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Local Content: Finance Minister Lauds Innoson Vehicle Firm

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By Tony Obiechina, Abuja 
Minister of Finance Budget and National Planning, Mrs Zainab Ahmed has commended Innoson Vehicle Manufacturing Company Limited for its relentless efforts in the local manufaturing of automobiles in the country. 
The Minister who spoke at the commissioning of three new automobile assembly plants of Innnoson Vehicle Manufacturing Company Limited in Nnewi, Anambra State said it was gratifying that the “Innoson Brand” which is proudly Nigerian has blazed the trail in automobile assembly under the National Automobile Industrial Development Plan (NAIDP).

   

She congratulated the Government the people of Anambra State and proprietor of Vehicle Manufacturing Company, Chief Innocent Chukwuma “for this commendable and laudable feet towards creating jobs, growth and investment in Nigeria”.


The Minister who noted that Nigeria  should be able to produce what it consumes, however disclosed that while the country’s annual vehicle demand is put at about 720,000, local production currently stands at about 15,000. 
“This is not encouraging, as this means that we have to rely on imports to meet the demand for vehicles which cannot be met by the upcoming local automobile industry”, she frowned.
According to Mrs Ahmed, out of about fifty companies that were recommended by the National Automotive Design and Development Council (NADDC) her ministry to be given recognition as bonafide automobile manufacturers/assemblers, and to be allowed to import Completely Knocked Down and Semi-Knocked Down (CKD/SKD) components at 0% and 10% duty rates respectively, only about 15 are currently into active production.
 The Minister said, “I am glad to see that Innoson Vehicle Manufacturing Company Limited is striving relentlessly to be part of our local manufacturers. In line with the aspirations of achieving government’s 2021 budget objectives, bold, decisive and urgent actions would be taken where necessary to address some of the challenges of the Nigerian Automotive sector. 
“In this regard, and to further encourage and nurture the Nigerian Automotive Industry to growth, Mr. President has directed that all vehicles to be purchased under approved Federal Government budgets, should be procured from locally assembled vehicles. Other tiers of government are also inspired to do the same. This is in order to stimulate growth of the industry through patronage which will sustain jobs locally rather than keep them abroad. 
She stated that as part of the key principles underpinning the Finance Act, 2020, “we shall continue to foster closer coordination of Monetary, Trade and Fiscal Policies. This is to ensure that we continually endure and evolve fiscal and monetary policies to enhance the growth and development the Nigeria’s economy, especially the automotive industry.
“To put in perspective, the affordability of locally manufactured vehicles for the Nigerian citizens would require support for the vehicle purchase scheme under NAIDP. We shall therefore initiate discussions with relevant authorities towards means to support the scheme to promote consumer credit and financial inclusion”. 
She announced that the Ministry has put in place a Vehicle Registration (Vreg) Portal, to ensure that every vehicle imported or manufactured locally is captured in a Central database, using the 18 – digit Vehicle Identification Number (VIN). 
This, according to her “is to help tackle smuggling and forestall leakages in government revenue from evasion of import duty payment on all vehicles”.

Agriculture

FG Calls for Stronger Agricultural Value Chains to Boost Food Security

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The Federal Government has called for a stronger agricultural value chains, increased agro-industrialisation and improved market access to boost food security in Nigeria.

The Permanent Secretary, Federal Ministry of Agriculture and Food Security, Dr.

Marcus Ogunbiyi, made the call on Monday in Enugu during the Technical Session of the National Council on Agriculture and Food Security.

The theme of the event is “Enhancing Agricultural Value Chains, Agro-Industrialization and Market Access for Economic Growth.”

Ogunbiyi, who doubled as the Chairman of the Technical Session, said that the country must move beyond subsistence farming and embrace a commercially driven agricultural system capable of supporting industries, improving farmers’ incomes and expanding export opportunities.

“Our task goes beyond increasing the volume of food produced.

“We must build an agricultural economy that creates wealth, supports industries, generates decent employment, expands exports, improves rural livelihoods and contributes meaningfully to national economic growth,” he said.

