Chinese automobile maker, Guangzhou Automobile Group (GAC Motors) has announced that it is considering setting up an assembly plant in Lagos, Nigeria following the visit of Lagos State Governor, Babajide Sanwo-Olu to the company’s headquarters.
Sanwo-Olu has been reportedly touring several companies from one country to the other, in order to look for potential investors in the state’s economy.
According to Premium Times, the Group Chairman of GAC, Zeng Qihong disclosed that the company was already considering expanding its business in international markets and with the Governor’s invitation, the company was optimistic about coming to Lagos.
“With the Governor’s invitation, we are quite confident and encouraged that coming to Lagos would be exciting. We will look into the process of establishing an operation base in Lagos after our international business department must have visited to carry out a feasibility study of the market.
“We are optimistic about coming to Lagos because of the market size and the significance of the economy to Africa,” Qihong said.
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Sanwo-Olu toured the company’s facilities, factories and development centres before holding a meeting with the company’s management team at Guangzhou, China.
In attendance were top management members of GAC Motors, such as the President of the company, Feng Xingya; General Director, Zhang Yuesai; Director for International Business, Yu Jun, and Regional Sales Director for African Region, Kamel Zheng.
Why this matters: The governor said that GAC Motors operations in Lagos would contribute to the development of the state’s economy and encourage technology transfer between China and Lagos.
It would also help in developing the already existing relationship between China and Nigeria.
What you should know: The visitation of Governor Babajide Sanwo-Olu to China came barely three months after his visit to Japan in the company of President Muhammadu Buhari.