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FG seeks Korea’s investment in electric vehicle projects in Nigeria, assures of incentives

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The federal government of Nigeria wants its South Korean counterpart to invest in electric vehicle projects in Nigeria.

This was disclosed by Nigeria’s Minister of Foreign Affairs, Yusuf Tuggar via his X page on Wednesday.

The request was made during his meeting with a Korean official at the sidelines of the Korea-Africa 2-day Summit.

The summit already saw the South Korean government pledging about $24 billion for the development and trade benefits of African countries including Nigeria.

Nigeria’s Request
Tuggar disclosed that Nigeria was conducive enough to accommodate Korea’s electric vehicle projects.

The call is apparently part of the Nigerian government’s move to diversify its economic from overdependence on crude oil products.

He stated,

“During a productive bilateral meeting at the Korea-Africa Business Summit, I engaged with my Korean counterpart to explore enhanced cooperation.

emerging as the world’s 5th largest electric car seller last year, following BYD, Tesla, VW and Stellantis, as of 2023.

“We focused on strategic areas such as Liquefied Natural Gas (LNG), automotive processes, and potential investments in electric vehicle projects.

“I emphasized Nigeria’s commitment to facilitating Korean investments with incentives and ensuring the security of Korean citizens and assets.”

Also, Tuggar acknowledged the significant contributions of the Korea International Cooperation Agency (KOICA) in Nigeria, particularly in education and entrepreneurship.

He called for the expansion of these initiatives, advocating for increased support in language training and cultural exchange programs.

He called for the expansion of these initiatives, advocating for increased support in language training and cultural exchange programs.

He reiterated Nigeria’s aspiration for a seat on the United Nations Security Council, highlighting the country’s role in Africa and our commitment to promoting denuclearization and peace in crisis-stricken regions.

“In defense, I called for heightened cooperation, seeking support in access to kinetic and non-kinetic weaponry to address the conflicts in the North-East of Nigeria and surrounding communities,” he added.

From the Korean side,

it prides itself on its Korean businesses whose presence in Nigeria is playing a huge role in resource development and construction.

“In construction, the total value of orders received by Korean companies reached US$ 15 billion in 2020, which means that Nigeria is by far the biggest construction market to Korea among Sub-Sahara African countries,” the statement on the Korean government website partly reads.

According to data from the Korean government, InvestKorea, South Korea’s automobile industry produced more than 400,000 electric vehicles, and exports reached 267,000 units in 2022, making Korea, the world’s fifth-largest automobile producer, with its home-based Hyundai Motor Group emerging as the world’s 5th largest electric car seller last year, following BYD, Tesla, VW and Stellantis, as of 2023.

Hence, FG’s plan to offer incentives to Korea is its way of attracting investment from a big player in EV production.

The Director General of the National Automotive Design and Development Council (NADDC), Mr Joseph Osanipin, had said the government recognised the level of investment EVs could bring to the country, adding that the current administration was committed to collaborating with relevant stakeholders to support such innovations.

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French Tesla customers sue over brand becoming ‘extreme right’

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Tesla sales in the EU have nearly halved, with many customers looking for electric cars put off by Elon Musk's political positions. Photo: JULIEN DE ROSA / AFP/File Source: AFP

Around 10 French clients with leases on Teslas are suing the US carmaker, run by Elon Musk, because they consider the vehicles to be “extreme-right” symbols, the law firm representing them said on Wednesday.

They feel they suffered “direct and concrete” damage from the way Teslas are now associated with “Elon Musk’s actions”, the GKA law firm said.

They are demanding the Paris commercial court order their lease contracts be terminated and legal costs reimbursed, it said in a statement, signed by lawyers Patrick Klugman and Ivan Terel.

The lawsuit comes as Tesla sales in the European Union have almost halved since the beginning of the year, a slump attributed to Musk’s political activities.

Those activities include him — until last week — standing firmly with US President Donald Trump, and overseeing efforts to cut down US departments and agencies.

He has also lent public support to Germany’s far-right Alternative for Germany (AfD) party, and came under criticism for making a repeated gesture with an out-thrust arm interpreted by many historians to be a Nazi salute.