The Permanent Secretary identified inadequate storage and processing facilities, limited access to finance, poor logistics and weak links between farmers and processors as major challenges affecting the competitiveness of agricultural products.

He called for increased investment in agro-processing facilities, rural roads, irrigation, electricity, cold-chain infrastructure and modern technologies to reduce post-harvest losses and promote local value addition.

“Agro-industrialisation is central to the transformation we seek to achieve. It provides the bridge between agriculture and industry.

“It also enables agricultural production to serve as a reliable source of raw materials for manufacturing and other productive sectors of the economy.

“The value of this Council will ultimately be determined by the quality of its resolutions and the extent to which those resolutions are implemented,” Ogunbiyi stated.

He also urged state governments to identify priority commodities, establish clear production and processing targets, attract private-sector investment and strengthen partnerships with research institutions and development partners.

In his remarks, the Enugu State Commissioner for Agriculture and Agro-industrialisation, Patrick Uburu, said that the state government was committed to agro-industrialisation to boost farmers’ income, create jobs and generate wealth.

Uburu, who described the technical sessions as a platform for translating policies into practical solutions, urged delegates to prioritise farmers and agribusiness operators in their deliberations.

He emphasised the need for stronger collaboration among state governments, federal agencies and development partners to address food security challenges, noting that recommendations from the meeting should be measurable and implementable.

The commissioner called for practical policies and investments that would improve farmers’ productivity and expand market access for agricultural produce.

Technical Lead Policy Advisory, GIZ ECOWAS & Nigeria, Dr Abiodun Ihebuzor, advocated for stronger partnerships and increased investment in agricultural value chains to reduce post-harvest losses and improve food security in Nigeria.

Ihebuzor noted that previous engagements at the 46th Council in Calabar and the 47th Council in Kaduna had provided opportunities to advance agricultural development.

He expressed optimism that the current meeting would strengthen collaboration among government institutions, development partners and private-sector operators.

According to him, healthy soils, efficient markets and improved storage systems were essential to sustainable food security.

On her part, Geraldine Onu, Deputy Director, Administration and Supply, Enugu State Ministry of Agriculture and Agro-Industrialisation, disclosed that the State Government had intensified efforts to transform agriculture from subsistence farming to commercial and mechanical farming as part of its economic development agenda.

She noted that investments in irrigation, storage, processing and agricultural infrastructure were aimed at increasing production, attracting private investment, reducing post-harvest losses and improving farmers’ livelihoods.

“In Enugu State, under the visionary leadership of Gov. Peter Mbah, agriculture occupies a strategic position in the state’s economic transformation agenda.

“The initiatives include the 300,000-hectare agricultural land bank, the development of Smart Farm Estates across the 17 Local Government Areas, the 260 Farm Estate Programme and the establishment of a tractor assembly plant,” Onu added.(NAN)

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Business News

NELFUND Loan Improves Graduate’s GPA to 3.50

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A graduate of the University of Maiduguri, Shianya Ebwaseh, said the Nigerian Education Loan Fund (NELFUND) helped improve her Grade Point Average (GPA) to 3.50 through financial support that enabled her to concentrate on her studies.

Ebwaseh, who graduated from the Department of Zoology, Faculty of Life Sciences, said this in an interview on Monday in Maiduguri.

She said financial difficulties had previously affected her academic performance, as she struggled to meet her daily needs while pursuing her degree.

The graduate said she resorted to selling fried chips and groundnuts on campus to support herself, sometimes missing lectures because of the time and energy required to run the business.

According to her, the introduction of NELFUND’s student loan scheme relieved her financial burden through tuition support and a monthly N20,000 upkeep allowance.

“Before NELFUND, I struggled with my GPA because of financial challenges. I sometimes missed lectures after spending hours frying and packaging chips for sale.

“But when NELFUND came, I stopped the business and concentrated on my studies. My GPA improved to 3.50, which is Second Class Upper,” she said.

