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Nairaland Forum / Nairaland / General / Business / Cosmas Maduka Coscharis Regrets Investing N1.7billion On Vehicle Assembly Plant (45900 Views)
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Cosmas Maduka Coscharis Regrets Investing N1.7billion On Vehicle Assembly Plant by autojosh: 12:37pm On Aug 27, 2019 |
Dr. Cosmas Maduka, the President of Coscharis Group, recently lamented about his decision to invest N1.7billion in an automobile assembly plant in the country. His lamentation is as a result of the effect of the hesitant implementation of the auto policy in the Nigeria auto industry by the Federal Government. Maduka is one of Nigeria’s biggest investors in the automotive sector. His company, Coscharis Group, built an auto-assembly plant on a 14-hectare piece of land in Awoyaya area of Lekki-Epe expressway, Lagos. The project is in conjunction with Ford Motor Company. The plant was inaugurated in October 2017, with an installed capacity for 60 units of vehicles a day. According to the Coscharis boss, the projections of growth made by his company and other automakers who responded to the policy by building assembly plants – some in collaboration with auto manufacturers from different parts of the world, have been shattered by lack of progress and uncertainties in the industry. He expressed pessimism about recovering the huge investment he made in the sector in 10 years based on the initial projection of selling 10, 000 vehicles annually. According to him, the current total yearly sales figure has been far below 2,000 cars. According to the Nnewi-born businessman, he regretted investing more than $50 million {about N1. 7b} in setting up an assembly plant in Lagos. “Of course, I regret the investment! Why would I not regret the investment? From the benefit of hindsight today, you think it is something that is waste, but at the same time, it is also premature to take a conclusive decision, because, till today, the Federal Government is still hesitant. They {government} have not said a definite ‘yes’ or ‘no’ to the auto policy.”, he reportedly said. He, however, restated his belief in the policy encapsulated in the Nigeria Automotive Industry Development Plan (NAIDP) that, he said, was necessary for a viable local auto-manufacturing sector. The problem, he argued, is in the lukewarm implementation by government. Cosmas Maduka made his feelings known while assessing the NAIDP which took effect about five years ago on July 1, 2014, and the delay by the Presidency in assenting to the Fiscal Incentive and Guarantees Bill that would have given it a legal framework. Source: https://autojosh.com/i-regret-investing-n1-7billion-on-vehicle-assembly-plant-coscharis-boss/ 4 Likes 1 Share
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Re: Cosmas Maduka Coscharis Regrets Investing N1.7billion On Vehicle Assembly Plant by Nbote(m): 1:31pm On Aug 27, 2019 |
D govt wants ppl to invest in other sectors of d economy and wants Nigerians to patronize made in Nigeria but yet it's policies and d business environment in d country will wreck any investment.. Now imagine one of d biggest investor's in d auto sector complaining.. What is d hope for prospective investors and potential start-ups.. Dis govt is jus a buzzkill for innovation and investments period 245 Likes 14 Shares |
Re: Cosmas Maduka Coscharis Regrets Investing N1.7billion On Vehicle Assembly Plant by straighttalk(m): 2:28pm On Aug 27, 2019 |
You are only being business oriented. Businesses are all about being bold and courageous to take risk 3 Likes 1 Share |
