The United States plans to impose a 25 percent tariff on imported vehicles. Car dealers in Nigeria worry that the added costs will significantly drive up prices locally. A large portion of imported vehicles in Nigeria come from the United States.
Monday, March 3, 2025
Video - Nigerian car dealers warn proposed U.S. tariff on auto imports would hurt consumers
The United States plans to impose a 25 percent tariff on imported vehicles. Car dealers in Nigeria worry that the added costs will significantly drive up prices locally. A large portion of imported vehicles in Nigeria come from the United States.
Moniepoint, AfriGO to introduce 5m contactless cards in Nigeria
AfriGO, national domestic card scheme powered by Afrigopay Financial Services Limited (AFSL), a subsidiary of the Nigeria Inter-Bank Settlement System, has announced a strategic partnership with Moniepoint Inc.
This collaboration, according to AfriGO, will drive the distribution of 5 million AfriGO cards and introduce contactless, tap-to-pay solutions, boosting Nigeria’s commitment to a thriving, cashless economy.
It went on to say by leveraging Moniepoint’s extensive agent network and robust infrastructure, “this partnership will enable seamless, secure, and instant payments.
“Users will be able to complete transactions by simply tapping or hovering their AfriGO card or Near Field Communication-enabled devices over a payment terminal or compatible mobile phone.”
Ebehijie Momoh, managing director and CEO of AFSL, commented: “Our collaboration with Moniepoint aligns with AfriGO’s mission to deepen financial inclusivity and reduce reliance on foreign exchange for card transactions.
“With AfriGO, businesses and consumers alike benefit from a secure, affordable, and locally-driven payment solution that keeps transaction data within Nigeria, fostering local innovation and empowering small and medium-sized enterprises.”
Tosin Eniolorunda, CEO of Moniepoint, added: “Contactless payments have far-reaching benefits for our ecosystem. By unlocking the potential of digital payments, we can create a better life for all Nigerians and reshape the digital economy to help individuals, businesses, and institutions achieve their goals.”
By Samuel Olomu, ITWeb
This collaboration, according to AfriGO, will drive the distribution of 5 million AfriGO cards and introduce contactless, tap-to-pay solutions, boosting Nigeria’s commitment to a thriving, cashless economy.
It went on to say by leveraging Moniepoint’s extensive agent network and robust infrastructure, “this partnership will enable seamless, secure, and instant payments.
“Users will be able to complete transactions by simply tapping or hovering their AfriGO card or Near Field Communication-enabled devices over a payment terminal or compatible mobile phone.”
Ebehijie Momoh, managing director and CEO of AFSL, commented: “Our collaboration with Moniepoint aligns with AfriGO’s mission to deepen financial inclusivity and reduce reliance on foreign exchange for card transactions.
“With AfriGO, businesses and consumers alike benefit from a secure, affordable, and locally-driven payment solution that keeps transaction data within Nigeria, fostering local innovation and empowering small and medium-sized enterprises.”
Tosin Eniolorunda, CEO of Moniepoint, added: “Contactless payments have far-reaching benefits for our ecosystem. By unlocking the potential of digital payments, we can create a better life for all Nigerians and reshape the digital economy to help individuals, businesses, and institutions achieve their goals.”
MTN Nigeria and Huawei Complete World’s First Commercial FDD Tri-Band Massive MIMO Deployment
This breakthrough has led to a 90% surge in LTE traffic volume and a 252% increase in user-perceived rates during peak hours over the previous 4T4R setup. The deployment has enabled MTN to achieve its goals of improving network capacity and user experience.
Over the past two years, Nigeria, Africa’s most populous country, has undergone a rapid transition from 2G/3G to 4G, accompanied by a surge in new digital services. This transition has doubled traffic demand on MTN Nigeria’s networks, leading to an average PRB usage of 60% and over 90% in hotspot areas. To meet these growing needs, MTN Nigeria and Huawei have collaborated to scale the adoption of single-band FDD Massive MIMO. They successfully introduced the world’s first FDD Massive MIMO six-sector site, which has significantly improved network spectral efficiency and capacity.
