In a bid to catapult Nigeria into the forefront of the global vehicle manufacturing industry, Minister of Industry, Trade, and Investment, Doris Uzoka-Anite, has announced plans to initiate local vehicle production in the country .
The declaration came during the unveiling of the Nigeria Automotive Industry Development Plan, a landmark initiative aimed at positioning Nigeria as a key player in vehicle manufacturing over the next decade.
Addressing stakeholders from both the private and public sectors at a high-profile event on Friday, Minister Uzoka-Anite emphasized the strategic importance of the automotive industry development plan.
She said “Nigeria possesses the essential ingredients to manufacture its own vehicles.
“We have abundant raw materials, a skilled workforce, and a robust market.
“Now, with a comprehensive plan in place, we are poised to achieve full-scale vehicle production within the next 10 years.”
She explained that the ambitious plan encompasses various vehicle types, including motorcycles, tricycles, sedans, and heavy-duty trucks, with the overarching goal of making vehicle ownership more accessible and affordable for Nigerians across all income levels.
Joseph Osanipin, Director-General of the National Automotive Design and Development Council, outlined key policy measures designed to support the plan’s implementation.
Among these measures is a proposed five-year tax holiday for vehicle assemblers in Nigeria, aimed at incentivizing local production and fostering backward integration and component manufacturing.
The implementation committee for the Automotive Industry Development Plan comprises representatives from various government ministries, including Finance, Transport, and Environment, alongside key industry stakeholders such as the Nigeria Customs Service, the Manufacturers Association of Nigeria, and the Standards Organisation of Nigeria.
This collaborative effort underscores the government’s commitment to driving industrial growth and economic development through local vehicle manufacturing.
However, recent challenges have underscored the urgency of revitalizing Nigeria’s vehicle manufacturing sector.
According to him, data from last year revealed a downturn in the industry, with rising production costs and weakened demand for locally assembled automobiles contributing to a decline in sector performance.
Despite these setbacks, Minister Uzoka-Anite said Nigeria remains undeterred, emphasizing the transformative potential of the automotive industry development plan.
The Federal Government’s Automotive Policy of 2014 aimed to promote local content and establish vehicle financing schemes.
He lamented that limited government patronage and regulatory hurdles have hindered industry growth, with Nigeria currently producing less than 10 percent of the vehicles used in the country.
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