Just In : Nigerian govt announces date to commence local vehicle manufacturing
Within the next ten years, the Nigerian government intends to commence local manufacturing of vehicles.
This was revealed on Friday during the Nigeria Automotive Industry Development Plan launch, according to Minister of Industry, Trade, and Investment Doris Uzoka-Anite.
At a ceremony attended by stakeholders from the public and private sectors on Friday, the Minister stated this while launching the Nigeria Automotive Industry Development Plan.
According to her, the nation can produce vehicles such as large trucks, automobiles, tricycles, and motorcycles.
The Minister noted that lowering the price of buying vehicles in the nation was the objective.
“Nigeria can produce its vehicles. We have the raw materials, we have the skills, we have a market, and now we have a plan that can help us produce our vehicles.
“These vehicles include motorcycles, tricycles, sedans, and heavy-duty trucks.
“With this plan, we should see Nigeria fully producing its own vehicles within ten years. Our goal is to reduce the cost of purchasing a vehicle for the average Nigerian,” he said.
The National Automotive Design and Development Council’s Director General, Joseph Osanipin, stated in his remarks that a five-year tax holiday for Nigerian vehicle assemblers was the strategy suggested to assist in making the plan a reality.
He said, “Through such fiscal initiatives, there is a deliberate focus on backward integration and component production.”
The development coincides with data from the National Bureau of Statistics showing that vehicle imports increased by 226.46% to N1,063 trillion in 2023 from N325.05 billion in 2022.
