Popular car manufacturers, Ford Motor Company has indicated its interest in assembling the Ford Ranger pickup truck in Nigeria. 

The proposed assembling plant is in partnership with its dealer in sub-Saharan Africa, Coscharis Motors Limited, owned by Nigerian billionaire, Cosmas Maduka.

The project will commence by the fourth quarter  of this year, as the company seeks to expand in Africa and the Middle East, Indiantimes.com reports.

Jeff Nemeth, the president and CEO of Ford Motor Company’s business in sub-Saharan Africa, told Reuters, “Nigeria is a priority market for us in sub-Saharan Africa. Depending on how Nigeria develops over time … we are potentially looking at using our Nigerian plant to service West Africa,” he told Reuters.

“The auto market in Africa’s biggest economy has huge potential but retails only a small amount of new vehicles annually”, Nemeth added.

He pointed out that the sector is dominated by imported used vehicles, while limited financing for consumers to buy new vehicles and the absence of an industrial policy that would encourage suppliers to set up in Nigeria remains a major challenge.

Ford produces 85,000 units each year in South Africa, which are sold across 24 African countries.

“It would take between 1 to 2 months to take an order, build it and deliver it within the country. If you order from overseas it would take between 4 to 6 months,” Nemeth said.

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Car makers like KIA, Nissan and Volkswagen had also indicated interest in opening assembling plants in Nigeria too in the past.