Cherrybae:
Very useless ugly wicked broke igbo man and Igbos supporter.

Nonsense

Drink cold water and breath easy.

Why is the picture of a US based assembly plant (Ford)?

miteolu:
N1.7billion is small for a successful vehicle plants.

no mind am alaroro oshi

This is sad. But the man has not actually said anything. What actually went wrong?

Sorry man but the same government policy GavE you what you are today




Later on, he co-founded a spare parts company known as CosDave with his friend, Dave. The startup also failed sooner than expected and Maduka went to establish the Coscharis Motor with the sum of three hundred naira N300 which focused sales of automobile spare parts in 1977. The name of the company according to him is a combination of his first name, Cosmos and his wife, Charity, which he married at age 21. Maduka business breakthrough started in 1982, when the Nigeria government granted ten (10) motor companies import license, which Coscharis was selected.
Today, the Cocharis Group is a conglomerate with a net-worth of $500million with several subsidiaries including Manufacturing, ICT, Petrochemical, Auto care and Auto Components, Automobile Sales and Services, Agric and Agro Allied business sectors. Cocharis Motors is a leading distributors of several brands of luxuries cars including Range Rover, Ford and Jaguar.




Reaso. Why you have to fear all this Igbo; they will never apperitiate always complaining and feeling as if someone is cheating them

straighttalk:
You are only being business oriented. Businesses are all about being bold and courageous to take risk

Ask the "bold and courageous" US companies in 2008 if they relied on government assistance. Truth is every business needs government to create and sustain an enabling environment and policies, even to the point of rendering financial assistance when needed.

N1.7Billion... no be beans oh!! I really can't ask more of a businessman who has invested that kind of money in the Nigerian environment. But wait, where do these business people find this kind money in Nigeria? Ha! This country is a goldmine if one knows where to look and how to tap it...

nedu2000:
Another thing Cosmos didn't consider is that majority of Nigerians can't afford brand new cars.

Do you know the implication of the bill to masses?

if Buhari had implemented the policy, you people will still rush to social media to rain insults on him

you could have taken your company to SA. you allow hausa-fulani man with IQ as low as a grain of sand to ruin your fortune. people here are so poor they cant afford brand new tires for their salvaged cars and you want to sell them ur brand new. Poor calculation on your part. It's like opening a buffet in the midst of poor, dirty, uneducated, stupid millions if people.

bimgo:
I have passion for pig farm but i don't have money, just 250k for the pig ang feeding for one year.

Tell me about pig farming.
I want to know more.

Gbengais:
$50m is more than 1.7 billion naira

The figure is probably $5m which is relatively small considering the size of the project... Could 17 billion naira

Very useless man that Buhari ....meanwhile 50 million dollars is 17 billion dollars

They prefer trader moni. 10,000 naira to buy and sell cheap chinese knock-offs. The hordes of economics professors in Nigeria cannot tell them the only way to prosperity is to make stuff and make them in industrial numbers. Government simply bereft of ideas.

Cherrybae:
Very useless ugly wicked broke igbo man and Igbos supporter.

Nonsense

see how hatred has consumed you. just take a chill pill. if i were u i will just jump infront of a train and end it. dont even think of bringing forth children to this planet. there's a threshold to the number of lunatics the earth can contain. Pls save the planet

presleYzzi:
People get money for this country oh

Many Igbo get am for hand , but the spirit of unforgiving is troubling all of them , they haven recovered from the loss they recorded at the civil war which they started

when you left igbo land and went to Lagos to open it what do you expect
see how innoson is prospering in igbo land

Must u sell 10k unit in Nigeria....cant u manufacture here and take it abroad for sales ...

The government neva learn from the 9 billion saga..
Them dey think say this one na our person, we fit do am anyhow...

Hope his MOU dey strong.. When court rulings sprout from different corners, people will sit up. I understand that this is a different scenario. Magu should look this one up too.. Under what jurisdiction, I don't know.

This afternoon dey hot--- explains any misyarns.


.

On another note, why not look at the west African corridor given his strategic position.

.

autojosh:
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/

I believe Coscharis has team of experts in economics and finance. Investing such huge amount of money in an industry doesn't start yielding profits instantly. In fact, it can even take decades for profit to start ripping in. Please Sir, don't lament yet in regrets. It's been only 2years. Hopefully, you'll reap the benefits soon.

Opexzy:
The number one problem of this country is the incompetent leaders that are bereft of ideas to move this country forward...

... And electricity

dokyOloye:
In summary, osama buhari has refused to enforce implementation d auto industry bill started in the glory days of GEJ.

Yea and the Jihadist Buhari Government is Desperate to use billions to implement Ruga policy

eagleeye2:

do you understand that this venture will create so many employment opportunities for the masses?