Re: Cosmas Maduka Coscharis Regrets Investing N1.7billion On Vehicle Assembly Plant by hisexcellency34: 2:28pm On Aug 27, 2019 |
If Nigerians can be groaning, what do you expect foreign investors? 51 Likes 2 Shares |
Re: Cosmas Maduka Coscharis Regrets Investing N1.7billion On Vehicle Assembly Plant by eagleeye2: 2:28pm On Aug 27, 2019 |
Stifling business environment. They are always quick to shout come and invest,,,, come and invest. But when it's time to set enabling environment for the growth of the industry, they will remember that they may not be the direct beneficiary through fraudulent activities and you see them dragging feet. Those that invested in power are also regretting it. 92 Likes 6 Shares |
Re: Cosmas Maduka Coscharis Regrets Investing N1.7billion On Vehicle Assembly Plant by Stephendeals: 2:28pm On Aug 27, 2019 |
"Why would I not regret the investment? From the benefit of hindsight today, you think it is something that is waste, but at the same time, it is also premature to take a conclusive decision, because, till today, the Federal Government is still hesitant. They {government} have not said a definite ‘yes’ or ‘no’ to the auto policy.”, he reportedly said. He, however, restated his belief in the policy encapsulated in the Nigeria Automotive Industry Development Plan (NAIDP) that, he said, was necessary for a viable local auto-manufacturing sector. The problem, he argued, is in the lukewarm implementation by government." So sad the government is not proactive, most useful government are fast to implement policies that will endear and help industrialist to excel but nay not our next level government who are more concerned about RUGA . Lemme catch the angel that select Nigeria for me first 33 Likes 1 Share
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Re: Cosmas Maduka Coscharis Regrets Investing N1.7billion On Vehicle Assembly Plant by publicsensor: 2:28pm On Aug 27, 2019 |
And if it were gainful, you wouldn't have share the credit with anyone, Sir 6 Likes 2 Shares |
Re: Cosmas Maduka Coscharis Regrets Investing N1.7billion On Vehicle Assembly Plant by miteolu(m): 2:28pm On Aug 27, 2019 |
N1.7billion is small for a successful vehicle plants. 12 Likes 5 Shares
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Re: Cosmas Maduka Coscharis Regrets Investing N1.7billion On Vehicle Assembly Plant by Chiefochiefo(m): 2:29pm On Aug 27, 2019 |
The ones you gain before nko? 7 Likes 2 Shares |
Re: Cosmas Maduka Coscharis Regrets Investing N1.7billion On Vehicle Assembly Plant by 12345baba(m): 2:29pm On Aug 27, 2019 |
1 Like 1 Share |
Re: Cosmas Maduka Coscharis Regrets Investing N1.7billion On Vehicle Assembly Plant by dokyOloye: 2:29pm On Aug 27, 2019 |
In summary, osama buhari has refused to enforce implementation d auto industry bill started in the glory days of GEJ. 30 Likes 3 Shares |
Re: Cosmas Maduka Coscharis Regrets Investing N1.7billion On Vehicle Assembly Plant by northvietnam(m): 2:30pm On Aug 27, 2019 |
Whose fault then 1 Like 2 Shares |
Re: Cosmas Maduka Coscharis Regrets Investing N1.7billion On Vehicle Assembly Plant by ednut1(m): 2:31pm On Aug 27, 2019 |
the yams he has been eating all these while from inflated car supplies to government (e.g oduah) taken back 9 Likes 2 Shares |
Re: Cosmas Maduka Coscharis Regrets Investing N1.7billion On Vehicle Assembly Plant by nedu2000(m): 2:31pm On Aug 27, 2019 |
Another thing Cosmos didn't consider is that majority of Nigerians can't afford brand new cars. 67 Likes 4 Shares |
Re: Cosmas Maduka Coscharis Regrets Investing N1.7billion On Vehicle Assembly Plant by fiercehillz(m): 2:31pm On Aug 27, 2019 |
