French car giant Renault plans to assemble two low-cost vehicles in Nigeria via a joint venture with the local conglomerate Coscharis, a Renault statement said Thursday.

Renault, which claims an 18 percent share of the African auto market, wants to “respond to the demand of the new emerging middle class of the countries like Nigeria,” which has a population of more than 200 million people, the statement said.

The Logan and Duster models are to “be assembled in the existing Coscharis assembly facility in Lagos starting October 2019,” Renault said.

Coscharis is active in several sectors of the Nigerian economy, including autos, information technologies, logistics, agriculture, food, real-estate and health.

It began to assemble vehicles in late 2015 and has created a sales network across the country that includes five dealerships in Lagos.

Renault launch 2019 car intent on reeling in F1 big three(Opens in a new browser tab)

Renault plans to import two other models, the entry-level crossover Kwid, and the Oroch pickup that is based on the Duster, from Brazil.

All are to be distributed by Coscharis, the statement said.

Stock market investors lose N78bn in bearish run(Opens in a new browser tab)

Renault is aiming initially for a five-percent share of the Nigerian market, or around 900 registrations a year, a spokeswoman told AFP.

The French group already has a strong presence in Algeria, Egypt, Morocco and South Africa.



Comments expressed here do not reflect the opinions of vanguard newspapers or any employee thereof.