TATA motors limited has invested over $8million as part of its preparations to roll out its first batch of Nigerian assembled cars and the subsequent exportation of automobiles to other parts of Africa.
This disclosure was made by the company’s Regional Manager Kshitij Verma during a meeting between the company and the management of National Automotive Council (NAC) Thursday in Abuja.
According to Kshitij the target of the company is not just to start assembling of automobiles in Nigeria but also to establish a sub-regional centre here where vehicles will be manufactured for exportation.
He said already the company has employed over 240 Nigerians many of whom are currently undergoing training in India. Adding that they have already installed a factory, which is sited on a large expanse of land measuring about 130 hectares at Ijebu Ode.
In his speech, NAC DG, Aminu Jalal disclosed that the coming of TATA and other foreign Auto companies is an expression of the confidence of global investors in the potentials of Nigeria’s auto industry.
Jalal lamented that the demand of whole sale vehicle import in trillions of naira annually is not sustainable; adding that automotive demand in foreign exchange is the second largest on Nigeria’s reserves and that there is an urgent need to reduce it.
The DG stated that: “Unlike in the previous attempts in automotive development in Nigeria which was undermined by badly managed trade liberalization policy, the present attempt is characterized by the involvement of local entrepreneurs with experience in the motor industries.”
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