Photos: Buhari receives Peugeot car executives in Nigeria

Press statement from the presidency below…

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.

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

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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