Thursday, 21st October 2021
Breaking News:

FG links vehicle affordability to local production

By Benjamin Alade
17 September 2021   |   4:27 am
Vice President, Prof. Yemi Osinbajo, has said local production of vehicles in Nigeria will further make cars affordable to many Nigerians.

Yemi Osinbajo

Vice President, Prof. Yemi Osinbajo, has said local production of vehicles in Nigeria will further make cars affordable to many Nigerians.

Osinbajo on a tour of the stand of Kia Nigeria at the Chartered Institute of Bankers of Nigeria (CIBN) 14th yearly banking and finance conference, highlighted the significant role the company is playing in the drive towards economic diversification and Nigeria’s industrialisation through the made-in-Nigeria Kia cars.

Also, chairman, consultative committee of the conference and Chief Executive Officer, Access Bank Plc, Herbert Wigwe, said the localisation of car production among other manufacturing plants in Nigeria, will help foster economic development and serve as a springboard for her GDP growth.

He stressed that job creation and end-to-end value chain car assembly, brings to the fore, the economic growth of Nigeria, adding that Kia, like every other manufacturing company, will bolster the nation’s economic recovery.

Wigwe added that the production of cars in Nigeria will further drive the value down the chain of production with more car component manufacturers joining in on the production of cars, thereby boosting the economy and creating more jobs for the people.

Managing Director/ CEO of Kia Nigeria, Jacky Hathiramani, said the company is committed to contributing to the development of the nation through multi-billion investments in local car production.

He said: “We have taken our growth commitment to a greater height in Nigeria and repositioned our brand by supporting the country’s dream.”

He stressed that the local production of Kia cars will continue to foster the diversification of the economy, with a value-driven supply chain and scalable backward integration for the economy.

Jacky added that the automobile industry across the globe has always played a major role in strengthening the global economy by contributing immensely to the growth of the GDP and the creation of employment to teeming youths. “At Kia, we’re committed to helping the economy recover after the devastating effect of the COVID-19 pandemic.”

He thanked Osinbajo for gracing the occasion and particularly taking a tour of the exhibition stands to interact with the brands at the conference. In the same light, he applauded the laudable efforts of the Governor of the Central Bank, Mr. Godwin Emefiele, and the conference’s chairman, Herbert Wigwe, for their doggedness in galvanising all stakeholders towards the nation’s economic recovery and transformation.

In this article