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E-Business

Nigeria’s Used Vehicles Import Bill Drops 83% to N138.62bn

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The import bills on used vehicles, popularly known as tokunbo, into Nigeria fell by 83 percent year-on-year, YoY, to N138.62 billion in the first half of the year (H1’24) from N819.15 billion in H1’23 according to the National Bureau of Statistics, NBS.

Quarter-on-quarter, QoQ, breakdown of the National Bureau of Statistics, NBS, ‘Commodity Price Indices’ and Terms of Trade, ToT, report for the review period showed that in Q1’24, no used vehicle was imported compared to N69.23 billion worth of used vehicles that were imported in Q1’23.

In Q2’24, the value of imported used vehicles stood at N138.62 billion, representing an 81.5 percent decline YoY from N749.92 billion in Q2’23.

The report adds that the used vehicles were imported mainly from the United States of America, stating: “On the other hand, total imports from America in Q2’24 stood at N971.84 billion.

Recall that last year, the federal government introduced a new set of taxes on imported vehicles, and the new tax law stipulates that imported vehicles between 2000 capacity (2 litres) and 3999 capacity (3.9 litres) engine will pay an additional charge known as Import Adjustment Tax (IAT) levy of two percent of the value of the vehicle, while vehicles with 4000 capacity (4 litres) and above engines will attract IAT of four percent of their value.

The new levy is in addition to the 35 percent import duty and 35 percent levy being paid by importers of vehicles but vehicles below 2000cc, mass transit buses, electric vehicles, and locally manufactured vehicles are exempted from the IAT levy.


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E-Business

Microsoft to Boost AI Growth with $80Bn Investment

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Microsoft has announced plans to invest $80 billion in the 2025 fiscal year to expand its data centre infrastructure.

Microsoft to Boost AI Growth with $80Bn Investment

The investment will focus on supporting the training of artificial intelligence (AI) models and the deployment of AI and cloud-based applications.

The company disclosed this initiative in a blog post on Friday, emphasising its commitment to advancing AI and cloud technology.

Since OpenAI launched ChatGPT in 2022, investment in AI has surged as businesses across sectors strive to integrate artificial intelligence into their products and services.

AI requires enormous computing power, pushing demand for specialised data centres that enable tech companies to link thousands of chips together in clusters.

Before now, Microsoft has invested billions of dollars to enhance its AI infrastructure, broadening its data centre network.

Analysts project Microsoft’s fiscal 2025 capital expenditure, including capital leases, to reach $84.24 billion, according to Visible Alpha.

The company’s capital expenditure in the first quarter of the fiscal year rose by 5.3% to $20 billion.

As the primary backer of OpenAI, the tech giant is considered a leading player among Big Tech companies in the AI race, owing to its exclusive partnership with the AI chatbot developer.

More than half of Microsoft’s $80 billion investment will be allocated to the United States, Brad Smith, vice chair and president noted in the blog post.

“Today, the United States leads the global AI race due to the investment of private capital and innovations by American companies of all sizes, from dynamic start-ups to well-established enterprises,” Smith remarked.

 

 

 


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NDPC to Impose Heavy Fines on Defaulting Data Processors, Controllers this Year

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Nigeria Data Protection Commission (NDPC) has announced plans to significantly ramp up enforcement and impose substantial fines on data controllers and processors that violate the Nigeria Data Protection Act (NDPA) of 2023.

NDPC to Impose Heavy Fines on Defaulting Data Processors, Controllers this Year

Vincent Olatunji, national commissioner/CEO. NDPC

This was disclosed by Dr Vincent Olatunji, national commissioner/CEO of the Commission, in a video message outlining the Commission’s 2025 agenda, shared on the agency’s social media platforms.

A statement issued by the Communications Division of the Commission on Friday quoted Dr Olatunji as saying that, “For data controllers and processors, there is going to be massive enforcement. We have never really issued any fine, but going forward, you’ll hear us giving heavy penalties.”

He assured Nigerians that their data rights, as guaranteed by the NDPA, will be fully protected, and defaulting data controllers and processors will face strict consequences.

The Commissioner highlighted the NDPC’s extensive engagements with stakeholders across public and private sectors to promote awareness and compliance with the Commission’s mandate.

The efforts, he said, have resulted in the signing of Memorandums of Understanding (MOUs) with key organisations, including the National Insurance Commission (NAICOM), National Lottery Regulatory Commission (NLRC), the Data Privacy Office of Canada, and the Dubai International Financial Centre Authority (DIFC), among others.

Dr Olatunji also shared that the NDPC will advance to the second phase of its Strategic Roadmap and Action Plan (NDP-SRAP 2023-2027) in 2025.

This phase is expected to create job opportunities within Nigeria’s data protection and privacy ecosystem, particularly for young people.

The Commission has been actively training Nigerians in data protection and privacy, creating a pool of globally competitive experts within the data protection sector in 2025.

“There are a lot of data controllers and processors that are looking for people to work with them. Now those that we have trained in 2024, those we have certified, we are going to do more this year to actually launch them to the job market where they can really work with data controllers and processors,” he said.

Additionally, the NDPC will continue nationwide efforts to promote data protection awareness.

The Commission aims to educate citizens about their rights and the importance of data privacy while reminding data controllers and processors of their obligations under the NDP Act.

Dr Olatunji emphasised that these initiatives are part of the broader goal to embed a culture of data protection and privacy in Nigeria.

As part of its international engagement efforts, Nigeria will host the “Network of African Data Protection Authorities Conference” in May 2025, with over 40 nations with existing data protection laws expected to attend.

According to Dr Olatunji, this global event will position Nigeria as a leader in the data protection ecosystem, and bring significant economic benefits to the country.

The NDPC reiterated its commitment to ensuring data protection and privacy become integral to Nigeria’s digital landscape, building trust and fostering economic growth, the statement added.


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NIPOST Reports 275 Percent Revenue Growth in 2024

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Nigeria Postal Service (NIPOST), achieved a 275 percent increase in revenue for the year 2024, according to Tola Odeyemi, postmaster general.

NIPOST Reports 275 Percent Revenue Growth in 2024

At the beginning of the year, NIPOST set an ambitious target of generating N10 billion in revenue.

Although specific figures for the end of the year were not disclosed, the reported increase suggests a significant recovery for the postal service, which had previously faced consistent decline.

Odeyemi, who made the disclosure while listing NIPOST’s achievements for the year recently, attributed the growth to a series of reforms aimed at enhancing service quality and eliminating revenue leakages

The NIPOST boss detailed the steps taken to boost revenue, noting the implementation of Point of Sale (PoS) terminals in high-transaction areas, which has streamlined payment processes and improved customer experience.

She said, “One of the major achievements for us in 2024 has been a 275% increase in revenue from 2023. We achieved this by plugging a lot of the revenue leakages that we have by deploying PoS terminals for payment in our high transaction areas, as well as ensuring that our quality of service goes up.”

Looking ahead, Odeyemi outlined NIPOST’s plans to sustain this growth trajectory.

She said the organisation has embarked on renovations and upgrades of key locations in Abuja, Lagos, and Kaduna, alongside enhancements to the Postal Institute, which is central to the agency’s change management initiatives.

Furthermore, she stated that NIPOST is gearing up for several major developments in 2025, including the rollout of a national addressing system and digital postcode services, specialised logistics for agriculture and healthcare, and a relaunch of its financial services.

“There will be infrastructure upgrades, which will take place across the Federation and there will be an increase in access to government services through your local NIPOST location,” she said.


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