VON automobile hails Nigeria-Indian investment initiative

The company’s Managing Director, Harpreet Singh, in a statement, commended President Tinubu’s efforts and highlighted the prospective investment in Nigeria’s automotive industry that resulted from his visit to India.

The PUNCH reports that Nigeria received investment pledges worth $14bn from Indian investors and is seeking to sign an economic cooperation agreement with the South Asian country.

According to the automaker, President Tinubu’s meeting with the Chairman and CEO of the Hinduja Group of Companies, Gopichand Hinduja, a conglomerate with a total asset portfolio exceeding $100bn, led to the signing of a Memorandum of Understanding for further investment in Nigeria’s automobile industry.

Singh said, “Hinduja pledged a multi-billion dollar investment and expressed his commitment to bus and automobile manufacturing in Nigeria.”

Singh expressed confidence that President Tinubu’s administration would prioritise the nation’s automobile industry.

He stated, “VON Automobile, as a pioneer and leading automobile assembler since 2013, remains dedicated to supporting the government’s push for a clean and eco-friendly environment with mass transit buses running on clean and affordable energy sources.

“The company is currently modifying its locally assembled mass transit buses to run on compressed natural gas and electric power.

“The locally assembled Ashok Leyland buses, including the Falcon and Hawk models, have been available in Nigeria since 2014. These buses, designed specifically for the Nigerian environment, offer durability, power, safety, and a longer lifespan.”

The VON boss also emphasised that the CNG and electric-powered Falcon and Hawk buses would help reduce running costs for Nigerians, particularly in light of recent fuel subsidy removal measures.