Economy, Auto

Iran Khodro Entering Nigerian Auto Market

Iran Khodro Entering Nigerian Auto Market
Iran Khodro Entering Nigerian Auto Market

Iran Khodro is looking beyond traditional markets and is keen on marketing its low-cost vehicles in the Nigerian market.

Olusegun Awolowo, director of Nigerian Export Promotion Council, announced that the presence of IKCO in the Nigerian market is a serious possibility.

Awolowo also said the Nigerian state is aiming to boost the country’s industry by attracting foreign investors and industrial allies.

He added that the state offers financial aid to foreign companies willing to establish production plants in Nigeria.

The official named Nigeria as the largest auto market in West Africa and said the country’s booming economy and growing auto market offer lucrative opportunities to international carmakers.

Saeed Tafazzoli, IKCO’s director for exports, said IKCO is negotiating with an international company active in Nigeria.

“Through the upcoming joint venture and with the foreign company’s investment, IKCO will start production in Nigeria soon,” he said. The official did not name the company.

Recently Volkswagen, Peugeot and Kia established several production plants in Nigeria and the IKCO deal could be the next. These companies, in addition to selling their products in Nigeria, are using the country as a regional industrial hub.

IKCO has been active in several African countries, including Algeria, Senegal and Tunisia. The company produces several models in these countries.

It has not been determined yet which models the company could market in Nigeria, if the project goes ahead.

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