PAN Nigeria Limited has announced plans to launch affordable vehicles into the Nigerian market.
This was revealed on Tuesday in a statement released by the company’s new board chairman, Hon. Ahmed Wadada.
Asset Management Corporation of Nigeria (AMCON) transferred the PAN to a new core investor, Nesbitt Investment Nigeria Limited during a handing over ceremony held in kaduna on Monday.
In his statement, the new chairman lamented the rate at which Nigeria is flooded with imported used vehicles at the expense of locally made brands.
”In 2019,” he recalled,” Nigeria imported at least 400,000 used cars (Tokunbo) as against 68,000 brand new vehicles.
“Because of these imbalances, PAN will, introduce new vehicles, so that Nigerians will have access to brand new vehicles.”
He also disclosed that over the next three years, the company would be injecting $150 million to retool and upgrade the company’s assembly line as well as support infrastructure and working capital.
He pointed out: “We treasure our human capital and strongly believe in them to drive our vision and aspirations for PAN Nigeria.
“That is why we are immensely putting in place an attractive condition of service that will retain and motivate our human capital.”
According to Wadada, the new board of PAN plans to also attract the best hands to restore the company back to “number one position in Nigeria and West Africa.”
He, therefore, appealed to President Muhammadu Buhari to re-submit the Nigeria Automobile Industry development Plan (NAIDP) bill to the National Assembly for consideration and passage.
He assured Nigerians that PAN would lobby the National Assembly to support President Buhari to ensure the enactment of the legislation.
The former lawmaker also appealed to the Central Bank of Nigeria (CBN) to support the company and all other genuine assembly plants by making foreign exchange available for their imports.
Wadada also revealed that the company would introduce a robust car financing scheme, which would be a collaboration and partnership between its dealership and few selected banks.
“This will be in fulfillment of President Buhari’s wish for Nigerians to afford brand new vehicles,” Wadada said, adding, “Pan Nigeria as the number one auto assembly plant in Nigeria shall take the leadership role in engaging stakeholders such as the National Assembly, the Federal Ministry of Trade, Industry and Investment (FMIT), National Automotive Design and Development Council (NADDC), Manufacturers Association of Nigeria (MAN) etc.
Wadada expressed appreciation to President Buhari for creating the enabling environment for his company to be able to invest in PAN.
He said: “We hope the President will continue to sustain this favourable environment for more investors into Nigeria.”
Formerly known as Peugeot Automobile Nigeria Limited, PAN Nigeria Limited was conceived in 1969 by the then Federal Military Government under the leadership of General Yakubu Gowon.
And in the build-up to actualize the dream, 16 reputable vehicle manufacturing companies were invited to tender their proposals for the establishment of a vehicle assembly plant in the country. Thus, with the high acceptability and demand of Peugeot vehicles in the country, the proposal of Automobile Peugeot France (AP France) scaled through on May 7, 1971.
PAN Nigeria Limited, a joint venture between the Federal Government and AP France, was incorporated on December 15, 1972 and 27 months after incorporation, the Kaduna based assembly plant was commissioned by General Yakubu Gowon on March 11, 1975.
Until it was handed over on Monday, the company had been under the control of AMCON, holding in trust for the federal government after purchasing unserviceable debts.
The company’s new core investor, Nebitt Investment Nigeria Limited, holds a major share of 79.3 %.
©Copyright MOTORING WORLD INTERNATIONAL.
All rights reserved. Materials, photographs, illustrations and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior written permission from Motoring World International