Business
Minister Urges Manufacture Of Local Auto Parts
The Minister of State for Trade and Investment, Mr Samuel Ortom, has stressed the need for local entrepreneurs to invest in the manufacturing of automotive components for local assembly plants.
Ortom made the call yesterday at the launch of 58 investment profiles on automotive components organised by the Automotive Council of Nigeria in Abuja.
The investment profiles will educate prospective investors on what they need to know about the manufacture of certain components required by local assembly plants.
The profiles will also inform investors about how and where to access funding for the development and manufacture of automotive components.
Ortom commended the council for its initiative to encourage investment in the manufacture of automotive components.
Earlier, the Director-General of the council, Mr Aminu Jalal, said they were inspired by the desire of some investors to revive the country’s moribund automotive assembly plants and to launch the investment profiles.
Jalal said the profiles were developed to help investors to identify the right areas to invest in and how to attract funding for their ventures.
He said NAC would continue to engage stakeholders in the industry until it achieved its mandate of supporting growth in the automotive industry.
In his presentation, Mr Muhammed Haruna, the Director-General of the National Agency for Science and Engineering Infrastructure (NASENI), said the agency had already developed the requisite technology for the manufacturing sector.
Haruna, whose paper was entitled “Engineering Infrastructure for the Manufacturing of Automotive Components”, said the agency had developed the know-how to accelerate the process.