President
Muhammadu Buhari on Thursday reaffirmed his Administration’s commitment to the
Federal Government’s privatisation and commercialisation policy.
Muhammadu Buhari
Buhari,
however, stressed that greater consideration would now be given to the
technical and managerial competence of prospective buyers of government-owned
companies.
According
to him, 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 privatised companies by ill-equipped and incapable
investors.
President
Buhari, who was briefed on plans by Peugeot to stage a comeback to Nigeria
after the collapse of the privatization of Peugeot Automobiles Nigeria Limited,
noted that privatisation could only succeed and yield desired benefits “if
buyers of government-owned companies possess essential skills and resources”.
In
his remarks, Quemard assured President Buhari that Peugeot was ready to
reinvest in vehicle assembly in Nigeria, “provided that the right indigenous
partners are found”.
He
also briefed the President on the company’s three-phased plan to resume vehicle
assembly in Nigeria.
He
said the plan was to start 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, would entail higher local content in the
assembly of Peugeot cars in Nigeria.
He
said the plan also included the exportation of locally assembled Peugeot cars
from Nigeria to neighbouring African countries.
Peugeot
Automobiles Nigeria Limited which was privatised some years ago had 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
Source: Vanguard
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