The Nigerian Investment Promotion Commission, NIPC, has launched the Enugu State edition of the Nigerian Investment Certification Programme for States, NICPS, a programme designed to prime the states to attract both local and foreign investments.

This came on a day the Governor of Enugu State, Dr. Peter Mbah, said the state was quick to grab the investment certification opportunity co-signed by the Federal Government and the United Nations Development Programme to boost the state’s attractiveness to investors.

Speaking during a working visit to the governor on the sidelines of the flag-off programme, the Executive Secretary of NIPC, Aisha Rimi, said the “NICPS aims to identify and promote the unique investment opportunities within each state, enhance the image of the states as attractive destinations for investment, strengthen federal and state cooperation on investment promotion, and improve the services provided to investors, ultimately boosting investment inflows, creating jobs, and increasing state revenues.”

She said the agency was quick to launch the programme in Enugu State given the vast investment opportunities in the state and governor’s drive to harness them and also revive the state’s moribund assets.

“With its abundant natural resources, vibrant agricultural sector, and burgeoning industrial landscape, Enugu State stands to gain significantly from this programme. The State government’s efforts under your leadership, particularly in revitalising moribund industries, developing industrial parks, and improving infrastructure, align perfectly with the objectives of the NICPS.

“We are particularly encouraged by the governor’s commitment to projects such as the recent signing of an MoU with Pragmatic Palms Limited and the rehabilitation of the state’s moribund industries, including NigerGas Co. Ltd, Niger Steel Company Ltd, and Sunrise Flour Mills Ltd, amongst others. These initiatives are crucial for encouraging investment and economic growth.

“An important factor in attracting investment is the availability and clarity of land titling. The Enugu Geographic Information Service (ENGIS) created by the present state government plays a crucial role in this area.

“ENGIS ensures that investors can confidently acquire and develop land by streamlining the land titling processes and maintaining accurate records.

“So, as we launch the NICPS in Enugu State today, I am confident that the programme will significantly enhance the State’s ability to attract both foreign and domestic investments. The NICPS will also build capacity for State officials and promote industrial and economic growth,” she stated.

Responding, Governor Mbah, who was represented by the Deputy Governor, Barr. Ifeanyi Ossai, reiterated the administration’s determination to transition the state from a civil-service state to a private sector-driven economy.

“When we sought to serve our people, we understood clearly that we must migrate them from a predominantly civil service state to a productive state that we must curate investment.

“So, we have to think outside the box on how we can drive investment that will create the economy that we want to leave behind for our people.

“Therefore, when your certification programme was introduced to us, we were quite excited because that was essentially going to irrigate the fertile ground we tried to provide for the investors.

“All of us here are marketing officers and investment officers for the state. Our appetite to have investors is insatiable. That is what we wake up every morning thinking of how to do.

“So, on behalf of a grateful state, we want to assure the NIPC that whatever is required of us as a government, we will leave no stone unturned until those last lines are met to open a floodgate of investments,” Mbah said.

Throwing more light on the programme, the CEO of the Enugu State Investment Development Authority, Dr. Sam Ogbu-Nwobodo, said the state investment certification programme, when completed, would serve as a stamp of approval that the state is ready to receive and sustain investment.

“The certification gives NIPC the confidence that we are ready and it makes it easier for them to drive those investors to our state. And of course, it gives us an edge over the number of other competing entities, both states and nations.

“Investors will go where they are welcomed and the certification program will make us stand out in the crowd as one of the few places that you can say yes, they are ready, and then my investment is safe and I want to go there,” he explained.

By Maxim Makarchuk

The Nigerian luxury car market is experiencing remarkable growth despite the challenges posed by rising inflation and economic turbulence. This is unsurprising as the industry stands as a symbol of elegance, prestige, and affluence in Nigeria’s dynamic economic landscape.

According to Statista, revenue in the Nigerian luxury car market is projected to reach USD 32 million by the end of 2024. The industry is expected to have an annual growth rate (CAGR 2024-2028) of 14.75%, resulting in a projected market value of USD 55 million by 2028.

This exponential industry growth is driven by a potent mix of different factors, including changing customer desires, emerging trends, infrastructure development, and a shifting preference for sustainable luxury cars.

Aspiration amidst adversity

There’s an insatiable appetite for luxury goods, especially amongst the growing Nigerian middle class, who aspire despite the difficulties and see cars as a significant luxury good.

The country’s economic fluctuations are no match for the allure of luxury brands such as Mercedes-Benz, Lexus, Toyota and Land Rover, currently the leading brands with over 60% contribution to the luxury cars ads on Jiji.  Luxury goods consumers prioritise symbolic consumption to showcase their success.

Thus, luxury cars have become a statement of achievement, a tangible manifestation of one’s income power, and social standing in a competitive society where appearances matter.

