12 Automakers Ready To Invest In Nigeria

No fewer than 12 automobile manufacturers have expressed interest in establishing assembly plants in Nigeria, Africa’s biggest economy, according to National Automobile Council’s Director-General, Mr. Aminu Jalal.

This announcement came after Mr Pablo Segrelles, the Chief Economic and Commercial Counselor of the Embassy of Spain in Nigeria announced that about seven Spanish companies wants to invest in the country’s automobile industry.

In October, 2013, the Federal Government of Nigeria launched the Automotive Industry Development Plan aimed at discouraging importation of used cars and encouraging the local manufacturing of new vehicles which will in turn attract local and foreign investments to the sector.

Speaking on the latest development, Jalal said groundwork has already commenced on the proposed assembly plants.

“By the end of the year, all the 12 auto manufacturing companies are expected to have established their vehicle assembly plants in the country,” local news platform, Punch quoted Jalal as saying.

Some of the automobile companies expected to soon begin operations include Hyundai, Kia, Renault, JiangSu, Foton, Joylong and Higer automobiles.

Japanese automaker, Toyota is said to be conducting a feasibility studies and may soon follow in the step of others before the end of the year, Jalal said.

Old assembly plants including that of Leventis and Leyland Motors are also expected to be revived while three new auto assembly plants will commence operations by June.

Source : ventures-africa.com

Posted on : 02 Mar,2024 | News Source : ABNews

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