TheCable

Jean-Christophe Quemard, the executive vice president for Africa and the Middle-East of French automobile company, Peugeot, said it would assemble 4,000 cars in Nigeria for 2016.

While speaking with President Muhammadu Buhari in Abuja, Quemard said Peugeot was ready to reinvest in vehicle assembly in Nigeria, provided that the right indigenous partners are found.

Briefing the president on the Company’s three-phased plan to resume vehicle assembly in Nigeria, he said it would start with 4,000 cars in 2016, rising up to 10,000 cars by 2021.

Soliciting Buhari’s support in policies and actions, he said his firm will drive higher local content in the assembly of Peugeot cars in Nigeria and the exportation of locally assembled Peugeot cars from Nigeria to neighbouring African countries.

Buhari in his response said privatisation could only succeed and yield desired benefits if buyers of government-owned companies possess essential skills and resources, stating  his commitment to the existing privatization and commercialization policy.

The President added that a higher premium will be placed on the technical competence and financial clout of bidders in future privatization exercises to avoid running privatized companies aground by ill-equipped and incapable investors.

According to the ministry of information, Peugeot Automobiles Nigeria Limited, which was privatized some years ago, has technically reverted to government ownership with up to 85 per cent of its shares now held by the Assets Management Corporation of Nigeria (AMCON).

Over 30 automobile companies have signed commitment deals with Nigeria to assemble in the country.