He doesn't.

If the price of cars produced at the so called plant is significantly low I think Sales shud be very good or at least ur projected target base would patronize. Re strategize I guess cos this government is really slow in many sectors.

nedu2000:
Another thing Cosmos didn't consider is that majority of Nigerians can't afford brand new cars.

His maths was really wrong


Since buhari came in seeing a new car is rare

DrObiHogan:
you could have taken your company to SA. you allow hausa-fulani man with IQ as low as a grain of sand to ruin your fortune. people here are so poor they cant afford brand new tires for their salvaged cars and you want to sell them ur brand new. Poor calculation on your part. It's like opening a buffet in the midst of poor, dirty, uneducated, stupid millions if people.

Oga that is not how it works. Industrialization is the only, I repeat only way for a nation to prosper. There is just no other way. What happens is that government leverages on industrial capacity to trigger a revolution. If you want cheaper cars the only way is to start making them and then drive down the cost via scale, technology and independence. As you incentify allied industries to supply parts and components you create other industries and the quantum of jobs trigger prosperity.

It is hard at the beginning but that is where government steps in with incentives to protect industry until they are strong enough to sustain themselves. What government should have as an overiding policy is to drive down the cost of goods and servicces and raise the purchasing power of its citizens. To try and bridge the prosperity gap. How else do you do this if you do not have a deliberate industrial policy.

Dangote's refinery will soon be completed and after that the petrochemical plant. Doesn't it make sense if this man's assembly plant and that of Innoson and others be immediate and automatic consumers and customers of his petrochemical products. Will this not drive down the cost components of the imported alternatives.

Why is government so unaware or blind to the fact that massive opprtunities exist to tie in for instance Dangote to the overall industrialization of Nigeria. All it takes is to incentify another industrialists to invest in vehicle component manufacturing. To take Dangote's petrochemical products for instance and turn them into dash boards and other car parts and components at a fraction of the cost of imported alternatives and creating thousands of jobs in the process.

Poverty like prosperity is systemic. When all parts are in place it takes only a spark of genius to turn the country around. Industrialization is like a net or spiders web. A nation's capacity to sustain productivity is only as strong as its weakest industrial link. It is a crime for government to sit by and watch its industrial interests go moribund.

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nedu2000:
Another thing Cosmos didn't consider is that majority of Nigerians can't afford brand new cars.

Gbam. I think he was being wicked to think government would increase duty on imported Tokunbohs for his benefit. Nigerian businesses have an overbloated impression based on our population. Statistically, very few earn anything meaningful. Na Dangote and Otedola dey hold most of our money and they have cars already.

Cosmas Maduka is very funny. You are the major importer of BMW and Range Rover in Nigeria and you want government to implement the Bill because you set up assembly plant for Ford?

Cherrybae:
Very useless ugly wicked broke igbo man and Igbos supporter.

Nonsense

so much hate,what is wrong with people these days, is that tribe the cause of your frustration?

straighttalk:
You are only being business oriented. Businesses are all about being bold and courageous to take risk

This is where Nigerians need to work together.
Instead of Ford and foreign brands, make Nigerian brands.
We too much like oyibo things. Ford forced him to sell their brand. Now he's at a loss and Ford doesn't care.
We are long overdue to block importation of cars.

sacramento1212:


Are you minding him.

Oga, the cars aren't meant for the poor. Even in developed nations people also buy used cars and that didn't stop them from producing or assembling cars . Our banks, government and other companies buys new cars. Even a good number of Nigerians buy new cars..
All that is needed is to encourage them with good policy, such policy should one that can discourage people from importing news, a policy that could push our car users to depend on the locally produced or assembled cars...
I once bn to a coy try where the cost of clearing a foreign car can easily get you a locally made car . Let us promote our own and see how we can progress .. remember Peugeot used to be a popular car in Nigeria then, their plants coukd be located in all parts of the country but where are they now? Bad government/policy has chased the plants to early grave

tiwiex:

Gbam. I think he was being wicked to think government would increase duty on imported Tokunbohs for his benefit. Nigerian businesses have an overbloated impression based on our population. Statistically, very few earn anything meaningful. Na Dangote and Otedola dey hold most of our money and they have cars already.

So, because Nigerians cannot afford anything we should not make anything. How can one think so poorly...

My goodness. Just sit back and think through what you write. In the world I come from it is when YOU CANNOT AFFORD THINGS YOU MAKE THEM FOR YOURSELF.

This mentality is killing this country. Everything here is expedient, short term and lazy and where it appears in leadership this is the result. Wide spread poverty and crime.

MelesZenawi:
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.

Hmmmm. Makes sense. It tells us our people are not region patriotic. Na only money dem Wan make. Igbos for fight for am but no way now.