FG Seek Foreign Investors Support To Develop Automotive Industry

March 3, 2024

By Linda Ike

The Federal Government is seeking support of foreign investors to develop Automotive Industry in the country.

FG said economy of the nation can grow through industrialisation, import substitution which will lead to job creation.

Minister of Industry, Trade and Investment, Dr. Doris Uzoka- Anite disclosed this at a Meeting with the officials of African Association of the Automotive Manufacturers (AAAM), and Nigerian Automotive Stakeholders in Abuja.

The meeting was organized to proffer solutions by stakeholders to make Nigeria Automotive Industry work so as to grow the GDP of the country.

Speaking at the event, the minister said the use of locally manufactured vehicles is paramount, hence the huge demand for affordable vehicles from Nigerian citizens.

She urged the investors to come in and partner with the automotive industry in Nigeria, assuring them.of access to funds, support of policies and incentives to grow the business.

The Director General, National.Automotive Design and Development Council (NADDC),, Mr. Joseph Osanipin said developing local content will grow the nation’s economy and create more jobs for the youth.

He noted that NADDC has been seeking strong collaboration with AAAM for the growth and development of the Automotive Industry.

“If we focus on the manufacturing, we will generate more revenue for the country, create employment for the youths and our products can compete globally.” Osanipin stated.

Coordinator/Liaison, Association of Local Components Manufacturers of Nigeria (ALCWAN). Mr. Anslem Ilekuba advised Nigerians to focus on the use of local content.

He said Nigeria is surrounded with substandard imported spare parts, calling for the need to develop local content in the country.

Ilekuba further disclosed that Nigeria has developed a testing facilities to test all the manufactured goods in the country to ensure their authenticity.

On her part, the President, African Association of Automotive Manufactures ( AAAM) Martina Biene said Nigeria needs to be competitive to increase industrialisation of Automotive companies in the country.

She said Automotive Industry in South Africa is gaining as its GDP hits 3.0 percent, encouraging Nigeria to establish bigger Automotive companies to grow her GDP.