Business
Auto Industry Can Create Over 200,000 Jobs …As 500 AICON Staff Protest Sack
The Director-General of the National Automotive Council (NAC), Mr Aminu Jalal, said yesterday that the nation’s automobile industry had the potential to generate over 200,000 jobs.
Jalal said this in an interview with newsmen in Abuja.
“The auto industry is very huge and a car has over 2,000 components and each of these components is an industry,’’ he said.
He said the areas of job opportunities included mechanics, insurance, financing and logistics, noting that the new automotive policy of the Federal Government was investor-friendly.
Jalal said that already, 23 car assembly plants had shown interest to invest in the country, and listed the companies to include Piaggio Innoson Vehicles Manufacturing Company and National Trucks Manufacturers in Kano State.
Jalal said that to ensure that the auto industry was developed; the Federal Government had given incentives to the tyre manufacturers to encourage them to invest in the economy, noting that tyre manufacturers like Michelin and Dunlop had shown interest to return to the country.
He listed the incentives to include free-duty on their equipment and incentive to import 20 per cent of tyres components into the country.
Jalal said that Nigeria was currently spending more than N1trillion on the importation of vehicles and their spare parts.
He said substantial part of this figure would be saved if the nation’s automotive industry was fully functional, noting however that the industry still faced the problem of skepticism on the art of potential investors who were doubtful of government’s commitment to the full implementation of the new automotive policy.
Jalal said the Federal Government remained fully committed to the implementation of the policy.
He said that this year, NAC would commit itself to local content development and assist local entrepreneurs in accessing financial assistance to boost their operations.
However, about 500 workers of ALCON Nigeria Limited, a sub contracting firm handling NLNG project site in Bonny local Government Area of Rivers State have petitioned to the Federal government over what they described as unlawful termination of their appointment by the company.
In a thirty page petition addressed to the Zonal Coordinator, South-South, Federal Ministry of Employment, Labour and Productivity, Federal Secretariat Complex, Port Harcourt with the heading “unlawful termination of employment of five hundred workers from AlCON Nigeria Limited Nigeria liquefied Natural gas (NLNG) project site Bonny on request to be unionized”.
The petition which was signed by Allison Awoiyala S. (Electical unit) Kelvin B. Abbey (Iron Bender), Sombonibo Biobioley (Labour), Hamnton P. Allison (Manson), Blessing Blue-Jack (Iron Bender) Kalada (Carpenter), Tamuorokoro Jonah (Scafolder), Inye hart (Painter), Sampson J. Allison (Iron Bender) and Tamunokro Brown (Iron bender) for the affected workers.
The workers averred that before they were engaged into the employment of the company, they met all the requirements for recruitment as stipulated out by the company and wonder why they would be sacked without any justification.
The workers alleged that the only reasons they were sacked by the management was due to their quiet to get unionized adding that some of the workers were invited by the Divisional Police Officer in Finima with a false allegation of ‘hostage taken, site destruction and attempted kidnap” only to be dragged to the Bonny Integrated Recruitment Centre (BIRC) where they were forced to sign and collect their termination letters. the meeting site.
The affected workers among other things demanded that the Bonny Integrated Recruitment Centre by extension the Bonny Chiefs Council stop interfering in Alcon Nigeria Limited over workers matters, withdrawing of termination letter and recalling back all the affected staff, appointment of a union executives, as well as negoitaton of condition of service through effective bargaining.
When contacted on phone, Alcon project services Manager, Ukie Ezeali never responded to the text message put across via the GSM 08033104401.
Lydia William
The Central Bank of Nigeria (CBN) yesterday said 33 banks have met new minimum capital requirements under its recapitalisation programme, raising a combined N4.65 trillion to strengthen the financial system.
The apex bank disclosed this in a statement marking the end of the exercise, which commenced in March 2024 and drew participation from domestic and foreign investors.
The statement was jointly signed by the Director of Banking Supervision, Olubukola Akinwunmi, and the Acting Director of Corporate Communications, Hakama Sidi-Ali.
The statement said “Over the 24-month period, Nigerian banks raised a total of N4.65tn in new capital, strengthening the resilience of the financial system and enhancing its capacity to support the economy.”
The regulator said local investors accounted for 72.55 per cent of the funds, while international investors contributed 27.45 per cent, reflecting continued confidence in the sector.
Commenting on the outcome, the CBN Governor, Olayemi Cardoso, said in the statement, “The recapitalisation programme has strengthened the capital base of Nigerian banks, reinforcing the resilience of the financial system and ensuring it is well-positioned to support economic growth and withstand domestic and external shocks.”
