• NIGERIA MANUFACTURERS GO BUST Two Nigerian truck manufacturers have called in the receivers.
16th May 1987, Page 24
16th May 1987
Page 24
Page 24, 16th May 1987
— • NIGERIA MANUFACTURERS GO BUST Two Nigerian truck manufacturers have called in the receivers.
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Leyland Nigeria, in which the UK's state-owned Rover Group has a 40% shareholding, and Nigerian Truck Manufacturers, 40% owned by Iveco, started operating in 1979 as part of Nigeria's attempt to set up an automotive industry.
• Leyland has blamed the financial collapse on the Nigerian Government's removal of the vehicle import licensing system. Vehicle sales, already depressed, have slumped further since the devaluation of the local currency and subsequent 60% price increases.
The future of Anambra Motor, part-owned by DaimlerBenz, is also apparently under review.
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Nigerian Government