Business
Automotive Policy: 19 Assembly Plants Get Approval
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
Business
Kenyan Runners Dominate Berlin Marathons
Kenya made it a clean sweep at the Berlin Marathon with Sabastian Sawe winning the men’s race and Rosemary Wanjiru triumphing in the women’s.
Sawe finished in two hours, two minutes and 16 seconds to make it three wins in his first three marathons.
The 30-year-old, who was victorious at this year’s London Marathon, set a sizzling pace as he left the field behind and ran much of the race surrounded only by his pacesetters.
Japan’s Akasaki Akira came second after a powerful latter half of the race, finishing almost four minutes behind Sawe, while Ethiopia’s Chimdessa Debele followed in third.
“I did my best and I am happy for this performance,” said Sawe.
“I am so happy for this year. I felt well but you cannot change the weather. Next year will be better.”
Sawe had Kelvin Kiptum’s 2023 world record of 2:00:35 in his sights when he reached halfway in 1:00:12, but faded towards the end.
In the women’s race, Wanjiru sped away from the lead pack after 25 kilometers before finishing in 2:21:05.
Ethiopia’s Dera Dida followed three seconds behind Wanjiru, with Azmera Gebru, also of Ethiopia, coming third in 2:21:29.
Wanjiru’s time was 12 minutes slower than compatriot Ruth Chepng’etich’s world record of 2:09:56, which she set in Chicago in 2024.
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