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Limited local car production, Nigerians spend ₦2.4 trillion yearly on vehicle importation

By Oluwaseun Solomon
Publish on October 24, 2019

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The Minister of Justice on behalf of the FG, recently disclosed that Nigerians spend a ton of money on vehicle importation. What if this amount was invested to local car manufacture?

According to recent press reports, Naijauto has gathered that the Federal Government now claims that Nigerians spend more than ₦2.4trillion ($8billion) every year on vehicle importation alone. This disclosure was made on Monday 21st of October, 2019 by Abubakar Malami, currently Nigeria’s Attorney General and Minister of Justice, during the unveiling of the “Automotive Design Initiative” by NADDC in Abuja.


Minister of Justice, Abubakar Malami says Nigerians spend over $8 billion yearly on car importation

>>> Does this mean a fresh auto policy is in the works? See when the FG suspended the proposed bill: Federal Govt. finally suspends the controversial auto policy plan, NAIDP

After disclosing the amount of money spent by Nigerians on vehicle importation, the Minister of Justice further lamented that such massive foreign exchange could be saved to boost Nigeria’s economy if we produced our vehicles locally. Below are his exact words;

“We spend about $8bn on vehicle importation annually. If we concentrate on designing and manufacturing these vehicles locally, we would save a lot of that foreign exchange.

“The Federal Government would support your efforts in ensuring that we design and manufacture cars for public transportation and agricultural equipment,”

We do hope that the Federal Government finally stands by its promise of supporting local vehicle manufacturing in Nigeria to offer cheap and affordable cars in the near future.

>>> To see more reports and updates like this, click -> automotive industry updates!

Oluwaseun Solomon is a prolific and diligent automobile writer at Naijauto.com. He's also an experienced digital marketer and a creative multimedia developer that specializes in video editing. He currently contributes articles that are very informative and easy to read on topics covering transportation, traffic updates, auto industry updates, and different car reviews here on Naijauto.
When Solomon is not writing, you will either find him compo ... See more