The Vice President of Ni
geria, Yemi Osibanjo says that Federal Government functionaries may be compelled to buy made-in-Nigeria vehicles as official cars and other users as part of measure to boost local production of automobiles.
Osibanjo disclosed this during a just-concluded motor fair in Abuja recently.
He also revealed plans to review the nation’s automobile policy introduced in September 2013 to curtail the influx of used and fully assembled vehicles.
Represented by the acting Permanent Secretary, Ministry of Industry, Trade and Investment, Mohammed Badamasuyi, the Vice President reiterated that “Government is aware that low patronage is one of the challenges confronting the domestic automobile industry.
In this regard, this administration will lead the campaign of buying made-in-Nigeria vehicles through public procurement to stimulate the industry.”
According to the Vice President, “the government will collaborate with the local automobile industries and banks to provide interested individuals with soft loans to enable the masses to purchase locally-made-cars at discounted prices and pay over a period of time.”
He expressed concern over the high cost of importing vehicles into the country and its impact on the economy, stressing that the government was seeking ways to improve the auto policy to address the problem.
Osibanjo said, “Government will seek new ways of improving the Automotive Industry Development Policy in order to protect the industry. The high cost of importing fully built vehicles and used cars into the country is having serious impact on the economy.
He however noted that the country is currently importing about 400,000 vehicles annually with a total bill of about N1.2 trillion, which made the sector second largest consumer of foreign exchange in the country.