Nigeria’s erratic economic policies scare German investors

The desire of CTS Automotive, a German firm, to embark on cargo shipment in Nigeria is being dampened by the inconsistency in the country’s economic policies.

Chief Executive Officer of the company, Eddie Forkert, who raised the alarm when the Nigerian Ambassador to Germany, Yusuf Tuggar, visited a CTS facility at Grobbeeren in Germany, pleaded with the envoy to communicate to the Nigerian authorities the growing interest of German investors in the country.

According to Forkert, the visit to the CTS facility was aimed at ensuring that existing agreement with the Nigerian Automotive Design and Development Council yields dividend for Nigeria at utmost standard, as well as to discuss other matters concerning the execution of the agreement.

The visit also availed the Nigerian ambassador the opportunity of appraise the schedule to ship 10 cargoes – each weighting 10 tonnes – which delivery is expected to be concluded by April 2022 while installation commences in June.

Forkert said, “CTS has set up mechatronic workshops in Federal University of Technology, Bauchi; Ahmadu Bello University, Zaria; and University of Ibadan through NADDC’s initiative.”

He informed that prior to the agreement with the council, CTS had had engagements in Nigeria for supply of equipment to Bola Ige Mechatronics Institute in Esa Oke, Osun State.

In response, Tuggar re-assured the CTS management of Nigerian government’s commitment to policies that would continue to draw investment interest into the country.

“While the embassy continues to monitor the process and attracts more companies to participate in the ongoing initiative, headquarters may wish to bring the above to the attention of the relevant government agencies for their information and preparations,” he added.

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