IKCO Eyes Nigeria to Boost African Export

EghtesadOnline: The products of Iran’s leading car manufacturer are capable of gaining a significant market share in Nigeria.

News ID: ۷۳۸۰۸۵

16 November 2016

The CEO of Nigeria’s Export Promotion Council, Olusegun Awolowo said the products of Iran’s leading car manufacturer, Iran Khordo are capable of gaining a significant market share in Nigeria, according to ISNA.

Having made a tour of Iran Khodro production lines, Awolowo held talks with the top management of Iran Khodro. During the meeting, he called for IKCO’s export to Nigeria and said the Nigerian government’s industrial policy is aimed at encouraging international producers to invest in the country and IKCO is no exception.

He went further adding that Iran Khodro can start production in Nigeria with the direct investment of a Nigerian company.

Awolowo cited Nigeria’s car market as the most important market in West Africa, adding Nigeria is developing in economic terms and foreign companies can make considerable profit by investing in the country.

He then added that with a population of 170 million and over 36 states, Nigeria is among the most populated countries in West Africa.

For his part, IKCO Deputy CEO for Export and International Affairs, Saeed Tafazzoli praised Nigeria as an important market in West Africa and said IKCO has already held talks with a leading company in this country to establish a production line there with the direct Nigerian investment.

Given Nigerian vehicle market’s high capacities, many leading car manufacturers in the world like Volkswagen, Peugeot and Kia have already established their sites and taken a significant share in the country’s market. They have also used the country as an export hub in the region.