NIGERIA’S AUTO INDUSTRY AMONG EU’S INVESTMENT TARGETS – DELEGATE
The European Union says Nigeria’s automotive industry is among its target private sector industries for long-term investment and development. An EU delegation led by Ambassador Ketil Karlsen made this known during a recent visit to PAN Nigeria Limited. Karlsen noted Nigeria’s strong partnership with the EU and commitment of companies like PAN in sustaining business ties with France and maintaining qualitative standards of operations.
According to a statement by PAN, Karlsen said there is political leadership in Europe that is interested in long-term growth and development of private sector industries in Africa’ and the automotive sector is among the target beneficiaries through the European Bank of Investment. He stated that the team was on a strategic policy development visit to Nigeria to usher in a new era of European involvement in private sector development in Africa.
The Managing Director of PAN, Ibrahim Mohammed, was quoted as saying the automotive sector in Nigeria was still one of the key sectors that contribute to the growth of the economy. “PAN is proud to be among the very few manufacturing companies still producing and very much alive around the Kaduna industrial complex against all odds,” he added.
He described the automotive industry as high value-adding with opportunities and challenges, adding that the sector could do better with government support by provision of intervention funds. “The funds would assist the companies to increase capacity and move production to higher component parts deletion and increased local content. This would increase employment, GDP and bring down the unit price of our products,” Mohammed said.
He said with the funds, the roll-out of a sustainable locally-assembled vehicle purchase facility at single-digit interest rate would increase.