Sanwo-Olu seals agreement to establish vehicle assembly plant

The Lagos State governor, Babajide Sanwo-Olu, has sealed a joint venture agreement with CIG Motors Company Limited for the establishment of vehicle assembly plant in the state.

With the agreement, Lagos State will, in the next 18 months, have a jointly-run factory for production of different classes and brands of new cars.

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The establishment of the vehicle assembly plant in Lagos, according to Sanwo-Olu, was part of the bilateral agreement reached by the state and the Chinese Investors’ Community when he visited the Asian country in November 2019.

Also at the ceremony, which held at the State House in Marina, Sanwo-Olu unveiled a new e-hailing taxi scheme to redefine road transportation in the state.

The governor signed the partnership agreement with the automobile company for the takeoff of ‘Lagos Ride’ scheme, with a pilot fleet of 1,000 units of brand new Sport Utility Vehicles (SUVs).

The chairman of CIG Motors Company Limited, Diana Chen, pledged the full commitment of the automobile firm to the agreement.