French carmaker Renault and Nigerian conglomerate Coscharis Group have formed a partnership to assemble and distribute Renault vehicles in Nigeria, the companies said on Thursday.
The Coscharis Group plant will start assembling Renault Logan and Renault Duster vehicles and will distribute the cars through their sales network throughout Nigeria from October.
“With a population of over 200 million, Nigeria is a strategic African country where Groupe Renault will extend its footprint,” said Fabrice Cambolive, senior vice president and chairman, Africa, Middle East and India Pacific region of Renault.
He said Groupe Renault was leading the African continent with an 18 percent market share.
“In 2018, Groupe Renault sold more than 216, 000 vehicles in Africa. The most important countries in sales volume are currently Morocco, Algeria, South Africa, and Egypt. The group’s objective is to maintain its leadership within these countries and respond to the demand of the newly emerging middle class of the countries like Nigeria,” he added.
The President/Chief Executive Officer, Coscharis Group, Cosmas Maduka, said the partnership would showcase another initiative from the group through one of its subsidiaries, Coscharis Motors, to further create value as a key player in the automobile industry in Nigeria.
“We are glad to celebrate the confidence of the renowned brand, Renault, reposed in us to represent them in Nigeria. This milestone marks another step in the evolution of our organisation towards remaining timeless in its relevance,” he said.
According to Maduka, the partnership is to further delight loyal customers and prospects alike, especially towards providing them with a bouquet of more options and value for money.
He added, “We are committed to broadening our dealership scope when such an opportunity as this happens since it is a strategic opportunity to deliver capable, refined and cost-effective vehicle models to our ever-loyal customers.
“This new milestone achievement is expected to reshape the automobile industry in Nigeria and will be witnessed by dignitaries from all walks of life, including leadership from the three tiers of the government.”