Ebwaseh said the financial support also enabled her to attend lectures regularly, purchase learning materials and prepare adequately for tests and examinations without constant worries about money.

She added that her examination scores improved significantly after she began receiving the support, attributing the change to increased concentration and financial stability.

The graduate, who said she accessed the scheme in her third year, described the application process as simple and encouraged other eligible students to apply.

She also said the programme had helped financially disadvantaged students remain in school, particularly those whose parents could not afford tuition fees and upkeep.

Ebwaseh appealed to the Federal Government to sustain the initiative, emphasising that withdrawing the support could expose many students to financial difficulties and possible dropout.

She said the scheme had given beneficiaries an opportunity to pursue their academic ambitions with fewer financial distractions.(NAN)

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FG Seeks Synergy Among Housing Agencies to Boost Housing Delivery

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The Minister of Housing and Urban Development, Dr Muttaqha Darma, has called for synergy among government agencies in the housing sector to improve coordination and accelerate housing delivery.

Darma made the call in Abuja on Monday at the stakeholders’ conference on the proposed National Real Estate Regulatory Authority (NRERA).

The conference, themed “One vision, One Ecosystem, One National Housing and Real Estate Plan”, was organised by the Office of the Speaker, House of Representatives, and the House Committee on Housing and Habitat.

The minister said the lack of coordination among government agencies had affected the effective delivery of houses to Nigerians, noting that institutions in the sector operated independently.

“The players within the industry, all of us, operate in silos.

“Federal Housing Authority (FHA) does not even know what the Federal Mortgage Bank of Nigeria (FMBN) is doing. FMBN does not know what the Ministry of Finance Incorporated (MOFI) is doing,” he said.

According to him, the various institutions must work together towards a common goal rather than operate independently.

“Our target is to build houses for Nigerians. We are wasting our time because if we fail, it is us who fail, not the President,” he said.

The minister expressed support for the establishment of NRERA, saying the proposed authority would address the regulatory gaps in the real estate sector.

He said the ministry had reviewed the proposed legislation and recognised its potential to improve the sector.

Darma also disclosed that abandoned housing projects funded by the Federal Mortgage Bank of Nigeria (FMBN) across the country were worth about N38 billion.

He said a survey conducted by the ministry revealed abandoned FMBN-funded housing developments in every state of the federation, including the Federal Capital Territory.

“We realised about N38 billion of contributors’ money, your own money, all the Nigerian workers’ money. N38 billion is wasted,” he said.

He said that the poor management of workers’ contributions could discourage Nigerians from contributing to the National Housing Fund.

The minister urged the committee handling the proposed legislation to ensure that state governments were included in the regulatory framework.

He also called for safeguards to protect homebuyers, tenants, developers and mortgage lenders, including mandatory escrow accounts for buyers and standardised tenancy agreements.

The Managing Director and Chief Executive Officer of the Ministry of Finance Incorporated (MOFI), Dr Armstrong Takang, said effective regulation was necessary to restore investor confidence in Nigeria’s real estate sector.

Takang said the sector contributed 12.71 per cent to Nigeria’s Gross Domestic Product (GDP) as of June 2026, but remained largely unregulated.

He said the absence of a national licensing system had allowed unqualified individuals to operate as estate agents and developers without adequate accountability.

“Anyone can sell land, anyone can collect off-plan payments, run into tens of billions and get away with it. There are very few countries in the world where these are allowed,” he said.

He called for mandatory licensing of real estate operators and the protection of buyers’ funds through designated project accounts.

“An operator must be licensed with the authorities. No one should be operating in the real estate sector without a licence, no matter which part of the value chain they are involved in,” he said.

He added that buyers’ funds should be kept in protected project accounts and released to developers based on evidence of progress on construction.

Takang said effective regulation would attract domestic and foreign investment, protect citizens and support the Federal Government’s one-trillion-dollar economy target.

He urged the National Assembly to ensure the passage of the proposed legislation, describing it as critical to bringing order and transparency to the real estate sector.

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