Connect with us

VenturesNow

Germany’s Volkswagen plans automotive hubs in Nigeria, Ghana

Published

on

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.”

Read Also: Eritrea plans sea port as peace with Ethiopia excites investors

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

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

VenturesNow

AfreximBank to train African companies under AfCFTA

Published

on

The African Export-Import Bank declared that it would begin a programme of capacity building to enable African companies to capitalize on the advantages of the African Continental Free Trade Area.

The continental bank said in a statement on Wednesday that its academy will oversee the capacity-building initiative in coordination with the AfCFTA Secretariat.

With 54 of the 55 members of the African Union signing the AfCFTA, the number of participating countries makes it the largest free trade area in the world.

According to Afreximbank, the American University in Cairo will work with them to offer the training, slated to take place in September in Cairo, Egypt.

The bank declared that it will concentrate on the AfCFTA’s commercial ramifications and the many opportunities it offers African businesses.

“Afreximbank is a key supporter of the implementation of the AfCFTA, whose focus is on transforming Africa from a fractured, commodity-dependent group of economies to a vibrant, integrated single market of about two billion people with a combined GDP of about $3.4tn,” said Dr. Yemi Kale, Group Chief Economist and Managing Director of Research at Afreximbank, in response to the program.

“In this regard, we believe that well-informed and prepared businesses are key to driving intra- and extra-African trade and investment. Through this training program, which is one of the numerous capacity-building initiatives the Bank has put in place to promote intra- and extra-African trade and investments, we aim to empower African businesses to fully exploit the vast opportunities created by the AfCFTA, thereby enhancing their competitiveness and contributing to sustainable economic growth in Africa.”

Additionally, Tsotetsi Makong, Head of Capacity Building and Technical Assistance at the AfCFTA Secretariat, emphasized the significance of capacity building for the AfCFTA’s successful implementation.

Makong said, “Investing in capacity building for the corporates and SMEs will ensure that home-sourced investments are mobilised and deficits with third country markets reduced, proving the AfCFTA to be the single most important instrument that de-risks the African continent in its entirety when it comes to investments.”

Continue Reading

VenturesNow

Ghana: Inflation decreases to 22.8%

Published

on

According to the statistics office, Ghana’s consumer inflation decreased for a third straight month in June, falling from 23.1% in May to 22.8% year over year.

Samuel Kobina Annim, a government statistician, stated at a press conference that the June inflation was mostly caused by a decrease in non-food inflation, which fell to 21.6%, sufficient to offset a rise in food inflation.

The West African nation that produces oil, gold, and cocoa is struggling to recover from a financial catastrophe.

Last week, it overcame a significant obstacle to restructure its foreign obligations when its official creditors verified that the suggested debt rework was not unduly advantageous to bondholders.

In Ghana, the rate of inflation was approximately 9.98 per cent higher than the previous year. By 2029, inflation in Ghana is expected to have dropped to 8% from its peak of about 17.5% in 2016.

Economists say that a stable economy of a nation should aim for a constant inflation rate of two to three per cent. The rise in consumer goods and services prices over a specific period is known as inflation.

Excessive money supply is often the cause of high inflation rates, which can lead to hyperinflation—that is, inflation that happens too quickly and swiftly, devaluing currency and even triggering a recession or even an economic collapse.

Continue Reading

EDITOR’S PICK

Tech4 hours ago

ADB launches mapping project for African women entrepreneurs

The African Development Bank (ADB) has launched a mapping project targeting 160 women entrepreneurs’ associations in 16 African countries. The...

Sports5 hours ago

Professional Fighters League names Cameroonian fighter Ngannou new Africa boss

The Professional Fighters League (PFL) has named Cameroonian Mix Martial Arts fighter, Francis Ngannou, as its African chief. The announcement...

Metro5 hours ago

Zambia ranks 8th in Africa for highest food inflation

Zambia has been ranked as the eighth African country with the highest food inflation as of May 2024, with a...

Politics5 hours ago

Kenya’s Ruto sacks cabinet amidst protests in major win for protesters

In response to pressure from widespread protests that have produced the greatest crisis of his two-year government, Kenyan President William...

Culture5 hours ago

President Tinubu renames Nigeria’s National Theatre after Nobel Laureate Soyinka

The Nigerian National Arts Theatre has been renamed after the country’s only Nobel Laureate, Prof. Wole Soyinka, on the occasion...

Metro9 hours ago

Nigerians thrown into mourning as 22 die, 150 injured in school building collapse

Nigerians have been thrown into mourning following the death of 22 victims including young school children and their teachers after...

Sports1 day ago

Eritrean cyclist Girmay nicks third Tour de France victory

Eritrean cyclist, Biniam Girmay, has created another record after he cycled to his third victory at this year’s Tour de...

Metro1 day ago

Zambia: Security guard shoots five workers at Simba Beverages company

A Zambian security guard working at the Simba Beverages in Lusaka has been arrested after he shot and wounded five...

Tech1 day ago

Bolt Kenya launches new campaign to celebrate its drivers

Bolt Kenya has announced the launch of a new reward campaign dubbed, “Drive for a Prize”, aimed at celebrating its...

Culture1 day ago

Ghanaian woman sets Guinness World Record for ‘Most Cars Washed’ in 8 Hours by an individual

The Guinness World Records (GWR) has officially confirmed a Ghanaian woman, Felicity Asantewaa, as the record holder for “Most Cars...

Trending