It added that while 33 banks have complied with the new thresholds, a few others are still undergoing regulatory and legal processes.
The statement noted, “The CBN confirms that 33 banks have met the revised minimum capital requirements established under the programme.
“A limited number of institutions remain subject to ongoing regulatory and judicial processes, which are being addressed through established supervisory and legal frameworks.
“All banks remain fully operational, ensuring continued access to banking services for customers.”
The apex bank stressed that the exercise was executed without disrupting banking operations, ensuring uninterrupted access to services nationwide.
It further stated that key prudential indicators have improved, particularly capital adequacy ratios, which remain above global Basel benchmarks.
The minimum ratios were set at 10 per cent for regional and national banks and 15 per cent for banks with international licences.
The bank also said the recapitalisation coincided with a gradual exit from regulatory forbearance, a move it said improved asset quality, strengthened balance sheet transparency, and enhanced overall stability.
To preserve these gains, the CBN said it has reinforced its risk-based supervision framework, mandating periodic stress tests and adequate capital buffers for banks.
It added that supervisory and prudential guidelines would be reviewed regularly to strengthen governance, risk management, and resilience across the sector.
“The successful completion of the programme establishes a stronger and more resilient banking system, better positioned to support lending, mobilise savings, and withstand domestic and global shocks,” the statement said.
The Tide learnt that foreign capital inflows into Nigeria’s banking sector rose by 93.25 per cent year-on-year to $13.53bn in 2025, up from $7.00bn recorded in 2024, amid the ongoing recapitalisation drive by the Central Bank of Nigeria.
Data from the National Bureau of Statistics capital importation report showed that the banking sector remained the dominant destination for foreign capital, accounting for $13.53bn of the total $23.22bn recorded in 2025, representing 58.26 per cent of total inflows, up from 56.81 per cent in 2024.
The surge reflects heightened investor interest in Nigerian banks as they raised fresh capital to meet new regulatory thresholds introduced by the apex bank, with industry-wide recapitalisation activities driving large-scale inflows across all quarters of the year.
However, the Centre for the Promotion of Private Enterprise (CPPE) recently raised concerns over weak credit flows to small businesses despite recent banking sector reforms.
The CPPE, led by a renowned economist, Dr Muda Yusuf, acknowledged that the ongoing bank recapitalisation exercise by the CBN has strengthened the financial system, but warned that the benefits have yet to translate into meaningful support for the real economy.
The facility will be disbursed through participating Microfinance Institutions (MFIs), which will in turn extend the loans to their customers, particularly SMEs, as they directly interface with businesses at the grassroots level.
The Executive Director of COMCIN, Mr. Micheal Ogbaa who represented the Chairman, Dr. Iredele Oyedele (FCA, FCCA), said the initiative is designed to strengthen micro-lending institutions and expand access to finance for grassroots entrepreneurs, particularly women and youths in the informal sector.
Ogbaa explained that COMCIN does not lend directly to individuals but works through its network of microfinance and cooperative institutions, which in turn provide loans to end users.
“We came together to advocate for the microfinance ecosystem. Commercial banks often exclude people at the grassroots, but our members are positioned to reach them. This facility will empower them to do more,” he said.
He noted that the loan scheme offers low interest rates and flexible repayment plans, making it more accessible to small business owners.
According to him, about 90 percent of beneficiaries are expected to be women, who play a key role in sustaining families and driving economic activities at the local level.
“Our focus is on traders, service providers, and players in the informal sector. These are the real movers of the economy. By supporting them, we are strengthening families and contributing to national development,” he added.
Ogbaa disclosed that eligible SMEs with proven integrity and business track records could access up to N5 million each through participating micro-lending institutions. The rollout has commenced in Lagos and will extend to Abuja, Enugu, and other regions, including the South-West, South-East, and North-East.
He said 12 micro-lending institutions have already benefited from the scheme, while 85 applications are currently being processed under the pilot phase.
“Our target is to reach at least 100,000 SMEs nationwide. We are building a platform that connects funding partners with credible micro-lending institutions, creating a reliable channel for financial inclusion,” Ogbaa said.
He added that COMCIN is also working to attract larger funding pools from development finance institutions and private investors, noting that successful implementation of the pilot phase would boost confidence and unlock more capital for SMEs.
“We have seen encouraging testimonies from early beneficiaries. As we demonstrate transparency and efficiency, more institutions will be willing to channel funds through us,” he said.
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