Nigeria has the potential to become the hub of Africa’s automotive industry. Home to an estimated 170 million people, over 40 million of who are in the growing middle class, the continent’s largest economy is increasingly seen as an attractive destination for investors across all sectors.
Volkswagen AG resumed building vehicles in Nigeria for the first time in 25 years in a bid to foster sales growth in Africa.
Volkswagen is in talks with the Nigerian government to establish an auto assembly plant in the West African country in December.
On Friday, 11 July 2014, PSA Peugeot Citroën (Paris:UG) and PAN Nigeria Limited signed an assembly and sale of cars agreement in Nigeria.