Fidelity bank banner Camano banner
Volkswagen's re-entry into Nigeria good for local capacity —Anono

By News Express on 17/07/2015

Share on facebook Yahoo mail icon Gmail icon Share on Google+

Views: 2,490

A financial expert, Mr Godwin Anono, on Thursday in Lagos urged the Federal Government to sustain its relationship with automobile manufacturers to develop its local potential.

Anono, Chairman, Nigeria Professional Shareholders Association, said such relationship was imperative to fast track government’s effort in local vehicle manufacturing in the country and reduce capital flight.

He told the News Agency of Nigeria (NAN) that indigenous manufacturing of auto spare parts would amount to an expansion of the nation’s economic base.

Anono said the commencement of the assemblage of cars by Volkswagen after 25 years of inactivity in the country was highly commendable.

According to him, more joint venture agreements with international car producers will go a long way to develop local capacity.

NAN reports that the Federal Government days ago revived its joint venture contract with Volkswagen, a German company, 25 years after the car manufacturer closed shop in the country.

``Volkswagen’s re-entry into Nigeria’s auto industry will see it focus on assemblage of cars again which it did between the 1970 and 1990 before it stopped operating.

``The commencement of automobile assembling in our country is laudable.

``That singular move alone will cause drastic reduction in foreign exchange expended on importation of new and fairly used vehicles.

``Local assembling of cars will be a cost saving measure and will lead to technology transfer to our advantage.

``We cannot underrate the value of the policy to the management of our unemployment situation,’’ he told NAN.

He noted that assemblage of cars locally would improve Nigeria’s pride, prestige and respect before the international community.

Anono added that the nation’s Gross Domestic Product (GDP) would shoot up astronomically if more auto manufacturers operated nationally.

``Nigeria should be able to boast of engaging auto companies in a constructive way nationally in such a manner that will increase our competiveness on the global space,’’ he said. (NAN)

Source News Express

Posted 17/07/2015 04:27:27 AM


Share on facebook Yahoo mail icon Gmail icon Share on Google+




You may also like...
Ribadu moves to actualise governorship ambition, finally dumps...

Community development: Okowa tasks those in authority

Anti-corruption war; PDP challenges EFCC to investigate APC...

Egypt sentences 4 Brotherhood members to life in...

2015: Umana (Akwa Ibom SSG) breaks silence, declares...

54,000 youths compete for laurels as 19th NNPC/Shell...

Ruling party set to sack Mugabe, end Zimbabwe’s...

Suspected herdsmen kill scores in Taraba

Doping: Russia banned from 2018 Winter Olympics

200 Chinese investors to invest in Nigeria

MTN, 12 banks sign N200b medium term loan...

Melaye can’t be recalled unless we endorse it:...


Latest News BREAKING: National Assemby staff begin strike, block entrance Pressure mounts on CJN to probe ‘corrupt’ governors Access Bank set to acquire Diamond Bank Troops, Boko Haram in gun battle near Maiduguri 2019: Cambridge University to host panel discussion for presidential candidates Kidnappers on rampage in Ondo, abduct five persons at various locations Farmer-herder clashes have left over 3,600 people dead: Amnesty Report 2019: INEC raises the alarm over foreigners with voters’ cards Ohanaeze, ECA condemn FG’s release of N5bn to Kaduna for ranches Atiku asks Buhari to resign over state of economy IGP orders removal of roadblocks nationwide Osinbajo graces Islamic event, calls for religious tolerance, unity


Most Read NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (430,976 views) Nigerian female sex addict opens up, says ‘I like it with both men and women’ (395,491 views) Shameless Genevieve Nnaji exposes breasts in public (328,355 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (282,657 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (248,372 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (229,504 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (212,495 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (193,697 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (180,189 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (170,766 views) Lagos plane crash: Journalist releases victims’ names (167,554 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (153,977 views)


CBN banner Zenith Zero Balance First Bank chat banking


Categories Advertorials (3) African Press Organisation (81) Art & Literature (76) Business & Economy (3,885) Business Verdict (54) Columnists (974) Complaints & Requests (95) Enterprise & Opportunities (208) Entertainment (575) Features (680) Global Business Monitor (313) International (2,838) Interview (167) Live Commentary (28) Love Matters (147) Maggie's Blog (74) News (41,516) Opinion (1,153) Pidgin (13) Politics (8,206) Religion (920) Sports (1,826) Stock Watch (35) AMA & Al Jazeera Global Update





APO Group Partner




GOCOP Accredited Member

GOCOP Accredited member



Africa Media Agency and Al Jazeera