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Buhari unfolds privatisation policy

By News Express on 19/11/2015

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President Muhammadu Buhari today in Abuja reaffirmed his administration’s commitment to the Federal Government’s privatisation and commercialisation policy. He did this during at an audience with Peugeot’s Executive Vice President for Africa and the Middle-East, Mr. Jean-Christophe Quemard, wholed a Peugeot delegation to the Presidential Villa.

Unfolding his administration’s policy on privatisation, President Buhari said that greater consideration will now be given to the technical and managerial competence of prospective buyers of government-owned companies.

He 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 privatised companies by ill-equipped and incapable investors.

Buhari, who spoke after being briefed on plans by Peugeot to stage a comeback to Nigeria after the collapse of the privatisation 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.

Mr. Quemard had assured President Buhari that Peugeot is 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 countries.

Peugeot Automobiles Nigeria Limited which was privatised 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).

•State House Photo shows, R-L; President Muhammadu Buhari, Executive Vice President - Middle East and Africa, Mr. Jean-Christophe Quemard, Managing Director Pan Nigeria, Mallam Ibrahim Boyi, and Minister of Trade and Investment, Okechukwu Enelamah, after the inspection of some latest Brand of Peugeot car by President at the state House in Abuja.

Source News Express

Posted 19/11/2015 7:19:35 PM

 

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