A NEW Investor, NESBITT Investment Nigeria Limited, which took over Peugeot Automobile Nigeria (PAN), has assured that it will inject $150 million into the company within three years.

The fund will be invested in retooling and upgrading the assembly line, the support infrastructure and as working capital.

Speaking during the handing over and taking over ceremony at the PAN assembly in Kaduna, the Chairman, Ahmed Wadada Aliyu, assured that, the company would soon be rolling out cheap and affordable brand new vehicles for Nigerians.

Aliyu lamented that in 2019 alone, Nigerians imported not less than 400,000 used cars and 68,000 brand new vehicles. Aliyu lamented that in 2019 alone, Nigerians imported not less than 400,000 used cars and 68,000 brand new vehicles.

According to him, “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.

Hon. Aliyu promised the introduction of a robust car financing scheme which will be a collaboration and partnership between dealers and banks.

“PAN Nigeria as the new number one auto assembly plant in Nigeria shall take the leadership role in engaging stakeholders such as the National Assembly, the Federal ministry of Trade, Industry and Investment (FMITI), Nigeria Automabile Design and Development Council (NADDC) Manufacturers Association of Nigeria (MAN) and the likes”, he added.

Source: The Nation. (October, 2020). Investor to inject $150m into PAN. Available at: https://thenationonlineng.net/investor-to-inject-150m-into-pan/