The Federal Government’s 10-year auto policy received a boost with a $150 million investment.
The automotive development project is aimed at turning Africa into vehicle-manufacturing hub by 2050.
The indigenous investor, Globe Motors will roll out first set of vehicles, including a Nigerian brand. It is expected to be called Globe, along with two other brands, Higer and Hyundai before the end of July, this year.
Chairman of the company, William Anumudu said the project would provide at least 3,500 direct and produce about 40 thousand commercial and passenger vehicles yearly when fully completed.
Anumudu stated that the organisation is in talk with key dealers across the continent to export made-in-Nigeria vehicles to other African countries.
He also added that it would particularly take advantage of the Common External Tariff (CET) of the Economic Community Of West African States (ECOWAS).
He said the assembly plant, located at the Lekki Corridor in Lagos has started assemblage activities from a Semi-Knocked-Down (SKD) level on a 10 hectares of land and would soon progress to build vehicles from complete knock down parts.
“In the initial stage of our assemblage, we will roll out 6, 000 vehicles yearly and expand to 40, 000 when the project is fully completed. We will also provide 3,500 jobs, expandable to 10, 000 as a result of multiplier effect.
Also, we are discussing vehicle dealerships along the West Africa corridor to expand our network and export vehicles from Nigeria to other Africa countries,” he said.
The Chairman said local banks as well as the Real Sector Support Fund of the Federal Government made available through the Central Bank of Nigeria (CBN) supported the project.
