The European Union (EU) has indicated interest to invest in Nigeria’s auto sector.
Ambassador Ketil Karlsen disclosed when he led the Union’s delegation on a visit to the Peugeot Automobile Nigeria Limited (PAN).
Karlsen explained that the EU was interested in the industry as it’s among its target beneficiaries for long-term investment and development. He explained that through the European Bank of Investment, certain private-sector industries in Africa would benefit from intervention funds.
While noting Nigeria’s strong partnership with the EU as well as the commitment of companies like PAN, Karlsen emphasized the fact that there was a political leadership in Europe that was interested in pushing for the growth of Africa’s economy.
The ambassador said that his team’s visit to Nigeria was on strategic policy development due to the new interest of the EU in the private sector development in Africa.
Speaking during the visit, Managing Director, PAN, was quoted in Punch, saying that the automotive industry in Nigeria was an important sector that was steadily boosting the growth of the economy.
He noted that the automotive industry was high value-adding with opportunities and challenges while adding that the sector could do better with government support by provision of intervention funds.
“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, 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.
In a recent Nairametrics report, the European Union (EU) signed a partnership with the Nigerian government to boost the country’s leather industry. The Minister of Science and Technology, Dr Ogbonnaya Onu said that the European Union, alongside the German Society for International Cooperation, through the Nigeria Competitiveness Project (NICOP) would be partnering to draft a strategic implementation plan for leather and leather products policy which would diversify the economy.