Balance of performance, style, and affordability

In addition to the undiminishing desire for prestige and social distinction, Nigerians also want to balance style, comfort, performance, and budget. Consumers are increasingly looking for relatively affordable cars that provide a comfortable and luxurious driving experience while delivering durability, fuel efficiency, and high performance on the road.

For instance, the demand for SUVs in Nigeria is skyrocketing in recent years. This can be attributed to several factors, including customers’ desire for vehicles with more space and versatility, as well as options more suitable for the country’s challenging road conditions.

A diverse nation with varied tastes

The purchasing patterns in Nigeria have led to a rich diversity in the luxury car market, catering to a wide spectrum of demographics, tastes, lifestyles, and budgets. In response, luxury car dealers and other related businesses are continually emerging to meet the needs of their discerning clientele. Nigeria’s luxury car market is poised to continue its rising as a fast-growing, multi-diverse nation, meeting the specific expectations of its affluent customers.

Urbanisation

Infrastructure investment is also driving the growth of the luxury car market in Nigeria despite the rising inflation. Nigeria’s ambitious infrastructure projects are reshaping the automotive sector, creating an environment conducive to luxury car ownership.

Improved road networks and upscale residential developments are fueling the desire for high-end automobiles. A drive through the streets of Banana Island, Lagos, the upscale neighbourhood of Maitama, Abuja, and other upscale neighbourhoods exposes one to an array of luxury cars.

 The need for sustainability

The country is embracing sustainable luxury just like the rest of the world, and it’s a driving force behind customer preferences. Luxury car buyers in Nigeria are increasingly drawn to eco-friendly and fuel-efficient models that offer performance without harming the climate.

For instance, Tesla’s electric vehicles and BMW’s i3 are gaining popularity in the Nigerian luxury car market due to their sustainability features.

Stakeholders must therefore hasten the process of infrastructural provisions for EV charging points in the country to accommodate the growing adoption of EVs. A few charging stations exist like the NADDC stations in Lagos and Sokoto, as well as privately owned stations in-office and in-home.

Demand for luxury goods undeterred by rising inflation or other macroeconomic factors

The luxury goods companies can be considered inflation-proof as the consumer is willing to pay the premium.

While this strong standing may be challenged in the future if the inflation rate continues its hike, the high-end luxury market and major luxury brands remain less affected by the rates compared to the rest of the market.

Despite the economic challenges posed by inflation, the luxury car market in Nigeria stands as a beacon of resilience and aspiration. It continues to defy gravity as consumers, undeterred by economic fluctuations, prioritise status, comfort, and performance on the road.

Available data shows that Nigerians’ love for luxury automobiles shows no signs of slowing down. It’s no wonder why the car upgrades business is also in its booming season – old model, upgraded body.

With platforms like Cars45, Carmart, and Jiji making access to affordable cars easier for the common man, the industry is poised to continue its upward trajectory, defying odds and charting a course of steady growth.

For car dealers, investors, car loan financiers, and other automotive industry players, this is a wake-up call to double up efforts to be better prepared to meet the economic and industry shakeup expected with such rapid growth.

Maxim Makarchuk isChief Operating Officer, Jiji and Cars45

d.light, the global provider of transformational household products and affordable finance for low-income households, is providing 10,000 subsidized solar home systems to refugees who have fled conflict in South Sudan and the Democratic Republic of Congo and who are now living in refugee camps in Northern and Western Uganda.

The 10,000 units are part of a wider initiative to supply 23,000 solar home systems to Ugandan refugee communities.

The project is being funded by a USD$3.4M grant from Private Sector Foundation Uganda (PSFU), a body made up of business associations, companies and public sector agencies in Uganda: and Energising Development (EnDev), an international programme by the German, Dutch, Norwegian and Swiss governments to provide access to affordable, reliable, sustainable energy for delivering social, economic, and environmental change.

The project began in April and is scheduled to run for 12 months. Funds from the grant are subject to results based financing (RBF) and d.light will only receive funding for solar home systems that have been installed.

Each solar home system from d.light features three high-efficiency LED lights, an FM radio with MP3 playback, mobile phone charging capability, and a portable solar flashlight.

Commenting on the news, d.light’s Managing Director for Uganda Douglas Gavala said, “With this grant, we can expand the important work we’re doing to improve living conditions for underserved refugee communities from South Sudan, the DRC and elsewhere who are living in refugee camps in Uganda.

“A solar home system significantly improves the quality of life and wellbeing of a household – whether it’s providing entertainment or letting a family stay up to date on local and global news on the radio or enabling children to continue reading and studying after dark.

“As well as benefits at home, d.light products also bolster household income in Uganda’s refugee settlements by extending working hours for tradespeople and small businesses, and providing an income for residents who work as d.light salespeople in the settlements.

“By providing high-quality solar products at an affordable price, we are improving the quality of life for displaced people while simultaneously encouraging economic activity at a grassroots level.”