Globe Motors Nigeria has concluded plans to roll out its $150 million (N29.55 billion) auto assembly plant in July 2016 in Lagos, which has the capacity to produce 6,000 vehicles annually at the start.
Globe Motors Holdings Chairman, William Anumudu, told newsmen in Lagos that over 10,000 jobs would be created indirectly as a result of the multiplier effect of the plant and that the company would start with the production of Semi Knockdown parts (SKD) and later graduate to completely knockdown parts (CKD) for Hyundai, Higer and a Globe Motors brands.
He explained that the company would be assembling three brands of automobiles including Hyundai (Korea), Higer (China) and its own brand, adding that Globe Motors has signed agreements with the Original Equipment Manufacturers (OEM) of these brands to produce the vehicles for Nigerians using global standard.
Anumudu, who lauded the federal government for coming up with a policy for the auto industry, said “We have made a lot of progress in the new plant. ”
He added:”We keyed into the government’s auto policy, though, we were hesitant at the beginning, but we have realized it is the way to the nation’s economic development.”
