Home / Auto / – Photos: Buhari receives Peugeot car executives in Nigeria, inspects latest brands of Peugeot

– Photos: Buhari receives Peugeot car executives in Nigeria, inspects latest brands of Peugeot

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Press statement from the presidency below…
President Muhammadu Buhari Thursday in
Abuja reaffirmed his Administration’s
commitment to the Federal Government’s
privatisation and commercialisation policy.
Speaking at an audience with Peugeot’s
Executive Vice President for Africa and the
Middle-East, Mr. Jean-Christophe Quemard,
President Buhari stressed, however, that
greater consideration will now be given to
the technical and managerial competence of
prospective buyers of government-owned
companies.

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The President said that a higher premium
will be placed on the technical competence
and financial clout of bidders in future
privatisation exercises to avoid the running
aground of privatized companies by ill-
equipped and incapable investors. President
Buhari who spoke after being briefed on
plans by Peugeot to stage a comeback to
Nigeria after the collapse of the privatization
of Peugeot Automobiles Nigeria Limited,
noted that privatization could only succeed
and yield desired benefits if buyers of
government-owned companies possess
essential skills and resources. Mr. Quemard
assured President Buhari that Peugeot was
ready to reinvest in vehicle assembly in
Nigeria, provided that the right indigenous
partners are found. The Peugeot Chief
Executive for Africa and the Middle-East
briefed the President on the company’s
three-phased plan to resume vehicle
assembly in Nigeria with 4,000 cars next
year, rising up to 10,000 cars by 2021. He
said that the plan, which he urged the
Federal Government to support with
appropriate policies and actions, will entail
higher local content in the assembly of
Peugeot cars in Nigeria and the exportation
of locally assembled Peugeot cars from
Nigeria to neighbouring African countries.
Peugeot Automobiles Nigeria Limited which
was privatized some years ago has
technically reverted to government
ownership with up to 85 per cent of its
shares now held by the Federal Government
and the Assets Management Corporation of
Nigeria (AMCON).
Garba Shehu SSA to the President (Media &
Publicity) November 19, 2015

Source: Premium times

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