August 31, 2018 / 2:08 PM / 3 months ago

Volkswagen to expand in Ghana, Nigeria

FILE PHOTO: Mechanic staff work on the production line of Volkswagen e-Golf in the Glaeserne Manufaktur plant in Dresden, Germany May 8, 2018. REUTERS/Matthias Rietschel/File Photo

FRANKFURT (Reuters) - German carmaker Volkswagen (VOWG_p.DE) on Friday said it had signed memorandums of understanding to expand its business in Nigeria and Ghana.

The German carmaker plans to assemble cars in Ghana and wants to turn Nigeria into an “automotive hub on the western coast of Africa over the long term.”

“The situation on the continent has stabilized, and the economy is moving forward. The final hurdles for the development of the automotive industry there have been removed as a result,” Thomas Schaefer, head of VW’s sub-Saharan region, said.

“This is a great opportunity for us.”

Reporting by Christoph Steitz

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