Today, the president inspected the vehicles following the visit of the Executive Vice President, Middle East and Africa, Peugeot Citreon, Mr. Jean-Christophe Quemard, to the villa. Pres. Buhari reaffirmed his administration’s commitment to the FG’s privatization and commercialization policy.
The President said that a higher premium will be placed on the technical competence and financial clout of bidders in future privatization exercises to avoid the running aground of privatized companies by ill-equipped and incapable investors.
Peugeot is set to stage a comeback in Nigeria after the collapse of the privatization of Peugeot Automobiles Nig. Ltd which was privatized some years ago but has now reverted to government ownership with up to 85% of its shares now held by the FG and the Assets Management Corporation of Nigeria (AMCON).
Mr. Quemard assured Pres. Buhari that Peugeot was ready to reinvest in vehicle assembly in Nigeria, provided that the right indigenous partners are found. He briefed the president about the company’s 3-phased plan to resume vehicle assembly in Nigeria with 4,000 cars next year, rising up to 10,000 cars by 2021.
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