20 companies signify interest in Nigeria’s automobile industry

Foreign investors, on Monday, paid a visit to Okechukwu Enelamah, minister of industry, trade and investment, to signify interest in the automobile sector.

In a statement signed by Bisi Daniels, his strategy and communications adviser, Enelamah said the visit is a boost for the development of the sector.

“It is an encouraging expression of confidence in the leadership of the country and our spirited efforts to exploit the socio-economic potential of the automotive sector in the country to the fullest for the benefit of all Nigerians,” the statement quoted the minister to have said.

“The visit also offered networking opportunities for Nigerians in the auto industry and other stakeholders.

“We are excited by the role the automotive industry plays in the strategic and catalytic economic development of countries.

“And we are committed to developing the sector speedily to facilitate the economic diversification of the country.”

According to the statement, the investors visited Abuja, Lagos and Edo State to engage various stakeholders and to have an insight into the opening business opportunities.

He added that the investors would also gain insight into the investment environment in the Nigerian automotive sector, assist in the shaping of national and state policy to support the industry.

Daniels said the visit would also enable them to build relationships and networks with key government and private sector figures, deepen the structured business links and investment between the private sector of Nigeria and South Africa.

“The intention of the investors is to domesticate aspects of their manufacturing and supply value chain in Nigeria.’’

Thomas Schaefer, the chairman and managing director of Volkswagen Group South Africa, who led the delegation said “the plan is to have short, medium and long-term approaches that target growth in the manufacture of cars in Nigeria.”

Automotive industry stakeholders from Volkswagen, Nissan, Bosch, BMW and Uber attended the meetings. There were also representatives from Standard Bank of Africa, International Finance Corporation, Graffitti, Deloitte, Actis, among others.