Govenror Sanwo-Olu Inaugurates Automobile Assembly Plant in Lagos

The Lagos State Government has sealed a Joint Venture Agreement (JVA) sealed with CIG Motors, a Chinese automobile company for the birthing of a new vehicle assembly plant in Lagos. Governor Babajide Sanwo-Olu commissioned automobile assembly plant sited along WEMPCO Road in Ogba axis of Lagos, two years after both partners signed the agreement for the construction of the factory. The facility will be jointly-run by the state government and its partner for the production of different classes of brand new cars, a statement signed by the Chief Press Secretary to the governor, Gboyega Akosile stated. The government stressed that it was a result of part of the bilateral agreements reached by the Sanwo-Olu administration and Chinese investors’ community during the governor’s business trip to China in November 2019. Already, the statement said that 2,000 units of brand new GAC vehicles had been successfully assembled in Lagos ahead of the formal opening of the facility. The plant, it said, was built with production capacity to assemble 5,000 units of new vehicles yearly in the first phase, while generating thousands of direct and indirect jobs. The governor described the development as a promising synergy between international partnerships and local talent, stressing that it underscored Lagos’ openness to investments that would foster job creation, skill development, wealth creation, and entrepreneurial opportunities.