Business

Automotive Policy: 19 Assembly Plants Get Approval

Published

12 years ago

August 13, 2014

The National Automotive Council (NAC) has approved 19 automotive assembly plants to benefit from the Federal Government’s revised fiscal policy measures on automotive industry in Nigeria.
The approved assembly plants include Autobahn Techniques Ltd, Lagos, ANAMMCO, Enugu; Fulmark Urja Ltd, Kano, Frigoglass Ind. Nig. Ltd 9Leventis Motors), Ibadan; Georgeous Metal Ltd, Kaduna, Lafbart Innovations Consulting Ltd. Akure; Innoson Vehicle Manufacturing Co. Ltd. Anambra State; Iron Products Industries Ltd, Lagos; Leyland Busan Motors Ltd, Ibadan and Metal Mate Ltd, Shagamu, Ogun State.
In a letter reference NAC.993/S/174/IV/T/1 sent to the Comptroller-General, Nigeria Customs Service, the Director-General of NAC, Aminu Jalal, stated that the National Trucks Manufacturers, Kano, PAN Nig. Ltd. Kaduna; Proforce ltd, Lagos; Steyr Nigeria Ltd, Bauchi; VON Automobile Nigeria Ltd, Lagos; Stallion Nissan Motors Nigeria Ltd, Lagos; Hyundai Motors Nig Ltd, Lagos; Stallion Motors Ltd, Lagos and Zahav Automotive Co. Nig. Ltd. Lagos will also benefit from the automotive policy.
Aminu who noted that the automotive policy was attracting investment in the sector also promised that the NAC would update the list periodically as more assembly plants are established.
The Minister of Finance and Coordinating Minister for the Economy, Dr. Ngozi Okonjo-Iweala had earlier given insights into some details of the revised fiscal policy measures for automotive industry especially concerning sections V, Vi and Vii of the circular.
According to her, local assembly plants shall import their completely knocked down (CKD) at zero per cent duty, semi knocked down (SKD 1) at 5 per cent duty and semi knocked down (SKD I1) at 10 per cent duty.
Okonjo-Iweala said that all machinery and equipment imported for the purpose of vehicle assembly shall attract zero per cent import duty and VAT free.
She added that ‘local assembly plants shall import Fully Built Unit (FBU) cars at 35 per cent duty and 20 per cent duty for commercial vehicles without levy respectively in numbers equal to twice their imported CKD/SKD kits.”
She explained the policy measures for the automotive industry were designed to effectively combat smuggling, monitoring and control of used and grey vehicles as well as boost the conomic fortunes of the industry.
The Minister, however, solicited the co-operation of all stakeholders in the industry to achieve the set objectives of the automotive industry policy.

Samuel Eleonu

Chief of Staff, Government House, Port Harcourt, Sir Tony Okocha (right) presenting empowerment package from APC Ward 5 Okirika to beneficial market women during the Chief of Staff’s commissioning of water project at the Ward last Friday. Photo: Chris Monyanaga

Business

Niger Delta Investment Summit Targets $5bn Inflows, 500,000 Jobs

Published

2 days ago

April 10, 2026

The Tide

The Niger Delta Chambers of Commerce, Industry, Trade, Mines and Agriculture (NDCCITMA) has unveiled the plans to host a major economic and investment summit aimed at attracting five billion dollars, ( N7 trillion) investments in addition to creating about 500,000 jobs over the next five years.

The Chairman of NDCCITMA Board, Ambassador Idaere Ogan, disclosed this in Port Harcourt, recently.

Ogan stated that the initiative is designed to reposition the Niger Delta as a viable destination for sustainable economic growth and development.

He explained the summit would bring together investors, policymakers, manufacturers and business leaders from within and outside Nigeria to explore opportunities across key sectors of the regional economy.

According to him, the event is expected to attract high-profile participation, with President Bola Tinubu billed as Special Guest of Honour, while the Prime Minister of Barbados, Mia Amor Mottley, is expected to deliver the keynote address.

Ogan said the summit would focus on critical sectors including agriculture, manufacturing, logistics and the blue economy, which he described as areas with significant untapped potential.

He called on state governments, development partners and private sector stakeholders to support the initiative, stressing that collective efforts are required to unlock the region’s economic prospects.

NDCCITMA chairman further stated that improving security conditions and increasing economic confidence in the Niger Delta have made the region more attractive to both local and foreign investors.

He emphasised that ongoing economic reforms at the national level have also contributed to creating a more favourable investment climate.

Also speaking, the Chairman of the Summit Organising Committee, Dr. Solomon Edebiri, said the event would prioritise the growth of small and medium-scale enterprises (SMEs) across the region.

