of the Executive Vice President, Middle East and Africa,
Peugeot Citreon, Mr. Jean-Christophe Quemard’s visit
to the villa. Speaking to the audience, Buhari reaffirmed
his administration’s commitment to the federal
government’s privatization and commercialization
policy. He stressed, however, that greater consideration
will now be given to the technical and managerial
competence of prospective buyers of government-
owned companies.
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 in 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).
See photos below:
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