Africa, Business, invesment, Invesments, news, Uncategorized, World Bank, World Bank Group

Africa News January 14, 2014 at 12:09PM

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VENTURES AFRICA – Two Indian automobile manufacturers, TATA Motors and TVS Motor has expressed interest in establishing an automotive plant in West Africa’s largest economy, Nigeria, following separate visits to the Director General of the country automotive council, Aminu Jalal.

While TATA Motors is credited to be the world’s fifth truck manufacturer and India’s largest automobile maker with products ranging from cars, buses, utility vehicles, SUVs, trucks, armoured vehicles and military vehicle; TVS Motor on the other hand is one of the top-ten two-wheeler manufacturers in the world and it manufactures wide range of motorcycles and three-wheelers.

The automobile companies paid separate visits to the council with the intention of obtaining information on all the needed technical details, administrative requirements and guidelines in setting up of vehicle industrial plants, Nigeria’s National Automotive Council (NAC) Principal Executive Officer (Information), Bello Rasheed said.

Both companies acknowledged that they were encouraged to invest in Nigeria because of the country’s recently approved National Automotive Industry Development Plan( NAIDP), he added.

Nigeria’s National Automobile Industry Development Plan is targeted at discouraging vehicle importation and encouraging auto manufacturers to invest in the country.

Although some have argued against the implementation of the automotive policy, the government says it would encourage auto manufacturers to produce less expensive vehicle models in the country. This will in turn generate employment opportunities, contribute significantly to the GDP, meet the annual demand for vehicles and make Nigeria a key player in the global automotive industry.

According to reports, other major global investors like Nissan, Hyundai, Kia, Yutong and Geely have also expressed interest in establishing plants in Nigeria.

Japanese automaker, Toyota is said to be holding consultations and interactions with relevant stakeholders with a view to take advantage of the project.

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