Indications are that if the Hyundai Engineering Company Limited goes through with discussions with the Federal Government to set up a plant in Nigeria, the cost of the cars could become much cheaper and affordable.
However, it appears the company is more interested in the more lucrative business of refining the black gold: petroleum.
President Muhammadu Buhari has said Nigeria will collaborate with and support the company to set up a car plant, and also rehabilitate petroleum refineries, President Muhammadu Buhari has said.
Receiving the President/Chief Executive Officer of Hyundai Engineering, Mr Chang Hag Kim, at State House, Abuja, Tuesday, the President said Nigeria was committed to ensuring energy security in the country, “and the goal is to achieve self-sufficiency in the supply of petroleum products within the next three years.”
President Buhari welcomed proposal to set up Hyundai car plant in the country, pledging: “We will collaborate and support to make the investment a reality.”
Mr Hag Kim said Hyundai Engineering Company, which hires about 15,000 engineers and technical staff globally, was willing to contribute to the development of the Nigerian economy.
“We have been building refineries worldwide. We have the biggest in South Korea, with 650, 000 barrels per day capacity. We are also in Venezuela, Iraq, and many other places. We would be glad to contribute our quota in Nigeria,” he said.