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NESBITT Investment Nigeria Limited has taken over the management of Peugeot Automobile Nigeria (PAN) Ltd as the core investor. It has also disclosed plans to inject $150 million for retooling and upgrading of the assembly line, support infrastructure and working capital over the next three years.
At the handing over ceremony in Kaduna, the Chairman of PAN Nigeria Ltd, Honourable Ahmed Wadada Aliyu, commended AMCON for the opportunity to invest in PAN as the new core investor… More details through: https://dailytrust.com/nesbitt-acquires-peugeot-to-inject-150m-fund
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As Exclusive Partner of Geely Automotive in Nigeria, Mikano brings us great news of Geely Automotive innovative steps towards development of “healthy, intelligent vehicles” by earmarking 54 million Dollars of funding to it; as a furthering of the fight against Coronavirus.
The move not only adds a new dimension to Geely’s understanding of “passenger safety,” it also represents a new development direction for automobiles. The development of a “healthier car” differs from specialized medical vehicles in that Geely’s products are made for ordinary consumers. Cars with comprehensive virus protection not only require the capability to isolate harmful substances in the air, it also needs to quickly and effectively purify cabin air for occupants… More details through: https://guardian.ng/business-services/geely-auto-to-invest-54-million-in-development-of-healthy-cars/ Mikano International Limited has announced the signing of a Strategic and Exclusive Partnership with Geely Automobile International Corporation, for its automotive brands in Nigeria. Under the terms, Geely vehicles will now be assembled in Nigeria, at the Mikano Motors Assembly Plant.
According to the partners, this validated local assembly structure, assures clients on the vast availability of spare parts, to which Mikano allocated to Geely two modern warehouses located in Karameh Industrial City facility along the Ibadan Expressway, Isheri-lfo Local Government. Mikano said in statement that the partnership with Geely, was yet an important step towards extending its role of delivering premium quality products and services to the automotive sector… More details through: https://guardian.ng/business-services/mikano-geely-partner-on-automotive-in-nigeria/ There are strong indications that one of the nation’s largest auto assembly plants, PAN Nigeria Limited (formerly Peugeot Automobile Nigeria Limited), has been sold to a new core investor at $55.3 million (N21 billion) by the Asset Management Corporation of Nigeria (AMCON).
The identity of the new owner was yet to be ascertained as the time of writing this report, but it was gathered that the representatives of the company were still putting finishing touches to the deal with AMCON and were expected to pay a visit to the plant in the Kakuri area of Kaduna, any time from this week ahead of a formal take-over. When contacted last week, the Public Relations Officer of PAN, Oladeji Bamidele, would not confirm the development, because “AMCON has not communicated to PAN officially” even as he disclosed that he too had heard on the grapevine the news of the sale of the 45 year old plant… More details through: https://www.sunnewsonline.com/new-core-investor-buys-pan-kaduna-for-n21b/ Importers of used vehicles and spare parts have shifted to the United States as imports hit $471 million (N179.4 billion) between 2018 and 2019. The import was 42.6 percent of the total vehicles and parts brought into the country during the period. The United States Census Bureau (USCB) report revealed that most of the vehicles imported from the United States into Nigeria were Japanese brands with Toyota at the top of the chart, while Hyundai and Kia have established themselves as serious competitors.
Although vehicles and related components are not on the Central Bank of Nigeria (CBN)'s a list of 42 products not eligible for foreign exchange, but in 2018, USCB report noted that the United States exported over $134 million worth of vehicle parts and accessories to Nigeria, including fuel and oil additives, as well as auto body repair products. Within the period, a total of N417.66 billion used vehicles were shipped into the country between March 2018 and 2019. This is coming as the launch of the Automotive Industry Development Plan (NAIDP) 2014 has not achieved the purpose for which it was established, even though the Nigerian Automotive Council (NAC) has licensed 35 companies to produce cars under the NAIDP, yet the number of locally assembled units remains very low. Just last week, ten vessels laden with 4,287 units of used vehicles arrived at Tincan Port… More details through: https://www.newtelegraphng.com/nigeria-u-s-trade-in-used-vehicles-hit-n179bn/ Despite measures put in place to encourage local patronage of Nigerian made vehicles, importation of used vehicles with 2,500 cylinder capacity has reached $406 million (N146.95 billion) in six months.
The imports have continued to surge as the Tincan’s roll-on roll- off terminal took delivery of over 6,000 vehicles in two months this year. Within the last two months of this year, 17 vessels have berthed and discharged vehicles at the Port and Terminal multi-service Limited (PTML) of the port… More details through: https://www.newtelegraphng.com/imports-n146bn-worth-of-used-vehicles/ Dana Motors, a leading auto company, paraded the 2020 Kia and DFM made-in-Nigeria models at an event organised by the National Automotive Design and Development Council (NADDC) in Abuja.
The event was a prelude to the Argungu Motor rally. The event was aimed at demonstrating the feats recorded by the auto policy for the past years. The made-in-Nigeria vehicles are testaments to the success recorded in the industry over the years to make Nigeria a self-sustaining industrialised nation with locally produced vehicles… More details through: https://thenationonlineng.net/dana-motors-unveils-made-in-nigeria-kia-dfm/ The Ministry of Industry, Trade and Investment in collaboration with the National Automotive Design and Development Council (NADDC) has commissioned one billion dollars worth of locally-assembled vehicles. The vehicles are locally produced by 17 companies including Coscharis, Nissan, Innoson, Ford and Elizade motors among others, that are pioneering made-in-Nigeria vehicles
The Minister of Industry, Trade and Investment, Mr Adeniyi Adebayo, while commissioning the Nigeria-produced and assembled vehicles on Monday in Abuja said the vehicles would also later be used for “2020 Argungu Motor Rally’’… More details through: https://guardian.ng/news/fg-commissions-1bn-made-in-nigeria-vehicles/ As global vehicle exports to various countries is on the increase, Nigeria has imported used passenger vehicles valued at N687.8billion ($1.90 billion) within five years from United States (US) alone. Nigeria accounts for 27 percent of the used vehicles export into Africa, which are either low grade or damaged.
The vehicles were shipped from various states in U.S. between 2014 and 2018 as cost of shipping from U.S. ports to Nigeria is $750. According to the United States Department of Commerce (USDC), U.S. used vehicle export to low income countries in Africa like Benin and Nigeria, among others, had already risen to 826,000 units annually… More details through: https://www.newtelegraphng.com/import-nigeria-spends-n687-8bn-on-passenger-vehicles/ Nigeria’s automobile industry received a boost with over $1 billion investments from renowned auto manufacturers in 2019, thereby lifting capacity to at least 408,870 vehicles yearly.
The manufacturers, which include Honda, Peugeot, Innoson, and Mitsubishi among others, have also created employment for about 4,782 Nigerians. The Director-General, National Automotive Design and Development (NADDC), Jelani Aliu disclosed this yesterday in his message to the ongoing review of the Nigerian Automotive Policy Bill, & Nigerian Automotive Industry Development Plan (NAIDP), in Abuja… More details through: https://guardian.ng/business-services/auto-industry-attracts-over-1-billion-investments/ |
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