12 March 2021 - 06:00 David Furlonger Picture: REUTERS
The dream is clear: develop a pan-African motor industry to service a new-vehicle market that will grow by 400% over the next 15 years. Multinational vehicle and components companies say they are prepared to invest billions of dollars to promote regional manufacturing hubs to service the world’s last great untapped continental market.
But there’s a hitch. Many African countries, including some of the most populous, lack credible banking systems that allow any but the wealthiest to finance the purchase of high-value goods.
So who will buy the millions of vehicles needed to justify motor companies’ investments?