Business
Vehicle Importation Down by 45% Over Forex Crisis – CGC
The Comptroller General of the Nigeria Customs Service (NCS), Adewale Adeniyi, has revealed that vehicle importation in Nigeria decreased by 45% in the first quarter of 2024 due to foreign exchange challenges. In an interview with Arise Television, Adeniyi highlighted the critical impact of volatile exchange rates on businesses, particularly car dealers.
“It affected car dealers. We had as much as a 45% decrease in the volume of cars that were brought into Nigeria in that period. And they were not the kind of cars that fetched optimum revenue for the customs. Not only cars, but even regular imports were also affected because people could no longer import raw materials as they wanted and the volatility did not allow them to plan for tomorrow,” said Adeniyi.
Despite the downturn, Adeniyi expressed optimism that the situation was improving in the second quarter of the year. He noted, “But we see some relative degree of stability in the second quarter because there are lots of discussions going on. Some at the level of the National Assembly, most of them spearheaded by the Minister of Finance and Coordinating Minister of the Economy, bring on the stakeholders that are involved together, to ensure that we achieve stability.”
Private Jet Owners’ Verification Exercise
Adeniyi also provided an update on the ongoing verification exercise for private jet owners. He mentioned that many private jet owners had begun leaving Nigeria since the verification announcement, indicating they did not want to participate in the process. “Very few of them have shown up for verification and we gathered from intelligence that a good number of them have been leaving Nigeria since the announcement was given because they would not want to be verified,” he stated.
The CGC clarified that private jets used in Nigeria must pay customs duty according to international aviation law, except for those here on a temporary basis. The verification exercise aims to ensure compliance with this requirement, as data from the Nigerian Civil Aviation Authority (NCAA) showed that many private jets operating in the country had not paid customs duty.
“When the exercise started sometime in 2019, the service realised N2bn. We discovered that there were more private jets that were operating in Nigeria but had not been brought under the ambit of the law. So, the data that we got from the NCAA showed that only very few of them paid customs duty to operate in Nigeria,” Adeniyi explained.
Addressing Smuggling Incentives
Adeniyi identified the significant price difference in fuel between Nigeria and its neighboring countries as a major incentive for fuel smuggling. “In Benin Republic, a litre of fuel is between N1,500 and N1,600. In Cameroon, it is high as N2,000 per litre. So, when we have this kind of thing around our neighbors and we are still doing a litre between N710 and N720, there is already an incentive because the price difference is very wide,” he said.
To combat smuggling, the NCS is collaborating with relevant agencies to monitor the trucking of products from their depots in real-time.
Improving Welfare for Customs Officials
The CGC emphasized efforts to enhance the welfare of customs officials, including better remuneration, improved working conditions, and timely payment of allowances. He also announced a new policy for timely promotions, stating, “We had an understanding that every year, on January 1, we are releasing the promotion of officers who are deserving. We have done it in January 2024 and we are hoping that by January 2025, the next batch of officers would benefit and they would be paid salaries commensurate with their new rank.”
Business
Travelers Brace for Hurricane Milton: Airlines, Theme Parks, and Cruise Lines Adjust Plans
With Hurricane Milton rapidly approaching Florida’s west coast, travel plans across the region are being significantly disrupted. The Category 4 storm, carrying winds of up to 145 mph, has triggered widespread cancellations, route changes, and closures as airlines, theme parks, and cruise lines prepare for its anticipated landfall on Wednesday.
Florida Governor Ron DeSantis declared a state of emergency across more than 50 counties, with the National Oceanic and Atmospheric Administration (NOAA) warning that Hurricane Milton is expected to hit Florida’s west coast with dangerous force.
Airports are taking precautionary measures, with Tampa International Airport suspending operations early on Tuesday, stating that it will “reopen when safe to do so.” Orlando International Airport, a major hub, announced it will close by 8 a.m. on Wednesday. Southwest Airlines, which accounts for a significant portion of flights in and out of Orlando, has already canceled 402 flights for Wednesday. FlightAware reports that over 85% of flights at Orlando International Airport have been grounded for the day, with many more cancellations at Tampa and Southwest Florida International airports.
