Nigeria, the world third fastest growing economy in 2013/2014 was hit with another sad news today, as a leading automobile company, KIA Automobile Nigeria announced it intention to pull out of Nigeria because of bad economy created by the President Mohammadu Buhari led All Progressives Congress (APC) government.
As part of the former President Goodluck Jonathan’s Automotive policy of the Transformation agenda, the South Korean company decided to building its vehicles in Nigeria.
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KIA unveiled a new assembly plant in Lagos, which is expected to produce 25,000 vehicles every year.
The plant named United Vehicle Assembly Limited (UVAL) was meant to be part of Nigeria’s robust automotive policy of making the nation a leading manufacturing hub, said officials from UVAL.
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KIA disengagement from Nigeria will further cause loss of thousands of jobs.
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According to Hope For Nigeria, the former Nigerian minister for industry, trade and investment under Goodluck Jonathan’s administration, Dr Olusegun Aganga when he visited the plant, about two years ago stated that the Kia plant was technologically advanced and had quality assurance control measures in place to operate in the country.
The company’s plan according to Hope For Nigeria to produce all its flagship models, including sedans, sport utility vehicles (SUVs) and pick-ups in Nigeria by end of 2015 was thwarted by Buhari’s clueless and directionless economic policies.
In the last 14 months about 43 International companies operating in Nigeria have stopped operations or left the country as a result of the business unfriendly polices of the Nigerian government.