“Because of Elon Musk’s actions… Tesla branded vehicles have become strong political symbols and now appear to be veritable extreme-right ‘totems’, to the dismay of those who acquired them with the sole aim of possessing an innovative and ecological vehicle,” GKA said in a statement.

The perception of the Teslas they leased “prevents them from fully enjoying their car”, it said.

Most of the leases run for four years, with an option at the end to buy the vehicle.

Tesla cars in Europe and elsewhere have been targeted by vandals, with some drivers reporting they have been insulted for using what is sometimes called on social media a “swasti-car”.

Several owners have taken to putting stickers on their Teslas reading “I bought this before Elon went crazy”.

“The situation is both unexpected and impossible for French Tesla owners,” Klugman told AFP.

“Musk’s political positions have interrupted enjoyment” of the vehicles, and “we believe that Mr Musk owes these buyers the peaceful possession of the thing sold”, he said.

Contacted by AFP for comment, Tesla did not immediately respond.

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Elon Musk unveils XChat to rival WhatsApp, Telegram, others globally

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Billionaire Elon Musk is pushing forward his ambition to transform X (formerly Twitter) into an “everything app” with the launch of XChat, a new messaging feature designed to rival the likes of WhatsApp, Telegram, and Signal.

Unveiled over the weekend, XChat introduces end-to-end encryption, vanishing messages, file sharing, and audio/video calling.

Musk described the tool as “all new” in a post on Sunday, emphasizing its focus on secure, private communication.

“All new XChat is rolling out with encryption, vanishing messages, and the ability to send any kind of file.  

“This is built on Rust with (Bitcoin style) encryption, a whole new architecture. You can do audio/video calls without a phone number across all platforms,” Elon Musk posted.

Early reports suggest the feature is already in beta testing among paid X subscribers. Leaked screenshots by app researcher Nima Owji show support for group chats, a vanish mode, and a four-digit passcode to lock messages, a significant upgrade to X’s previous direct messaging capabilities.

The bigger picture 

XChat is part of Musk’s long-term goal of morphing X into a Western super app, similar to China’s WeChat.

This vision encompasses everything from messaging and payments to entertainment, commerce, and even dating.

Musk previously told employees he wants X to function as a digital bank and dating app by 2024, part of a sweeping transformation that could change how users engage with the platform.

He’s not alone in this race. OpenAI CEO Sam Altman is also building a “super app” through his side project, World, which recently launched an app store and biometric ID system called Orbs.

What you should know 

With 600 million monthly active users as of October 2024, Musk’s X holds a considerable lead but retaining that user base is critical.

The rollout of XChat could help the platform move beyond just being a public town square and into users’ everyday digital routines.

Last year, X unveiled plans to roll out a peer-to-peer payment system on the platform, saying it would unlock more user utility and new opportunities for commerce.

  • The company said this would also showcase the power of the platform users living their “life in one place.
  • Reports have indicated that as of December 2023, X was licensed for payment processing in a dozen U.S. states, and by this January, that number stands at 14, with the recent additions of Arkansas and Pennsylvania.
  • Musk had earlier said that he envisions a platform where users will be able to send money to others and extract those funds to authenticated bank accounts.

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Bill Gates predicts Lagos will become world’s largest city

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Bill Gates

Microsoft Co-Founder, Bill Gates has expressed optimism about Africa’s future, predicting that Lagos, Nigeria’s economic hub, will become the world’s largest city.

Gates described the city’s projected growth as a reflection of Africa’s rising global relevance in the 21st century.

Speaking at the Gates Foundation’s Goalkeepers event held in Lagos, Gates stated the continent’s demographic advantage, calling Africa the “most fascinating” region of the century due to its youthful population.

“Africa is a very young continent,” Gates said. “More than half of all children born this century will be African. That youthfulness will shape global trends in profound ways.”

Highlighting Lagos as a prime example of Africa’s urban expansion, Gates noted: “The city we’re in today will, by far, be the largest in the world. That’s going to make for a dynamic and vibrant environment, and the world will be watching.”

Gates cautioned that Africa’s potential will be determined by the investments made in the near term, particularly in health and education.

“Whether this young population drives transformative progress will depend on the choices we make in the next 20 years,” he said. “If we invest wisely, Africa’s future is nothing short of extraordinary.”

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