..As Nigeria imports 400,000 used cars, 68,000 brand new vehicles in 2019
WorldStage Newsonline– PAN Nigeria Limited, the leading manufacturer of automobiles in Nigeria, assembling Peugeot vehicles at its head office located in Kaduna has announced plans to inject 150 million dollars to ” retool, upgrade its assembly line, support infrastructure and working capital over the next three years.
The Chairman, PAN Nigeria Limited, Alhaji Ahmed Wadada in a statement on Tuesday said the automaker will also introduce new brands of vehicles into the market to re-launch brand affordability in the country.
This is coming as Nigeria imported at least 400,000 used cars (Tokunbo) as against 68,000 brand new vehicles in 2019
He said, “Because of these imbalances, PAN will do this so that Nigerians will have access to brand new vehicles,” he said.
He also disclosed that over the next three years, the company would be injecting 150 million dollars to ” retool, upgrade its assembly line, support infrastructure and working capital.
“We treasure our human capital and strongly believe in them to drive our vision and aspirations for PAN Nigeria.
“That is why we are immensely putting in place an attractive condition of service that will retain and motivate our human capital.
“And also attract the best hands to restore PAN Nigeria to its number one position in Nigeria and West Africa,’’ Wadada noted.
He appealed to President Muhammadu Buhari to represent the Automotive Bill to the National Assembly for consideration and passage.
He assured Nigerians that PAN would lobby the National Assembly to support President Buhari to ensure the enactment of the legislation.
He expressed hope that Buhari would continue to sustain the favourable environment to attract more investors in to the country.
The former lawmaker also appealed to the Central Bank of Nigeria (CBN) to support the company and all other genuine assembly plants by making foreign exchange available for their imports.
Wadada revealed that the company would introduce a robust car financing scheme which would be a collaboration and partnership between its dealership and few selected banks.
“This will be in fulfillment of President Buhari’s wish for Nigerians to afford brand new vehicles,” Wadada said.
