President Muhammadu Buhari has said that his administration is committed to the ideals of privatisation and commercialisation policy.
Buhari, however, stressed that henceforth greater consideration will be given to the technical and managerial competence of prospective buyers of government-owned companies.
He spoke at an audience with Peugeot’s Executive Vice President for Africa and the Middle-East, Mr. Jean-Christophe Quemard.
The President also said that th financial clout of bidders would be accord higher premium in future privatisation exercises to avoid the running privatised entities aground when left in the hands of ill-equipped and incapable investors.
Buhari spoke after being briefed on plans by Peugeot to stage a comeback to Nigeria after the collapse of the privatization of Peugeot Automobiles Nigeria Limited.
For him, privatisation would only be successful and yield desired benefits if buyers of government-owned companies possess essential skills and resources.
Mr. Quemard assured President Buhari that Peugeot was ready to reinvest in vehicle assembly in Nigeria, provided that the right indigenous partners are found.
The Peugeot chief informed President Buhari of 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 would 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.
QuemardQ solicited the support of the Federal Government to automobile’s company’s plan through appropriate policies and actions.
Peugeot Automobiles Nigeria Limited which was privatized 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).
