps. This collaboration underscores the importance of innovative partnerships in driving sustainable development and economic prosperity in Africa.
VON Automobile Nigeria, a subsidiary of Stallion Group, has expressed its support for President Tinubu's investment initiative in India. The company's managing director commended Tinubu's efforts and highlighted the prospective investment in Nigeria's automotive industry resulting from his visit to India. The initiative coincides with the 2023 G20 Summit. VON Automobile is dedicated to supporting the government's push for a clean and eco-friendly environment with mass transit buses running on clean and affordable energy sources.
CDLP Hub Ltd, also known as Concept De Là Paix, celebrated its 1st year anniversary in grand style in Ibadan, Oyo State. The event was attended by notable personalities, CEOs, top entrepreneurs, friends, and family. The CEO and founder, Mr. Peace Adedokun, reiterated the company's commitment to simplicity and innovation in his speech.
The Nigerian Navy has made significant progress in its fight against oil theft in the Niger Delta Region. A vessel conveying about 20,000 liters of illegally refined Automotive Gas Oil was intercepted and destroyed in Abuloma, Rivers State. This operation is part of the Joint Task Joint South-South Operation Delta Safe's efforts to eradicate crude oil theft and other criminal activities in the region. The destruction of the vessel and its contents serves as a strong deterrent to those involved in economic sabotage.
Stallion NMN, the official Nissan representative in Nigeria, recently hosted the Nigeria leg of the International Cricket Council (ICC)'s World Cup trophy tour. The event was a collaboration with the Nigeria Cricket Federation (NCF) and aimed to promote cricket and showcase Nissan's commitment to supporting sporting excellence. The tour included public displays of the trophy, VIP cocktail functions, and the presence of ICC and NCF officials, as well as Pakistani and Indian diplomats.
The Nigerian Army, in collaboration with the Nigerian Security and Civil Defence Corps, has discovered 12 active illegal refining sites in Delta State. The operation also led to the seizure of crude oil cooking ovens, reservoirs, boats laden with stolen crude, and illegally refined Automotive Gas Oil (AGO). The troops have arrested two suspects and handed them over to the authorities for further action. The public has been urged to report any suspicious activities to enhance ongoing efforts to combat economic sabotage in the country.
Possible EVS has unveiled Africa's first multi-brand Electric Vehicle Experience Centre in Abuja. The centre aims to bridge the knowledge gap and promote the widespread adoption of electric vehicles (EVs) in Nigeria. Visitors will have the opportunity to explore, learn about, and test-drive the latest EV models from renowned brands, contributing to the nation's journey towards sustainable transport.
The General Manager of Stallion Motors (Nigeria) Ltd, Amit Sharma, has stated that Africa's transition to electric vehicles (EVs) may be hindered by several challenges. These challenges include the lack of a supportive legislative environment, insecurity, and the absence of a well-developed charging infrastructure. Sharma emphasized the need for political will and protective measures to help incentivize the adoption of new vehicle technologies. He also highlighted Nissan's efforts in addressing some of these issues with their E-POWER solution.
Nigeria takes a significant step towards sustainable mobility with the launch of the first ultra-fast electric vehicle charging station in Abuja. Possible EVS, an African automotive start-up, aims to address the country's energy crisis and rising fuel prices by promoting the adoption of electric vehicles. The new charging station is expected to facilitate convenient and fast charging for electric buses, taxis, and private vehicles, marking a milestone in Nigeria's green transport industry.
The Nigerian military has announced its determination to aggressively pursue and eliminate all sources of insecurity in the country, including terrorists, bandits, kidnappers, oil thieves, and other criminal suspects. In a week leading up to August 11, 2023, significant achievements were made by the Armed Forces of Nigeria, with the neutralization of 38 terrorists, the arrest of numerous criminals, and the recovery of weapons and stolen assets. The military emphasized its commitment to preventing civilian casualties and acknowledged the crucial support of the citizens in their operations.
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