Minister of Science and Technology, Dr Ogbonnaya Onu, has highlighted reasons why automobile industries collapsed in Nigeria.

He made this disclosure when he received the Managing Director of Peugeot Automobile Nigeria (PAN) Ibrahim Bovi in Abuja.

Dr. Onu said the collapse of the automobile industries in Nigeria was due to lack of continuous investment in research and developmental programmes from the early 80s into the 90s.

The minister announced that the Federal Ministry of Science and Technology intends to support industries in the area of job creation, retain existing one, create wealth and economic diversification.

He admonished companies to source for their components locally instead of going abroad, as he says would bring many small scale industries that would supply the component and also build capacity.

“We have the largest market in Africa, we have the largest economy on the continent” the minister said.

The Managing Director of PAN, Boyi PAN said that the company was set up in 1972 through joint venture between the Federal Government of Nigeria and Peugeot Automobile of France as part of government deliberate policy to boost industrialization.

He stated that Peugeot is the only local automobile company in Nigeria that is consistent in its operation up till today.

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Bovi announced that the company is soliciting for active government policy for its continued survival in the Nigerian economy.

The Chief Executive of PAN disclosed that the company will not only create employment and entrepreneurs by training youths in the society but will embark on community social responsibility programme and will reduce purchasing cost for their customers.

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