Buhari receives Peugeot car
executives in Nigeria, inspects latest brands of Peugeot
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.
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
executives in Nigeria, inspects latest brands of Peugeot
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.
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
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