This commercial FDD tri-band Massive MIMO solution, the first of its kind worldwide, is a significant milestone in mobile network development. Huawei had only recently announced the global launch of this solution that features a downlink LTE capacity three to four times higher than the previous 4T4R setup. Furthermore, it can amplify capacity by up to 7 times as the networks evolve to NR. The solution uses the industry-leading true wideband and compact dipole technologies to implement integrated deployment of 1.8 GHz, 2.1 GHz, and 2.6 GHz bands while maintaining the same device size as traditional dual-band Massive MIMO. This design adds frequency bands and power without increasing weight or frontal area of devices, ensuring excellent performance and easy deployment.
Through long-term collaboration and innovation, MTN and Huawei have achieved remarkable success in the FDD Massive MIMO field. The world’s first commercial FDD tri-band Massive MIMO significantly enhances network performance, enabling MTN to deliver an exceptional user experience. Both parties will continue to drive technological innovation, tackle key challenges in network development, and provide superior communication services to users.
Over the past two years, Nigeria, Africa’s most populous country, has undergone a rapid transition from 2G/3G to 4G, accompanied by a surge in new digital services. This transition has doubled traffic demand on MTN Nigeria’s networks, leading to an average PRB usage of 60% and over 90% in hotspot areas. To meet these growing needs, MTN Nigeria and Huawei have collaborated to scale the adoption of single-band FDD Massive MIMO. They successfully introduced the world’s first FDD Massive MIMO six-sector site, which has significantly improved network spectral efficiency and capacity.
This commercial FDD tri-band Massive MIMO solution, the first of its kind worldwide, is a significant milestone in mobile network development. Huawei had only recently announced the global launch of this solution that features a downlink LTE capacity three to four times higher than the previous 4T4R setup. Furthermore, it can amplify capacity by up to 7 times as the networks evolve to NR. The solution uses the industry-leading true wideband and compact dipole technologies to implement integrated deployment of 1.8 GHz, 2.1 GHz, and 2.6 GHz bands while maintaining the same device size as traditional dual-band Massive MIMO. This design adds frequency bands and power without increasing weight or frontal area of devices, ensuring excellent performance and easy deployment.
Through long-term collaboration and innovation, MTN and Huawei have achieved remarkable success in the FDD Massive MIMO field. The world’s first commercial FDD tri-band Massive MIMO significantly enhances network performance, enabling MTN to deliver an exceptional user experience. Both parties will continue to drive technological innovation, tackle key challenges in network development, and provide superior communication services to users.
Calls for Nigeria to reconsider tax on free trade zones
The Nigerian government should reconsider its decision to impose taxes on companies operating in free trade zones (FTZs) as this may result in the country losing its private jet maintenance hub operated by ExecuJet Nigeria at Lagos, which currently attracts aircraft from across Africa for cost-effective maintenance due to tax exemptions.
This is the call from Sam Iwuajoku, the administrator of the Quits Aviation Services Free Trade Zone, which hosts ExecuJet Aviation Nigeria FZE at Lagos International Airport. He told the newspapers Business Day and This Day Live that the facility handles maintenance, repair, and overhaul (MRO) services, trains local staff with expatriate expertise, and supports more than 1,000 jobs.
He warned that the tax reform would threaten these jobs, hinder technology transfer, and result in higher maintenance costs for Nigerian-owned aircraft as owners would have to take their aircraft to maintenance hubs overseas.
The Nigeria Export Processing Zones Authority (NEPZA) currently offers tax exemptions and other benefits to free-zone enterprises, including reduced foreign exchange risks.
ch-aviation has reached out to ExecuJet Nigeria for comment.
According to company information, it is part of ExecuJet Aviation Group, with Quits Group being the Nigerian partner. It is set up as an MRO and fixed-base operator (FBO) at Lagos with a 22,835 square metre concrete apron and a 4,074 square metre hangar. It serves the needs of the business jet market in Nigeria and visiting aircraft. Line and scheduled maintenance services are provided for Bombardier Business Aircraft, Dassault Falcon Jet, Embraer, Hawker Beechcraft, and other aircraft. The company is approved by the Nigerian Civil Aviation Authority, the South African CAA, the Bermudan CAA, and the Cayman CAA. EASA certification is in progress.
By Hilka Birns, ch-aviation
This is the call from Sam Iwuajoku, the administrator of the Quits Aviation Services Free Trade Zone, which hosts ExecuJet Aviation Nigeria FZE at Lagos International Airport. He told the newspapers Business Day and This Day Live that the facility handles maintenance, repair, and overhaul (MRO) services, trains local staff with expatriate expertise, and supports more than 1,000 jobs.
