In a bid to increase Nigeria’s vehicle production capacity and improve citizens’ purchasing power for new vehicles, the Federal Government has expressed support for the amendment of the automotive industry law to boost funding, improve regulations and expand the auto market.
Speaking on Tuesday at the opening of the 26th Abuja International Motor Fair in Abuja, the Minister of Industry, Trade and Investment, Dr Jumoke Oduwole, said the automotive sector holds huge potential to create jobs and boost the country’s economy.
She explained that the government was working towards leveraging the automotive industry agenda of the African Continental Free Trade Area (AfCFTA) to expand the market for Nigeria’s local production sector.
The minister stated that it was important for the automotive industry law to reflect current realities, as well as improve access to funding for both manufacturers and citizens to enable growth.
Oduwole noted that the sector could also facilitate the growth of the solid minerals, iron and steel sectors, as well as other areas of the economy. She added that supporting the automotive sector could generate significant employment opportunities.
“So, beyond the Nigerian market, we are also going to support you to interconnect with the African market and the value chains that exist on the continent, so that Nigeria can take a prominent role.
“We also want Nigerians to have access to quality cars. It’s time to have the sector become as sophisticated as you want it to be,” she stated.
In his welcome address, the Director-General of the National Automotive Design and Development Council (NADDC), Otunba Oluwemimo Joseph Osanipin, emphasised the need for the sector to have laws that address modern trends, improve Nigerians’ access to locally produced vehicles and build a spare parts market that meets the needs of ageing vehicles.
The DG reaffirmed the council’s commitment to ensuring that the automotive industry in the country reaches its full potential.
He commended the Federal Government’s support for improved local production capacity that would meet Nigeria’s automotive demand in the near future.
The trade fair brought together key players in Nigeria’s automotive industry, government representatives, policymakers, investors, vehicle manufacturers, assemblers, industry associations and other stakeholders to showcase innovations, explore emerging opportunities and strengthen partnerships towards the sustainable growth of Nigeria’s automotive sector.
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