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Germany’s Volkswagen plans automotive hubs in Nigeria, Ghana

Published

6 years ago

September 3, 2018

German Automobile manufacturer, Volkswagen, has signed a memorandum of understanding (MoU) with Nigeria to turn the country into the “automotive hub” of West Africa.

The agreement was signed during German Chancellor Angela Merkel’s visit to Nigeria, with Okey Enelamah, minister of industry, trade and investment, present at the signing ceremony in Abuja.

The car manufacturer also signed an MoU with Ghana to explore the development of new mobility solutions in the country.

Mahamudu Bawumia, Ghanaian vice president, witnessed the agreement signed with his country.

According to a statement by Volkswagen on Friday, the agreement will see new plants being built in both countries, thereby expanding the automobile market in the continent.

Commenting on the proposed venture, Thomas Schaefer, head of Volkswagen’s sub-Saharan region, said: “Both memorandums of understanding demonstrate one thing: the seriousness with which Volkswagen takes its commitment to Africa.

“We are well positioned. The situation on the continent has stabilized, and the economy is moving forward. The final hurdles for the development of the automotive industry there have been removed as a result. This is a great opportunity for us.”

Volkswagen’s expansion agenda in Nigeria will include developing a training academy, in conjunction with the German government.

A plan to develop a comprehensive Volkswagen vehicle and service network in the country is also in the works, but “subject to commercial viability”.

The statement said the Nigerian government has pledged to “accelerate the passage of Nigerian automotive policies”.

“This includes the gradual transition from the importation of used cars to the manufacture and distribution of new passenger vehicles,” the compa

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VenturesNow

Moroccan annual inflation rises to 0.8% in November

Published

4 days ago

December 21, 2024

Ifeoluwa Dada

Morocco’s statistics office has confirmed that the country’s annual inflation rate, as determined by the consumer price index, increased from 0.7% in October to 0.8% in November.

Monthly, consumer prices decreased by 0.2% from October.

The primary driver of inflation, food costs, grew by 0.8% compared to the previous year, while non-food inflation climbed by 0.7%. Core inflation, which does not include more erratic items like food, increased 2.6% annually and 0.2% monthly.

According to the central bank, inflation is expected to average 1% this year, down from 6.1% last year.

Despite the Al-Haouz earthquake, a spike in inflation, and worldwide economic challenges, Morocco’s GDP grew by 3.4% in 2023.

A recovery in tourism, robust industrial exports, and rising private consumption—all bolstered by prudent macroeconomic policies—were the main drivers of growth.

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Nigeria’s $42bn foreign reserves enough for 9 months’ imports— Central Bank

Published

5 days ago

December 20, 2024

Ifeoluwa Dada

According to Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN), the nation’s $42.01 billion in foreign reserves can cover imports of goods and services for almost nine months.

Cardoso promised Nigerians improved economic fortunes in 2025 while addressing the Senate Committee on Banking, Insurance, and Other Financial Institutions yesterday in Abuja at the presentation of the performance index report.

Cardoso stated: “External Reserves rose from $ 38.35 billion it was on September 30, 2024, to $ 42.01 billion as of December 12, 2024”.

He clarified that third-party receipts in Q3 2024 and revenues from taxes connected to crude oil were the main drivers of the rise in foreign reserves during the specified time.

“We saw remarkable improvements in our trade balance and maintained a current account surplus,” he added.

“Our external reserves level can finance over 9.09 months of import of goods and services or 13.91 months only, higher than the international benchmark of 3.0 months and a robust buffer against shocks”.

On cash shortage, the CBN boss reiterated the N150 million fine against any branch of banks caught illegally distributing new Naira notes to currency hawkers and unscrupulous elements and said the Nigerian economy will improve in 2025 through policies and measures.

He predicted a stronger economic future: “Despite our economy’s challenges, there are clear reasons for optimism.

“The gradual stabilization of the forex market, ongoing banking sector recapitalization, and positive growth trends in key sectors, especially the services sector, indicate a path toward recovery and stability.”