He warned that the tax reform would threaten these jobs, hinder technology transfer, and result in higher maintenance costs for Nigerian-owned aircraft as owners would have to take their aircraft to maintenance hubs overseas.
The Nigeria Export Processing Zones Authority (NEPZA) currently offers tax exemptions and other benefits to free-zone enterprises, including reduced foreign exchange risks.
ch-aviation has reached out to ExecuJet Nigeria for comment.
According to company information, it is part of ExecuJet Aviation Group, with Quits Group being the Nigerian partner. It is set up as an MRO and fixed-base operator (FBO) at Lagos with a 22,835 square metre concrete apron and a 4,074 square metre hangar. It serves the needs of the business jet market in Nigeria and visiting aircraft. Line and scheduled maintenance services are provided for Bombardier Business Aircraft, Dassault Falcon Jet, Embraer, Hawker Beechcraft, and other aircraft. The company is approved by the Nigerian Civil Aviation Authority, the South African CAA, the Bermudan CAA, and the Cayman CAA. EASA certification is in progress.
Friday, February 28, 2025
Nigerians displaced as rents double in inflation-hit Lagos
Nigeria's economic crisis is hitting renters in Lagos hard as landlords pass down the costs of spiralling inflation -- pushing residents further out, upending children's education and adding to workers' already infamous commutes.
With a population of more than 20 million, the country's sprawling, ever-growing economic capital has for years struggled to keep up with housing demand, with some 3,000 people added to its population per day.
But government-led economic reforms, including the floating of the naira currency and the removal of a fuel subsidy, have sent a shock through the economy.
In a city that scions of oil wealth, a solid middle class and millions of informal workers all call home, rents are spiking on both Lagos' richer islands and the cheaper -- and poorer -- mainland.
"I might just have to find a way to plead with my landlord," said Yemisi Odusanya, a 40-year-old cookbook author and food blogger.
After giving birth to twins last year, she's doubtful she can find a better deal elsewhere for her family of seven, even after her landlord in Lekki raised the rent 120 percent.
"I'm planning to pack out," Bartholomew Idowu, a transportation worker, said emphatically, though he wasn't sure where he and his children would move.
The mainland resident's landlord hit him with a 28-percent rent increase, from 350,000 naira ($232) per year to 450,000 -- a significant sum in a country where the GDP per capita is $835.
Nicholas Roll and Tonye Bakare, Fort Bend Herald
With a population of more than 20 million, the country's sprawling, ever-growing economic capital has for years struggled to keep up with housing demand, with some 3,000 people added to its population per day.
But government-led economic reforms, including the floating of the naira currency and the removal of a fuel subsidy, have sent a shock through the economy.
In a city that scions of oil wealth, a solid middle class and millions of informal workers all call home, rents are spiking on both Lagos' richer islands and the cheaper -- and poorer -- mainland.
"I might just have to find a way to plead with my landlord," said Yemisi Odusanya, a 40-year-old cookbook author and food blogger.
After giving birth to twins last year, she's doubtful she can find a better deal elsewhere for her family of seven, even after her landlord in Lekki raised the rent 120 percent.
"I'm planning to pack out," Bartholomew Idowu, a transportation worker, said emphatically, though he wasn't sure where he and his children would move.
The mainland resident's landlord hit him with a 28-percent rent increase, from 350,000 naira ($232) per year to 450,000 -- a significant sum in a country where the GDP per capita is $835.
- Children changing schools -
The government recently revised its inflation data, knocking down official year-on-year inflation in January to 24.48 percent, from December's 34.80 percent figure.
That's been of little consolation to ordinary Nigerians.
"The way out at the moment is to look for a way to pay," said Dennis Erezi, a journalist, noting that his 31-percent rent increase is still cheaper than moving.
Jimoh Saheed, a personal trainer, had to leave his one-room flat in a middle-class neighbourhood in Ikoyi when his landlord more than doubled his rent to 2.5 million naira a year and a half ago.
Moving to the mainland meant he was further from his clients and his two children had to change schools and now pay for transport since they no longer live close enough to walk to class.
Late last year, his new landlord raised his rent by 25 percent.
"This is affecting me emotionally, it's affecting me mentally, and in fact, physically," said the 39-year-old, who said his earnings have not kept up with the pace of inflation despite taking on more work.
Lawyers say that rent hikes cannot be unilaterally imposed and are supposed to be negotiated between parties.
