Electric motor: Nigerian firm attracts $275mln foreign direct investment

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A Nigerian Electric Mobility firm, Electric Motor Vehicle Company (EMVC), has announced that the organisation has attracted $275 million worth of Foreign Direct Investment to Nigeria.

This was made known by the Chief Innovation and Technical Officer (CITO) of the company, Professor Chinedu Ochinanwata, in Beijing, China, while addressing journalists immediately after signing a working agreement with their foreign partner, CRRC, inside the Nigerian Embassy in Beijing.

Professor Ochinanwata, who expressed delight at the willingness of the Chinese firm to partner with EMVC to revolutionise the automotive industry in Nigeria, said that the organisation’s quest to invest in Nigeria is in line with the Renewed Hope Agenda of President Bola Ahmed Tinubu in remodelling the Nigerian economy to compete favourably with its peers in other parts of the world.

This was contained in a statement issued by the CEO of Electric Motor Vehicle Company and President of Mona Audu Foundation.

The statement reads: “This is a landmark move set to revolutionise Nigeria’s automotive industry. EMVC is a leading Nigerian electric vehicle company. With the signing of this mega deal with CRRC, Nigeria will, in no distant time, be a net exporter of electric vehicles in Africa. Our partners are as optimistic as we are in making sure that this deal comes to fruition.

“This partnership is a game-changer for Nigeria’s automotive sector. We’re committed to making electric vehicles accessible to all Nigerians, and this deal brings us closer to achieving that goal,” he said.

The signing of the $275 million agreement was witnessed by the duo of Nigerian Ambassador to China, Amb. Babagana Wakil, and Special Assistant to the President on Foreign Direct Investment (FDI), Princess Zahra Mustapha-Audu.

In his remarks, the Nigerian Ambassador to China hailed the agreement as a testament to the growing bilateral relations between Nigeria and China and expressed joy at the positive transition going on in the automotive industry of the Nigerian economy.

He recalled that the automotive industry usually plays a critical role in the development of every great economy and consequently encouraged EMVC to continue to support the development of Nigeria’s economy by keying into the president’s Renewed Hope Agenda.

“This is a great achievement, and I am happy to be part of it. I must say that this embassy will support this deal to succeed, and our great nation, Nigeria, will be better for it,” Amb. Wakil said.

In her brief remark, the Special Assistant to the President on Foreign Direct Investment, Princess Zahrah Mustapha-Audu, said that the historic deal was set to electrify Nigeria’s transportation landscape, paving the way for a cleaner, greener future.

While commenting on the historic agreement, CRRC CEO Ye Lizhang said, “We’re excited to partner with EMVC and contribute to Nigeria’s sustainable transportation vision. This deal strengthens our global footprint and demonstrates our commitment to international cooperation.”

Meanwhile, the deal stipulated that EMVC will partner for the assembly, manufacturing, training, research, and development of cutting-edge electric vehicles from CRC7, with financing support from Norinco, a leading Chinese financing company.

The deal is expected to boost Nigeria’s electric vehicle market, create jobs, create wealth, transfer knowledge and skills, reduce carbon emissions, and help Nigeria meet its 2060 Net Zero target.

This deal is set to revolutionise the e-mobility ecosystem and aims to place EMVC as the crown jewel in the African mobility industry.

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