1.7 billion just like that...I just need to invest 1 % of that money to change my life forever 6 Likes 2 Shares |
Re: Cosmas Maduka Coscharis Regrets Investing N1.7billion On Vehicle Assembly Plant by Sterope(f): 2:31pm On Aug 27, 2019 |
Very unfortunate. 2 Likes 1 Share |
Re: Cosmas Maduka Coscharis Regrets Investing N1.7billion On Vehicle Assembly Plant by Opexzy: 2:32pm On Aug 27, 2019 |
The number one problem of this country is the incompetent leaders that are bereft of ideas to move this country forward... 16 Likes 2 Shares |
Re: Cosmas Maduka Coscharis Regrets Investing N1.7billion On Vehicle Assembly Plant by nedu2000(m): 2:32pm On Aug 27, 2019 |
miteolu:true,global standards that Naira sign would be in dollars. 7 Likes 1 Share |
Re: Cosmas Maduka Coscharis Regrets Investing N1.7billion On Vehicle Assembly Plant by DevilhimseIf: 2:32pm On Aug 27, 2019 |
buhari is a a career and dream killer Buhari is a criminal terrorist and economic bokoharam kiss the truth 16 Likes 2 Shares |
Re: Cosmas Maduka Coscharis Regrets Investing N1.7billion On Vehicle Assembly Plant by kunmiiii: 2:33pm On Aug 27, 2019 |
Chiefochiefo:Was he the only one gaining before, is he not providing thousands of jobs and employment for people. 25 Likes 4 Shares |
Re: Cosmas Maduka Coscharis Regrets Investing N1.7billion On Vehicle Assembly Plant by Cherrybae(f): 2:33pm On Aug 27, 2019 |
Very useless ugly wicked broke igbo man and Igbos supporter. Nonsense 3 Likes 1 Share |
Re: Cosmas Maduka Coscharis Regrets Investing N1.7billion On Vehicle Assembly Plant by presleYzzi(m): 2:33pm On Aug 27, 2019 |
People get money for this country oh 6 Likes 3 Shares |
Re: Cosmas Maduka Coscharis Regrets Investing N1.7billion On Vehicle Assembly Plant by Gbengais(m): 2:35pm On Aug 27, 2019 |
$50m is more than 1.7 billion naira 16 Likes 1 Share |
Re: Cosmas Maduka Coscharis Regrets Investing N1.7billion On Vehicle Assembly Plant by Stephendeals: 2:35pm On Aug 27, 2019 |
1 Like 1 Share |
Re: Cosmas Maduka Coscharis Regrets Investing N1.7billion On Vehicle Assembly Plant by bimgo: 2:35pm On Aug 27, 2019 |
I have passion for pig farm but i don't have money, just 250k for the pig ang feeding for one year. 2 Likes 1 Share |
Re: Cosmas Maduka Coscharis Regrets Investing N1.7billion On Vehicle Assembly Plant by sacramento1212: 2:35pm On Aug 27, 2019 |
nedu2000: Are you minding him. 3 Likes 1 Share |
Re: Cosmas Maduka Coscharis Regrets Investing N1.7billion On Vehicle Assembly Plant by Nobody: 2:36pm On Aug 27, 2019 |
This present government derives joy in disaster. But why will you build it at lekki... We have Enugu, Imo state or even anambra state to do that.... I will prefer you shift it to Imo state, so that guys go dey see food chop. Anyway buhari is a disaster. 27 Likes 1 Share |
Re: Cosmas Maduka Coscharis Regrets Investing N1.7billion On Vehicle Assembly Plant by eagleeye2: 2:36pm On Aug 27, 2019 |
publicsensor:do you understand that this venture will create so many employment opportunities for the masses? 12 Likes 3 Shares |
Re: Cosmas Maduka Coscharis Regrets Investing N1.7billion On Vehicle Assembly Plant by Nobody: 2:37pm On Aug 27, 2019 |
Nigeria matter. If Cosmos can complain. I will not complain. 1 Like 1 Share |
Re: Cosmas Maduka Coscharis Regrets Investing N1.7billion On Vehicle Assembly Plant by phkka1(m): 2:37pm On Aug 27, 2019 |
If it's cow business... 6 Likes 1 Share |
Re: Cosmas Maduka Coscharis Regrets Investing N1.7billion On Vehicle Assembly Plant by money121(m): 2:37pm On Aug 27, 2019 |
Epele 1 Like 2 Shares |
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