Ford Inaugurates N5bn Vehicle Assembly Plant in Lagos

ford
  • Ford Inaugurates N5bn Vehicle Assembly Plant in Lagos

Coscharis Motors, a subsidiary of Coscharis Group and distributors of Ford automobiles, has unveiled a vehicle assembly plant in Lagos worth over $15m (about N5bn) for the production of the brand.

The President of the Coscharis Group, Mr. Cosmas Maduka, said at a press briefing shortly before the unveiling that the facility was the second Ford plant in Africa, after South Africa and the first ever in Nigeria and the entire Sub-Sahara Africa.

He said, “It has been a long wait from when we first announced in November 2015 that we had commenced physical structuring of the new plant sighted on a piece of land of more than 14 hectares within our Lekki Group head office in Lagos.

“Coscharis Group has been a great believer in the possibilities that lie ahead in this our great nation and we have shown courage by the actions that we are taking in investing in the future of Nigeria.”

Maduka said the initiative would further create value, in response to the call of the Federal Government through the National Automotive Industry Development Plan.

According to him, the NAIDP aims, among other objectives, to discourage the importation of completely built vehicles and encourage the local manufacturing of vehicles through either Complete Knocked Down or Semi Knocked Down facilities for a start.

He added, “This is also to appreciate the confidence that the globally respected iconic brand, Ford, reposes in us as its exclusive official representative in Nigeria to roll out the very first Ford assembly plant in Nigeria.

“This is a capital intensive project, which also involves huge financial, technical and human resources commitment. Therefore, the fact that we have ventured into it headlong underpins the level of confidence and hope we have for the future of the Nigerian automotive industry.”

He said the current focus at the plant was to roll out the Ford Ranger, a multi-purpose mini-truck that serves well for both work and leisure.

About the Author

Samed Olukoya
Samed Olukoya is the CEO/Founder of investorsking.com, a digital business media, with over 10 years' experience as a foreign exchange research analyst and trader. A graduate of University of East London, U.K. and a vivid financial markets analyst.

Be the first to comment on "Ford Inaugurates N5bn Vehicle Assembly Plant in Lagos"

Leave a comment

Your email address will not be published.


*