Business
FG To Strengthen Automotive Policy Initiative
The Federal Government has reiterated its determination to strengthen the automotive policy initiative rather than reversing the initiative as formulated and implemented by the past administration of President Goodluck Jonathan on July 1, 2014.
Speaking to journalists after delivering a paper titled, “How to make Nigeria Africa’s Leading Automotive Hub” in Lagos on Monday , the Director-General , National Automotive Design and Development Council (NADDC), Mr Aminu Jalal, said that government has neither abandoned the automotive policy in the face of the prevailing economic challenges, nor is the idea of reversing the policy ever being considered.
Jalal pointed out that government has already resolved to strengthen the policy initiative as part of her efforts to empower the automotive industry as viable alternative to oil.
He explained that, the present government will continue with the policy and the response so far has exceeded the council expectations, adding that the councils’ emphasis has shifted to the development of automotive component.
The NADDC boss, stressed that, the Automotive Industry Development Plan (NAIDP) which derives from the policy, is designed to ensure the development and growth of the domestic industry, using local human and material resources with a view of enhancing the sector’s contribution to the national economy.
He added that, no fewer than 14 assembly plants have since 2014 begun operations assembling new products, including cars and SUVs, Wearing IVM, Peugeot, Kia, Nissan, Hyundai, Honda, Volkswagen, Ford Changan and GAC badges with more assembly facilities soon to arrive on stream.
According to him, five S outh African companies have indicated interest in establishing component manufacturing plants in the country just as some Chinese investors have similarly indicated interest in investing in opportunities in the nascent auto industry.
The NADDC helmsman said that the Nigerian automotive development plan is the country’s best chance of developing this vital industry and making Nigeria, Africa’s leading automotive hub especially when viewed against the market potential of the ECOWAS and Central African countries estimated at one million vehicles annually.
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