THE Association of Automobile, Boatyards, Transport Equipment and Allied Employers of Nigeria (AABTEAEN) has released its financial statement for the year ending December 31, 2011 to members and stakeholders.According to the audited results, the association's total assets stood at N7, 793,344 compared to N10,828,977 of the corresponding period in 2010.Also, its net assets fell to N7,563,869 from the N10,343,652 figure of the previous yearFurther breakdown showed that the group's income for the year under review increased slightly to N6,783,187 compared to N5,953,574 it posted the preceding year.However, its expenditure profile rose to N9,562,970 against the N2,17,132 figure of 2010, leaving the association with a loss of N2,779,783 in contrast to a N3,236,442 profit made in 2010.AABTEAEN's accumulated funds for the year under review were N7,563,869 compared to N10,343,652 statistics of the previous year, while total liabilities stood at N229,475 against N485,325 figure of 2010.Speaking at the association's yearly general meeting in Lagos at the weekend, the President, Anthony Areyenka, while appreciating those, who have remained committed to the course of the association, however, bemoaned the business and economic environment under which members operated in the year under review.He noted that the fiscal policies of the government posed 'far-reaching challenges to member companies in the year under review. While government has tried to show some commendable level of focus in the formulation of policies and programmes that will inspire socio-economic changes, execution of these lofty ideas has always remained an albatross.'Areyenka continued, 'the much awaited tariff review regime targeted at encouraging local manufacturing is yet to be promulgated. Though statistics released by the Central Bank and Bureau of Statistics for 2011 put inflation at an average of 7.5 per cent and a growth rate of eight per cent, making Nigeria one of the fastest growing economies in the world (among the top three), this growth potential arising mainly from increasing revenues, is yet to reflect in the standard of living of the average Nigerian.''The government, through her relevant agencies, especially the Ministry of Trade and Investment has demonstrated focused interest in growing the economy and attracting foreign direct investment into the country. Ironically, these gains are being watered down or eroded by the twin monsters of increasing insecurity and corruption,' he added.Also speaking, the Executive Secretary, John Ayorinde Alegbeleye decried the inadequate power supply in the country, which compelled existing motor companies to invest heavily on generating sets to support and sustain production.He also carpeted the nation's porous borders, which encouraged cross-border smuggling of vehicles, thus affecting the businesses of members in the year under review.Also not left out was the inconsistency of government policies which Alegbeleye said dealt a big blow to the activities of the group, noting that 'the government that established vehicle assembly plants did only fail to patronise the products of the plants, but went out of its way to import fully built automobiles and allowed unrestrained importation of just any brand of vehicles into the country.
Click here to read full news..
