PAN Nigeria is to introduce new brands of vehicles into the market to re-launch brand affordability in the country.
The Chairman of PAN Nigeria Limited, Alhaji Ahmed Wadada, made this known via a statement on Tuesday in Abuja.
He said: “In 2019, Nigeria imported at least 400,000 used cars (Tokunbo), as against 68,000 brand new vehicles. Due to these imbalances, PAN will introduce new brands so that Nigerians will have access to brand-new vehicles.”
Besides, Wadada said that over the next three years, the company would be injecting 150 million U.S. dollars to “retool, upgrade its assembly line, support infrastructure and working capital.
“We treasure our human capital and strongly believe in them to drive our vision and aspirations for PAN Nigeria.
“That is why we are immensely putting in place an attractive conditions of service that will retain and motivate our human capital.
“The conditions of service will also attract the best hands to restore PAN Nigeria to its Number One position in Nigeria and West Africa,’’ he added.
Wadada, however, appealed to President Muhammadu Buhari to represent the Automotive Bill to the National Assembly for consideration and passage.
He assured Nigerians that PAN Nigeria would lobby the National Assembly to support President Buhari in efforts towards the enactment of the legislation.
He urged Buhari to continue to sustain the favourable environment to attract more investors in to the country.
The chairman also appealed to the Central Bank of Nigeria (CBN) to support PAN Nigeria and all other genuine vehicles assembly plants by making foreign exchange available for their imports.
Wadada said that the company would introduce a robust car financing scheme, which would involve a collaboration between its dealers and some selected banks.
“This will be in fulfilment of President Buhari’s wish for Nigerians to afford brand-new vehicles,” he said.