posted October 18, 2023
The Edo State Government has disclosed that it is collaborating with Foton Motor Group, an international vehicle manufacturing firm, to establish a world-class vehicle assembling and manufacturing plant in the state.
Partnering with Foton Motor Group to establish a world-class vehicle assembling and manufacturing plant in the state is a significant development with several potential benefits
The Managing Director of the Edo State Investment Promotion Office (ESIPO), Mr. Kelvin Uwaibi, stated that the partnership will create training and employment opportunities, as well as help reduce the cost of vehicles in Nigeria and Africa.
According to him, “Foton Motor Group has traded with Nigeria in the past; however, they will commence manufacturing their products in Nigeria by establishing an automobile assembling factory in Edo State. Edo State will provide the necessary support to ensure that the factory is established, and in turn, they will provide support through strategies and investments to alleviate car-related issues in Nigeria and Africa.”
He explained that for Edo, this partnership is expected to create job opportunities and provide training for young people in Edo State. This can contribute to skill development and employment for the local workforce.
The establishment of a vehicle assembly plant is envisaged to have a positive impact on the state’s economy by promoting economic development and potentially attracting other related businesses and investments.
The collaboration aims to reduce the cost of vehicles in Nigeria and Africa by manufacturing and assembling Foton Motor Group’s products locally. This could potentially make vehicles and spare parts more affordable for residents of Edo State and Nigeria as a whole.
According to the Project Manager of Foton Motor Group, Jimmy Liuo, “The vehicle assembling company in Edo is going to be a long-term investment and will contribute to economic development in Nigeria. We are in Edo State because of its business-friendly environment. We will bring top brands from China like Micro, Light, and Heavy-duty trucks and CNG to Nigeria to reduce the cost of vehicles in Nigeria.”
Foton Motor Group sees its investment in Edo State as a long-term commitment, which suggests the potential for sustained economic benefits and contributions to the development of Nigeria.
Importantly, the automobile company said Edo State was chosen as the location for the assembly plant due to its business-friendly environment, indicating that the state’s policies and conditions are conducive to foreign investment.
Foton Motor Group plans to bring various vehicle brands from China, including Micro, Light, and Heavy-duty trucks, and CNG (Compressed Natural Gas) vehicles, to Nigeria. This diversification of vehicle offerings can provide more options to consumers.
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