Innoson Motors Signs Deal With China to Pump $1bn into Nigeria
This is a press release from the stable of the Innoson Group which is a local manufacturer of automobiles in Nigeria. The firm recently signed a memorandum of understanding which Asian partners which will see millions of dollars invested in Nigeria by the group.
Read the full report below:
Innoson Group Partners With a Consortium Of Chinese Investors to Pump in 1Billion USD Into Nigeria Information Technology Sector of The Economy; To include 400million USD Nigeria’s DSO Project Digital Satellite TV Station and Additional 600million USD Covering Other Important Sectors.
The Vice President, Prof Yemi Osinbajo, GCON will tomorrow monday, October 25, receive a consortium of Chinese Foreign Investment Group led by Liu Baoju, a Deputy Minister of Communist Party of China in Shandong Province who is equally the Chairman of Shandong Broadcasting Group and Shandong Cable Interactive Service Ltd, the world’s biggest TV operators and Huang Gang, Senior Vice President of Inspur Group and President of its Oversea Headquarters. Inspur Group is China’s leading cloud computer solution supplier and cloud service provider involving all IT applications.
This visit which comes as one of the gains of President Muhammadu Buhari’s visit to China will attract a foreign investment of 1Billion USD. The breakdown of the investment as currently agreed by the Chinese Consortium is as follows;
i. Financial foreign investment credit facility of $300million USD for local production and supply of a minimum five to eight Million (5-8million) Set-Top Boxes to support the Federal Government of Nigeria Digital Switch Over (DSO) project being handled by the Nigerian Broadcasting Commission in order to meet the deadline switch of June 2017.
ii. Financial foreign investment of $100million USD to establish the latest technology and biggest DTH (Direct-To-Home) Digital BING Television Station across all states of Nigeria.
In addition, the two above immediate investment is being followed by another 600 Billion USD investment in which negotiations is almost fully concluded with our strategic partners to cover the following areas of Nigerian economy;
1. Smart City (CCTV camera) using cloud computing total solution that is known as E-Policing to cover the whole landmass of Nigeria.
2. Cloud Computing Total Solution on Taxation with IT applications for such institutions as Federal Inland Revenue Service (FIRS) and other taxation agencies for seamless and stress-free tax collection mechanism.
3. E-Education IT Solutions with big data centers for all Federal Universities and Polytechnics in the country.
It is also interesting to note that the Nigerian company bringing in and partnering with these foreign investors is the Innoson Group, Nigerian’s first indigenous and largest local manufacturer of automobiles and the largest plastic processing manufacturer in West Africa.
The company as a trailblazer has decided to be part of history as one of the companies that will take Nigeria into the digital world. In order to keep up with its trend of opening new grounds, it has decided to diversify into Information Technology (IT) and the Multi Media Sector with the plan to launch a Satellite Digital TV operation and other services in partnership with Shandong Broadcasting Group and Shandong Cable Interactive Service Ltd China with technical support from Inspur Group Co Ltd, China.
This foreign investment is coming at a time when Nigeria is in dire need of foreign investors to boost the economy. The focus point of the investment will go a long way to boost the economy of Nigeria with the following as attendant benefits;
i. Assist the Federal Government meet its June 2017 deadline for the transition from Analog to Digital broadcasting services.
ii. Establishment of 40 lines of production and manufacturing complex for making Broadcast Digital Set-Top-Boxes, the biggest of its kind in the whole of Africa.
iii. Job creation of over 5000 jobs in the Innoson Group Set-Top-Box manufacturing complex in Nigeria within the next two years.
iv. Job creation of about 2000 jobs by Innoson BING Digital DTH Television operation across Nigeria with the first two years.
v. Nigeria will become the manufacturing hub for Set-Top-Box in Africa with the attendant benefit of earning foreign exchange through exports from Innoson Manufacturing Complex.
vi. Innoson Group would put into use its biggest plastic industry at Enugu by locally manufacturing most of the plastic components of the Set-Top-Box thereby saving cost.
vii. Another important benefit is that BING TV Project will engage the almost under utilised Nigerian Communication Satellite (NIGCOMSAT) situated at Obasanjo Space Centre in Abuja with its numerous benefits of saving foreign exchange by buying into Nigeria available goods and services, instead of engaging foreign satellite and transponders as all our other competitors here in Nigeria are currently doing.
viii. Providing adequate National security using cloud computing technology to secure our country against insurgency, militancy, kidnapping and all other forms of dangerous crimes.
Public Relations& Media Assistant