But laws are rarely enforced without the threat of a lawsuit, attorney Valerian Nwadike told AFP, noting an uptick in tenant-landlord disputes in the past year.
The government recently revised its inflation data, knocking down official year-on-year inflation in January to 24.48 percent, from December's 34.80 percent figure.
That's been of little consolation to ordinary Nigerians.
"The way out at the moment is to look for a way to pay," said Dennis Erezi, a journalist, noting that his 31-percent rent increase is still cheaper than moving.
Jimoh Saheed, a personal trainer, had to leave his one-room flat in a middle-class neighbourhood in Ikoyi when his landlord more than doubled his rent to 2.5 million naira a year and a half ago.
Moving to the mainland meant he was further from his clients and his two children had to change schools and now pay for transport since they no longer live close enough to walk to class.
Late last year, his new landlord raised his rent by 25 percent.
"This is affecting me emotionally, it's affecting me mentally, and in fact, physically," said the 39-year-old, who said his earnings have not kept up with the pace of inflation despite taking on more work.
Lawyers say that rent hikes cannot be unilaterally imposed and are supposed to be negotiated between parties.
But laws are rarely enforced without the threat of a lawsuit, attorney Valerian Nwadike told AFP, noting an uptick in tenant-landlord disputes in the past year.
- Luxury market -
The government hopes its economic reforms will eventually pay dividends, but for nearly two years Nigerians have slogged through the worst economic crisis in a generation.
There are also structural issues at play: high interest rates mean mortgages are out of reach for most, and developers face a bureaucratic regulatory environment, said housing analyst Babatunde Akinpelu.
Lagos is also home to an outsize number of Nigeria's jobs -- leading to an unending stream of people pouring in.
Even as cranes and construction sites whir across the city, many new developments are targeted to the high-end market -- foreigners, Nigerians in the diaspora or oil sector workers, many of whom earn in dollars.
The result is a bifurcated housing market, where increased supply in the luxury sector doesn't trickle down to the rest of the housing stock, said economist Steve Onyeiwu.
"Most of (Lagos's) landlords are exposed to dollar-denominated expenses," like loans or mortgages for properties abroad, even as the naira's value has collapsed, said a director at Island Shoreline, a property management company, adding his own landlord recently tried to raise his rent 100 percent.
Improved public transit, such as the new rail line connecting Lagos and Ibadan, might alleviate pressure but for now there's a "snowball effect" of rising prices, he noted, asking that his name not be used given the sensitivity of rent hikes.
With leases typically paid up front for anywhere between one and three years, both landlords and renters try to negotiate a good deal to hedge against inflation.
But the current spike in rents is "alarming," said real-estate agent Ismail Oriyomi Akinola, noting 200 percent jumps on the wealthy Victoria Island.
"Good shelter is very key to every individual," he said. "Not only for the rich."
The government hopes its economic reforms will eventually pay dividends, but for nearly two years Nigerians have slogged through the worst economic crisis in a generation.
There are also structural issues at play: high interest rates mean mortgages are out of reach for most, and developers face a bureaucratic regulatory environment, said housing analyst Babatunde Akinpelu.
Lagos is also home to an outsize number of Nigeria's jobs -- leading to an unending stream of people pouring in.
Even as cranes and construction sites whir across the city, many new developments are targeted to the high-end market -- foreigners, Nigerians in the diaspora or oil sector workers, many of whom earn in dollars.
The result is a bifurcated housing market, where increased supply in the luxury sector doesn't trickle down to the rest of the housing stock, said economist Steve Onyeiwu.
"Most of (Lagos's) landlords are exposed to dollar-denominated expenses," like loans or mortgages for properties abroad, even as the naira's value has collapsed, said a director at Island Shoreline, a property management company, adding his own landlord recently tried to raise his rent 100 percent.
Improved public transit, such as the new rail line connecting Lagos and Ibadan, might alleviate pressure but for now there's a "snowball effect" of rising prices, he noted, asking that his name not be used given the sensitivity of rent hikes.
With leases typically paid up front for anywhere between one and three years, both landlords and renters try to negotiate a good deal to hedge against inflation.
But the current spike in rents is "alarming," said real-estate agent Ismail Oriyomi Akinola, noting 200 percent jumps on the wealthy Victoria Island.
"Good shelter is very key to every individual," he said. "Not only for the rich."
Nicholas Roll and Tonye Bakare, Fort Bend Herald
Subscribe to:
Posts (Atom)