Oyo Police Arrest Two Suspected Drug Dealers, Seize Eight Packages of Canadian Loud
The Oyo State Police have arrested two individuals believed to be drug dealers and confiscated eight packages of marijuana...
News
Tragic Incident in Ogun: Pastor and Wife Dead in Suspected Murder-Suicide
A neighborhood in Ogun State is mourning the loss of two lives following a tragic incident of domestic violence. Bidemi...
LASG Brings Voter Education Campaign to Ijede, Urges Residents to Participate in Elections
The Lagos State Government has encouraged the people of Ijede in Ikorodu to take an active role in the...
Obi and Kwankwaso Challenge Nigerians to Scrutinize Their Pasts
Peter Obi, the presidential candidate of the Nigeria Democratic Congress (NDC), has issued a bold public challenge, urging Nigerians to...
NDLEA Seizes N6.2bn Drug Hidden in Soap and Opioids at Lagos Airport
The National Drug Law Enforcement Agency (NDLEA) has seized over N6.2 billion worth of illicit drugs at the Murtala Muhammed...
NADDC DG: Domestic Used-Car Market Key to Breaking ‘Tokunbo’ Cycle
The Director General of the National Automotive Design and Development Council (NADDC), Otunba Oluwemimo Joseph Osanipin, has called for the development of a robust domestic used-vehicle market that will reduce Nigeria’s continued dependence on imported used vehicles, popularly known as “tokunbo”. Osanipin said Nigeria’s used-vehicle market should be built around vehicles originally purchased and used within the country, rather than relying almost exclusively on automobiles discarded or sold off by users in other countries. The NADDC boss who spoke at the Council’s headquarters in Abuja recently, explained used vehicles are not inherently bad, stressing that the real challenge is Nigeria’s dependence on used vehicles imported from other countries, instead of developing an internal market in which vehicles circulate from one owner to another. He, however, decried a situation where huge foreign exchange goes to the importation of hundreds of thousands of used vehicles – a good number of which are in terrible condition – are imported into the country. Osanipin also described as a deterrent the prevailing situation where the high volume of ‘tokunbo’ vehicles outweigh the low number of products from the auto plants in Nigeria. He painted a picture of what he met on ground upon assumption of duties as the NADDC Director General in October, 2023, saying, “When we came in, we knew that we were facing a lot of challenges in the automobile industry. And we knew that we could not surmount the challenges in the next three, four, five years, or even 10 years. “But we knew we had to start from somewhere and start laying the foundation towards tackling the challenges. And that was why we first identified the challenges after consultations with industry experts and all the stakeholders. “We identified the majority of the problems and summarised them into three.” He identified legislation, lack of consumer credit and the issue of used vehicles as the three major challenges confronting Nigeria’s automotive industry. On legislation, Osanipin explained that the automotive sector requires huge investments and long-term planning, making policy stability critical to the survival and growth of businesses in the industry. “The automotive sector requires a lot of funding. It is very competitive. So, it is not something that you can say you want to just leisurely try; if it works out, fine, and if it does not work out, fine. “The way the automotive industry is, you have to get it right from the beginning, because for you to have a very good assembly plant, it takes several billions of naira. “If you want to know whether what I am saying is the truth or not, go and check the second factory Innoson (Vehicle Manufacturing Company Ltd) is building in Nnewi. Apart from the cost of the land, they must have spent billions in erecting the structures there. Then, when you add land and equipment, you would now understand how difficult it is to invest that kind of huge amount....
From Business Administration to the Creative Industry: The Inspiring Journey of Ayorinde Taiwo Oladimeji
From Business Administration to the Creative Industry: The Inspiring Journey of Ayorinde Taiwo Oladimeji For many graduates, obtaining a university...
Obi Backs Petrol Subsidy Removal, Says Mismanagement of Proceeds Is Not Reason to Reverse Policy
Former Anambra State Governor and presidential candidate of the Nigeria Democratic Congress (NDC), Peter Obi, has reiterated his support for...
Gadzama challenges LPDC decision at Federal Hugh Court, seeks judicial review
A Senior Advocate on Nigeria, SAN, Chief J-K. Gadzama, has commenced proceedings at the Federal High Court challenging the decision...
Tinubu Orders Recovered EFCC Funds to NELFUND
President Bola Tinubu has directed that legally cleared funds recovered by the Economic and Financial Crimes Commission (EFCC) be channelled...