He noted the summit would provide a strategic platform for networking, business partnership and policy dialogue aimed at strengthening the private sector.

Edebiri disclosed that findings from a recent business roundtable revealed significant untapped investment opportunities, which the summit seeks to harness through targeted collaborations.

He revealed that the event would feature exhibitions of viable projects, facilitate business-to-business and business-to-government engagements, and also promote innovations across multiple sectors.

According to him, the expected outcomes of the summit include job creation, increased industrial activity and improved livelihoods for people in the Niger Delta.

To build momentum ahead of the event, NDCCITMA said the body would embark on awareness roadshows across states in the Niger Delta, as well as in Lagos and Abuja, to attract broad participation.

King Onunwor

Business

NPA Targets N1.489tn Revenue In 2026

Published

2 days ago

April 10, 2026

The Tide

The Management of Nigerian Ports Authority (NPA) has set N1.489 trillion as its Internally Generated Revenue (IGR) target for the 2026 fiscal year.

NPA says the figure represents an increase of N21 billion over the N1.468 trillion target for 2025, which the agency exceeded with an actual revenue of N1.97 trillion.

The Managing Director NPA, Dr Abubakar Dantsoho, stated this during the agency’s 2026 budget defence before the Senate Committee on Marine Transport.

Dantsoho said the authority was set to begin groundbreaking projects for the modernisation of Apapa and Tin Can Island ports to enhance global competitiveness.

According to him, of the projected revenue: N945 billion is allocated for capital projects, N447.5 billion for operating expenses, and

N90.6 billion for remittance into the Consolidated Revenue Fund (CRF).

The MD explained that the budget was anchored on the mantra, “Consolidation, Renewed Resilience and Shared Prosperity.”

Dantsoho said that the modernisation of Apapa and Tin Can Island ports were flagship projects aimed at boosting revenue.

“Apapa and Tin Can Island ports are old and no longer adequate for modern global port operations.

“Apapa Port is about 100 years old, while Tin Can Island Port is over 50 years old, with limited capacity for handling modern vessels and cargo volumes.

“Groundbreaking for their modernisation will commence within the next two to three weeks,” he added.

On the Treasury Single Account (TSA), Dantsoho said all revenues generated by the NPA are paid directly into the account managed by the Central Bank of Nigeria (CBN).

“We do not retain any funds. The Central Bank is the signatory and we must apply for funds whenever needed,” he explained.

Earlier in his remarks,Chairman of the Senate Committee on Ports, Sen. Wasiu Eshinlokun (Lagos Central), said the committee’s oversight function was collaborative rather than adversarial.

“Our goal is to work with you to strengthen institutional capacity, eliminate inefficiencies and ensure that every naira appropriated serves the public interest,” he said.

Chinedu Wosu

Business

NPF Disburses ?21.68m To Fallen Heros’ Families …Reinforce Welfare Commitment

Published

2 days ago

April 10, 2026

The Tide

Nigeria Police Force has disbursed a total of ?21,678,120 to the deceased police officers families in Rivers State as part of ongoing welfare interventions by the force.

The gesture formed a major highlight of the activities marking the 2026 National Police Day celebration in the state, underscoring renewed institutional focus on personnel welfare and post-service support systems.

The Commissioner of Police, Olugbenga Adepoju, who presided over the cheque presentation ceremony, said the initiative reflects the Force’s commitment to honouring officers who paid the ultimate price in their line of duty.

He explained that the financial support is designed to cushion the economic burden faced by bereaved families, while also reinforcing confidence among serving personnel about the Force’s long-term welfare structure.

Adepoju conveyed the sympathy of the leadership of the Nigeria Police Force to the beneficiaries, noting that the sacrifices of fallen officers remain invaluable to national security and public safety.

The police boss further stressed that sustained welfare interventions are critical to boosting morale, enhancing productivity, and strengthening institutional loyalty within the Force.

He reiterated that the welfare scheme aligns with broader reforms aimed at repositioning the Nigeria Police Force as a responsive and people-oriented institution.

Beneficiaries of the cheques commended the Inspector-General of Police, Olatunji Rilwan Disu, for prioritising the welfare of officers and their families through consistent and impactful interventions.

They described the initiative as timely and compassionate, noting that it would go a long way in alleviating financial pressures arising from the loss of their loved ones.

The families also acknowledged ongoing reforms under the current police leadership, which they said have strengthened trust, improved service delivery, and enhanced the overall image of the Force.

The Rivers State Police Command reaffirmed its commitment to sustaining similar initiatives as part of efforts to uphold the dignity, sacrifice, and legacy of officers who served the nation with distinction.

King Onunwor