Nigeria targets local manufacturing of vehicles before end of 2024

The Nigerian authorities has said that it volition statesman section manufacturing of vehicles earlier the extremity of this year.

The Minister of Industry, Trade and Investment, Doris Uzoka-Anite, revealed this astatine the African Association of Automotive Manufacturers and the Nigerian Automotive Manufacturers Association’s gathering successful Abuja connected Friday, May 3.

According to Uzoka-Anite, funds to turn the automotive manufacture successful Nigeria person been made disposable to section manufacturers.

She said it was important to root made-in-Nigeria conveyance materials locally.

She informed each stakeholders, including manufacturers, dealers, and regulatory bodies, to cardinal into the Nigerian Automotive Development Policy, and statesman to marque the desired publication to the nation’s economy.

Former vice president, Yemi Osinbajo, had said section accumulation of vehicles successful Nigeria volition further marque cars affordable to galore Nigerians.

Osinbajo said this portion connected a circuit of the basal of Kia Nigeria astatine the Chartered Institute of Bankers of Nigeria (CIBN) 14th yearly banking and concern league successful September, 2021.

He highlighted the important relation the institution is playing successful the thrust towards economical diversification and Nigeria’s industrialisation done the made-in-Nigeria Kia cars.

During erstwhile president Goodluck Jonathan’s administration, arsenic portion of its industrialization policy, his authorities announced the National Automotive Industry Development Plan (NAIDP) successful October 2013.

It introduced tariffs connected imports arsenic a cardinal instrumentality to marque home accumulation much competitive.

The argumentation was aimed astatine creating 70,000 skilled and semi-skilled jobs and make the conditions for Nigeria to yet participate into car manufacturing.

The planned tariffs entailed a important summation successful duties and levies connected afloat built vehicles, from 22% to 70% for rider cars and 10% to 35% for commercialized vehicles.

The tariffs was to boost section assembly, nary levy was placed connected importing materials and parts for afloat assembly in-country and discounted levies of 5%-10% for partially assembled vehicles.