The joint venture, Peugeot Automobile Nigeria (PAN) Ltd, will assemble 3,500 units in its first year and ramp up to about 10,000 units, said Jimi Lawal, adviser to the governor of Kaduna, the northwestern state where the plant will be located.
The auto market in Africa’s most population of 190 million people has huge potential but only a small number of new vehicles are sold annually. Limited bank financing and the absence of an industrial policy has stunted growth in a sector dominated by imported used vehicles.
“The first vehicle should come out by the first quarter of next year. We are hoping that the factory will be completed by December,” Lawal told Reuters in an interview. “The land has been identified ... we have advertised for a contractor that will build the factory,” he added.
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