The Nigerian auto industry is on the verge of growth and development as no fewer than 62 companies have registered for the assembling of vehicles in the country. This was disclosed by Adebayo Adeniyi – Minister of Industry, Trade, and Investment, during an Abuja event organized to showcase automobiles that were manufactured and assembled in the country.
A presentation of the Honda HR-V that was assembled in Nigeria to the NADDC
The Minister stated that the registered companies specialized in the assembling of vehicles at different capacities including Semi Knocked-Down (SKD) and Completely Knocked-Down (CKD) have an installed capacity of 423, 790 unit. These will be in addition to the 31 companies that are already part of the Bureau of Public Procurement for patronage under the umbrella of government ministries.
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Adeniyi further disclosed that the vehicles to be assembled in Nigeria will be showcased at the 2020 Argungi Motor Rally – an extension of the Argungu Annual International Fishing and Cultural Festival. According to him, it will be made an annual event.
“The Nigerian assembled motor vehicles will also be used for the 2020 Argungu Motor Rally to be flagged off by President Muhammad Buhari at the Eagle Square.
The National Automotive Design and Development Council (NADDC) has plans to make it an annual event for the local auto industry in Nigeria.”
Speaking at the event, Isah Pantami – Minister of Communication and Digital Economy, highlighted the importance of acknowledging and prioritizing locally made products in the automobile industry.
“Our challenge in Nigeria is not about laws and policies but rather implementation and enforcement. With this, I encourage my colleague to use whatever he has at his disposal to ensure that from now henceforth, in our federal public institutions, we must give preference to our indigenous technology.”
Another dignitary who spoke at the event was Jelani Aliyu – Director-General of the National Automotive Design and Development Council (NADDC). He said that the sum of 400 billion had been channeled to the automobile industry for producing and assembling cars in the country.
“So far, at least 4700 people have been employed in the automobile sector. We have also set aside ₦5billion towards a single-digit finance scheme.
“Pretty soon Nigerians will be able to put down 10 percent and drive off with brand-new vehicles. The Central Bank of Nigeria and the Ministry of Finance are also willing to increase this to a couple of billions of naira to make it a bigger initiative.”
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