Theme parks are also responding to the storm. Busch Gardens Tampa will be closed from Tuesday through Thursday, while SeaWorld Orlando remains open for the time being but continues to monitor Hurricane Milton’s path closely.
Cruise lines have been proactive as well, with Carnival informing passengers that ports in Jacksonville, Tampa, and Miami are likely to close. As a result, several routes and destinations have been altered to steer clear of the storm’s impact.
As Hurricane Milton nears, travelers and local residents are urged to stay informed and adjust plans accordingly, with further disruptions expected in the coming days.
Business
States Sue TikTok, Alleging Impact on Teen Mental Health Crisis
A coalition of 14 U.S. states has filed lawsuits against TikTok, accusing the social media giant of exacerbating a mental health crisis among teenagers. The bipartisan group of attorneys general claims the platform’s addictive features target young users, misleading the public about the safety of prolonged use, and contributing to negative mental health outcomes.
In the lawsuit, filed in New York, the attorneys general argue that TikTok intentionally designed features that drive compulsive use, negatively affecting millions of teens. New York Attorney General Letitia James stated that TikTok’s influence has led to tragic incidents, including the death of a 15-year-old boy in Manhattan, who died while “subway surfing” after watching similar videos on TikTok.
James emphasized that many teenagers are struggling with increased anxiety, sadness, and depression, attributing some of these effects to the app’s alerts, disappearing videos, and beauty filters. These features, she said, encourage constant checking of the platform and contribute to issues surrounding body image.
TikTok, which is already grappling with legislation that could ban it from the U.S. unless its parent company, Bytedance, sells the app, called the lawsuit “disappointing.” The platform contends that it has introduced tools to limit screen time and content exposure, but the lawsuit claims these tools are ineffective.
In addition to the mental health accusations, the lawsuit also points to TikTok’s virtual currency as running an unlicensed money transmission business in Washington D.C. The plaintiffs seek financial penalties and a court order to halt TikTok’s practices that allegedly harm teenagers.
TikTok has responded by defending its efforts to protect young users, stating, “We strongly disagree with these claims,” and reaffirming their commitment to improve the platform.
Business
Rolls-Royce Unveils Exclusive NYC Showroom for Ultra-Wealthy Clients
Rolls-Royce has launched its first U.S. “Private Office” in New York City’s Meatpacking District, offering a VIP design studio experience for its most affluent clients. This highly exclusive showroom marks a significant step in the luxury carmaker’s strategy to enhance profits by focusing on high-end, personalized vehicles rather than increasing production.
Last year, Rolls-Royce manufactured just 6,032 cars—less than half of Ferrari’s output—but its custom designs continue to drive profit growth for parent company BMW. The Private Office takes car personalization to an elite level, where select clients can work closely with designers to customize every aspect of their vehicle, from paint colors to fabrics, woods, and even intricate lighting schemes. Rolls-Royce CEO Chris Brownridge emphasized that customer requests can be as unique as matching the car’s exterior to the color of a pet’s eyes or incorporating mother-of-pearl from a private collection.
This bespoke design service, known as the “Bespoke” program, allows clients to add hundreds of thousands of dollars to the base price of a Rolls-Royce. For instance, a Phantom priced at just under $500,000 could exceed $1 million after personalization.
Unlike traditional dealerships, the Private Office is a discreet and luxurious space, designed more like a billionaire’s Manhattan loft than a car showroom. The entrance is unmarked, with clients entering through a secure elevator. Inside, the studio features a sleek black kitchen, an outdoor terrace, and a collection of classic vinyl records, creating an intimate environment for clients to explore materials such as paint samples, leather, and metals.
This Manhattan showroom brings the expertise of Rolls-Royce’s Goodwood factory directly to clients, accommodating the increasingly intricate requests of the brand’s top-tier clientele.
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