The Federal Government (FG) has revealed that it will begin producing local vehicles in the country, News About Nigeria reports.
The Minister of Industry, Trade, and Investment, Doris Uzoka-Anite, disclosed this while launching the Nigeria Automotive Industry Development Plan at a gathering that was attended by stakeholders drawn from the private and public sectors, on Friday.
She noted that plans are already underway to position Nigeria as a major player in the vehicle manufacturing industry within the next ten years.
She also noted that this is long overdue, as Nigeria possesses both the capacity, skills, and market for vehicle manufacturing to thrive, and added that a plan is in place to bring it to fruition.
According to her, the goal of the federal government is to reduce the cost of purchasing vehicles for Nigerians.
“Nigeria has the capacity to produce its own 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 own vehicles within 10 years. Our goal is to reduce the cost of purchasing a vehicle for the average Nigerian,” she said.
Speaking also, the Director-General of the National Automotive Design and Development Council, Joseph Osanipin, stated that the policy proposed to help actualize the plan was a five-year tax holiday for assemblers of vehicles in Nigeria.
According to him, through such fiscal initiatives, there is a deliberate focus on backward integration and component production.
