The Future of Vehicle Manufacturing in Nigeria: A Step Towards Economic Growth
The Nigerian government has made a bold announcement that it will kickstart local manufacturing of vehicles by the end of this year. This significant move was disclosed by the Minister of Industry, Trade, and Investment, Doris Uzoka-Anite, during a meeting with the African Association of Automotive Manufacturers and the Nigerian Automotive Manufacturers Association in Abuja on Friday, May 3.
Uzoka-Anite emphasized the availability of funds to support the local automotive industry in Nigeria and stressed the importance of sourcing vehicle materials locally to boost the economy. She urged all stakeholders, including manufacturers, dealers, and regulatory bodies, to align with the Nigerian Automotive Development Policy and contribute to the nation’s economic growth.
Former Vice President, Yemi Osinbajo, also highlighted the benefits of local vehicle production in Nigeria, stating that it would enhance affordability for many Nigerians. Osinbajo made this statement while visiting the stand of Kia Nigeria at the Chartered Institute of Bankers of Nigeria (CIBN) annual banking and finance conference in September 2021.
It is worth mentioning that during former President Goodluck Jonathan’s administration, the National Automotive Industry Development Plan (NAIDP) was introduced in October 2013 as part of the country’s industrialization policy. The plan aimed to create jobs and lay the foundation for Nigeria to venture into vehicle manufacturing. Tariffs on imports were implemented to promote local assembly and make domestic production more competitive.
This strategic move towards local manufacturing of vehicles in Nigeria is a significant step towards economic diversification, industrialization, and job creation. As the country gears up to make its mark in the automotive industry, the future looks promising for both manufacturers and consumers alike.