The N5billion ultra-modern car producing/assembling vehicles’ plant in Enugu, when completely operational, would create a huge number of employments , particularly for the young people in the nation, Managing Director, Keystone Bank Limited, Mr. Philip Ikeazor has said.
He said this amid the divulging of the stone laying function of the Eastern Vehicles Assembling Limited (EVAL) plant in Egede in Udi nearby government Area of Enugu as of late.
The Executive Director, Keystone Bank, Mr. Hafiz Bakare, who spoke to Ikeazor, said the loan specialist in association with EVAL would give work to the overflowing unemployed Nigerian adolescents.
“This is a project we believe will create job opportunities for our teeming youths both directly and indirectly through expected increase in productivity of the feeder steel industry across the country. We know how much this government places emphasis on job creation and gainful employment,” a statement from the bank quoted him to have said.
“Thirty per cent of the input is coming from local sources and 100 per cent of the body of the EVAL range of vehicles is made of steel. This not only facilitates industrialisation through growth of the local steel industry but more importantly helps to reduce the demand pressure on foreign exchange thereby ultimately contributing to enhancing the value of the Naira when the project becomes fully operational. This is why Keystone Bank decided to key in and contribute its own quota to national development and economic emancipation at this crucial period in the country’s socio-economic life,” he included.
The EVAL is financed by Keystone bank under the Central Bank of Nigeria (CBN) genuine sector support fund, in in joint partnership with Hawtai engines, China.
Talking at the event, President Muhammadu Buhari expressed that the significant reasons the government banned importation of vehicles through land fringes was to urge Nigerians to patronise privately assembled vehicles, create more jobs and grow the country’s economy.
Buhari, who was spoken to by his Senior Special Adviser on Legal and Electoral Matters, Barr. Juliet Ibekaku, additionally guaranteed to set up an empowering situation to energize and secure privately assembled vehicles.
TThe President said: “I commend the commitment of Eastern Vehicle Assembly Limited to key into the economic development agenda of this administration by building a vehicle manufacturing assembling plant in Nigeria. The Federal Government is solidly behind this project and will do everything to support you. We assure you that we will create an enabling environment to protect your investment.”
In his discourse, Governor Ifeanyi Ugwuanyi of Enugu State said the foundation of Eastern Vehicle Assembling Limited in the state is a piece of arrangements by both Federal and Enugu state governments to drive ventures into the nation.
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