Dangote Peugeot Automobiles Nigeria Limited (DPAN), a Nigerian automaker owned in part by the Dangote Group, has begun the assembly of Peugeot vehicles at its newly built Green Field Assembly Plant in Nigeria’s northwestern region.
This comes nearly four years after Dangote Group received approval from the Nigerian regulator after previously expressing interest in the former Peugeot plant, now known as PAN Nigeria Ltd.
Dangote Group is Africa’s most diversified manufacturing conglomerate. It is led by Africa’s richest man, Aliko Dangote, who founded the conglomerate in 1981. His wealth is valued at $19.5 billion, according to Bloomberg.
According to The Sun, the delivery of the first 301 DPAN vehicles and the start-up of the new plant mark a watershed moment in Nigeria’s automotive industry, as the company has the capacity to assemble 120 vehicles per day across two shifts.
DPAN is owned by Dangote, the governments of Kaduna and Kebbi, and Stellantis Group, the parent company of Peugeot. Stellantis Group is a multinational automotive manufacturing corporation formed in 2021 by the merger of Fiat Chrysler Automobiles and the French PSA Group.
The automaker revealed that much is being done to ensure the visibility of the Peugeot brand and the availability of spare parts to the general public in Nigeria. It also stated that in order to meet the diverse demands and needs of the Nigerian auto market, it plans to expand its model lines.
Vehicles to be introduced on the local market between now and 2023 include the Land Trek, 3008, 5008 and the new 508, which are expected to appeal to the younger generation with their outstanding aesthetics, rich technological endowment and safety features.
Dangote has proven to be the busiest African billionaire in less than a month since the new year began. Just over a week ago, the billionaire announced that his refinery will begin crude oil refining and processing operations by the end of Q3 2022.
The refinery’s pipeline infrastructure is billed as the largest in the world, with a processing capacity of 540,000 barrels per day in the first phase of operation, increasing to 650,000 barrels per day later.
Dangote Cement, his flagship company, recently completed the second tranche of its share buyback program, acquiring a 0.74-percent stake for N35.1 billion ($84.5 million).
Experts believe the share buyback program is a deliberate attempt by the board to increase the intrinsic value of the cement company, which aligns with the next phase of itsexpansion plans.
