Peugeot Automobile Nigeria Acquired By NESBITT Investment

Peugeot Automobile Nigeria (PAN) has been acquired by NESBITT Investment Nigeria. The acquisition is expected to revive the struggling automobile company amidst rising importation of used cars in Nigeria.

According to Peugeot Automobile Nigeria new chairman, Ahmed Wadada-Aliyu, the acquisition will lead to a restructuring of PAN, as NESBITT Investment Nigeria plans to invest $150 million in the next three years in Peugeot Automobile Nigeria.

According to The Cable, it was gathered that the company will also partner with banks and dealerships to offer car financing scheme to individuals interested in owning a vehicle in Nigeria. This is one of the initiatives that Peugeot Automobile Nigeria will be implementing.

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“PAN under the supervision of the board shall undergo massive restructuring, and in so doing, we shall observe strict governance protocols, transparency, business integrity, efficiency and ethics in our undertakings,” he said.
 
“In 2019, Nigeria imported at least 400,000 used cars as against 68,000 brand new vehicles. Because of this imbalance, PAN will be introducing new brands of vehicles into the market to re-launch brand affordability in Nigeria such that Nigerians will have access to brand new vehicles.”

“Our biggest concern is the over 50 assembly plants that have not made any matching investments but are enjoying the incentives of the auto policy.”