Hyundai to set up car plant in Nigeria

Hyundai Engineering Company Limited is about setting up a car plant in Nigeria.

Chang Hag Kim, chief executive officer of Hyundai Engineering, disclosed this when he led top officials of the company to visit President Muhammadu Buhari on Tuesday.

They also promised to collaborate with  the federal government to rehabilitate petroleum refineries in the country.

According to Femi Adesina, presidential spokesman, Buhari said the development will help government achieve its goal of ensuring self-sufficiency in the supply of petroleum products by 2023.

The Nigerian National Petroleum Corporation (NNPC) had announced in September that it will begin full rehabilitation of the nation’s three refineries located in Port Harcourt, Warri and Kaduna by January 2020.

Adesina said Buhari also welcomed a proposal by the company to also set up Hyundai car plant in the country.

“Nigeria will collaborate with and support Hyundai Engineering Company Limited to set up a car plant, and also rehabilitate petroleum refineries,” Adesina said in a statement.

“The President said Nigeria was committed to ensuring energy security in the country, “and the goal is to achieve self-sufficiency in the supply of petroleum products within the next three years.”

“President Buhari welcomed the proposal to set up Hyundai car plant in the country, pledging: ‘We will collaborate and support to make the investment a reality’.”

On his part, Kim said Hyundai Engineering Company was willing to contribute to the development of the Nigerian economy.

He said the company would be glad to replicate its successes in building refineries in Nigeria.

“We have been building refineries worldwide. We have the biggest in South Korea, with 650, 000 barrels per day capacity. We are also in Venezuela, Iraq, and many other places. We would be glad to contribute our quota in Nigeria,” Kim said.