China-Africa: Nigeria, Chinese firms sign N2.5b pact on vehicle plant
From Emeka Anuforo, Abuja
A NIGERIAN firm, Matreach Logistics Limited and its Chinese partner, Monde have reached an agreement to establish an assembly plant for the production of three-wheel and four-wheel vehicles in Nigeria.
The construction of the assembling plant is in the second phase of the agreement and it’s expected to commence in 2010.
Matreach Logistics is already investing about $16 million or N2.5 billion into the importation of first batch consignment of the three-wheel and four-wheel cars with adequate spare parts back up into the country.
The Memorandum of Understanding (MoU) was co-signed by Managing Director of Matreach Logistics, Mr Martins Okonkwo, and Vice-President of Monde, Mr. Rulyiu Gou.
Okonkwo, a member of Nigerian in Diaspora Organization (NIDO), Germany Chapter, explained that the decision of the Chinese firm to divest its investment to Nigeria was partly in response to the global economic crisis._
_ By the MoU, the Nigerian firm has the exclusive right to import and sell all the products manufactured for both the three-wheel and four-wheel cars across West African sub-region.
_ Okonkwo disclosed that the first set of the cars would arrive Nigeria by the end of March 2009.
He added: “We are delighted to enter into this world-class venture aimed at alleviating transportation challenges in West Africa especially in Nigeria which is the heart of Africa.
“Considering the huge population of our country, we believe it is morally justified to take-off in Nigeria and later expand to other West African countries.”_
He disclosed that his company had already signed agreements with some financial institutions in the country, for the project.
_ He stressed that the company, in collaboration with the Chinese firm, would construct maintenance sites in several states across the country, where the cars are to operate.
_ “Our projection is to provide these means of transportation to teeming Nigerians with the view to reduce the level of unemployment among youths despite the lingering financial crisis across the world.
“The cost of getting the car is about half of other cars in the market today. It is durable and already in use in South America and China,” he explained.
In his presentation, Rulyiu stated that his company would be supplying the cars at prices far below what they are sold in other parts of the world.
(ngrguardiannews.com)
Tags: Nigeria