The Lagos State Government has sealed a joint venture agreement with the CIG Motors Company Limited for the establishment of vehicle assembly plant in the state.

The governor, Babajide Sanwo-Olu, said in the next 24 months, Lagos would have a jointly-run factory for the production of different classes of brand new cars.

Sanwo-Olu, who also signed a partnership agreement for the take-off of an e-hailing taxi scheme with 1,000 units of Sport Utility Vehicles, added that the ride-hailing scheme was initiated to create jobs and economic opportunities, as well as give residents a better choice in road transport.

According to a statement by the Chief Press Secretary, Gboyega Akosile, the two agreements would be run by a state-owned corporation, IBILE Holdings Limited.

The governor said, “The transport scheme, which is to be known as Lagos Ride, is in fulfilment of our desire to give Lagos residents better transportation choices. The modern ride-hailing service is one of the state government’s socio-economic intervention programmes, which will be professionally.

“As we also sign the Joint Venture Agreement for the establishment of Motor Assembly Plant, Lagosians should expect a roll-out of vehicles from this plant within the next 18 months. I urge other stakeholders and private investors to collaborate with us to sustain the scheme. We have the political and administrative will to ensure business survives in Lagos.”

Sanwo-Olu added that cooperative society in the Ministry of Wealth Creation and Employment would give operators brand new SUVs for four years, during which they would pay a monthly instalment.

The Commissioner for Transportation, Frederic Oladehinde, said the assembly plant and the taxi scheme would boost socio-economic activities and support the development of ancillary enterprises in the transportation sector.

He said the plant and the taxi scheme would boost socio-economic activities and support the development of ancillary enterprises in transport sector.

The Chairman of CIG Motors Company Limited, Diana Chen, pledged the full commitment of the automobile firm to the agreements.

She said, “My teams are ready to work with 100 percent effort to build GAC Motors in Nigeria in the highest level of a brand. This international joint venture project will boom Chinese business communities both in Nigeria and China. I assure you that, we will use this partnership as a best example to introduce and promote a greater Lagos where greater opportunities abound.”