Hopeful that the Federal Government will grant the approval of a new Automobile Industrial Policy, aimed at encouraging the development of the auto industry in the country, Nissan and Stallion Group, a West African conglomerate yesterday announced its joint plans to build an auto assembly.
In a statement signed by the Chairman, Stallion Group Sunil Vaswani, he said: “The parties have signed a Memorandum of Understanding (MoU) which will result in Stallion – already Nissan’s exclusive distributor in Nigeria – increasing capacity at its existing plant, VON Automobile Ltd in Lagos.”
Vaswani noted that the plant’s yearly capacity would be pegged at 45,000 units to assemble a range of cars, light duty trucks, pick-ups and vans.
In his own remarks, Nissan President and CEO Carlos Ghosn, said: “We welcome the proactive measures being taken by the government of Nigeria to encourage inward investment and job creation driven by local auto manufacturing.
“Together with our local partner, Nissan is preparing to make Nigeria a significant manufacturing hub in Africa. As the first-mover in Nigeria, we are positioned for the long-term growth of this market and across the broader continent.”