Nigeria Has Market for New Vehicles—Minister

April 2, 2024
market for new vehicles

By Modupe Gbadeyanka

The Minister of Industry, Trade and Investment, Ms Doris Uzoka-Anite, has said Nigeria has the market for new vehicles, charging local manufacturers to key into the newly launched Nigeria Automotive Industry Development Plan.

Business Post reports that the federal government came up with this scheme amid a 226.46 per cent rise in vehicle imports to N1.063 trillion in 2023 from N325.05 billion in 2022, according to data from the National Bureau of Statistics (NBS).

At the unveiling of the policy programme over the weekend, she said the country could produce vehicles, including motorcycles, tricycles, sedans and heavy trucks.

“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 vehicles within 10 years. Our goal is to reduce the cost of purchasing a vehicle for the average Nigerian,” the Minister said.

Also speaking at the event, the Director General of the National Automotive Design and Development Council, Mr Joseph Osanipin, noted that the policy proposed to help actualise the plan was a five-year tax holiday for assemblers of vehicles in Nigeria.

“Through such fiscal initiatives, there is a deliberate focus on backward integration and component production,” he said.

Modupe Gbadeyanka

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

Leave a Reply

Dangote Petroleum Refinery
Previous Story

Diesel Price to Crash as Dangote Refinery Begins Sale to Marketers

exposure to Nigerian stocks
Next Story

Nigerian Stocks Start April Sluggish, Lose 0.04% After Easter Break

Latest from Auto

repair third mainland bridge

FG Reopens Third Mainland Bridge

By Adedapo Adesanya The federal government on Thursday reopened the Third Mainland Bridge for traffic with the Lagos State government warning road users to