The Minister of Industry, Trade and Investment, Adeniyi Adebayo has disclosed that the brand new Automotive Industry Bill will assist place Nigeria in its rightful place, because the manufacturing hub of Africa.
This assertion was made by him right this moment whereas talking throughout an interview in Abuja with ChannelsTV.
According to him, the entire concept of the New Automotive Policy will likely be centered on creating an enabling setting for key gamers within the business, because the coverage seeks to realize the boldness of buyers within the business, particularly the Original Equipment Manufacturers (OEM), with the view to have them are available to arrange manufacturing crops in Nigeria.
In this house, the nation will be capable to leverage on the buffers coming from the not too long ago ratified African Continental Free Trade Area (AfCFTA), an settlement that has a complete market of 1.2 billion individuals, whereas 200 million of the 1.2billion persons are right here in Nigeria.
The Minister revealed that to make this occur, the federal government is about to place in place a coverage that ensures the investments of producers and different key gamers in Nigeria.
In a bid to make sure that key infrastructure and supplies required for manufacturing are in place, the minister revealed that the Ministry of Mines and Steel Development has been partaking key stakeholders to make sure that Ajaokuta is up and operating.
What they’re saying
Mr. Niyi Adebayo mentioned:
“When this government came in, we tried to work with the policies that were in place, but when we realized the policy was not working, we had to review it and come up with a new policy. We are not unmindful of the facts that key infrastructure must be in place, as this is key for us to have a successful auto industry. However, the government is doing a lot in that regard.
“The New policy is supposed to bring a multiplier effect with regards to manufacturing within the Nigerian economy, the policy will help both auto manufacturers as well as other stakeholders in the manufacturing sector as well as the Nigerian Economy at large.
“However, in a bid to ensure that this policy does not fail, the assurance we have is that we are making a comprehensive review, which means we are working with practitioners, manufacturers and all stakeholders in the industry, and whatever we come with will be passed into law with the view to ensure that it is sustainable.
“We have discussed with OEMs like Honda, Hyundai, Toyota, Volkswagen that we want them to come to Nigeria and manufacture their vehicles instead of operating through agents, and they have told us what they require of us that would give them that confidence to set up operations in the country.
“We are at the point whereby that new policy would soon be in place, and once it’s in place Nigerians will definitely enjoy the benefits.”
What it is best to know
- According to the Minister, the auto business as of right this moment employs about 5,000 direct employees and 20,000 oblique employees.
- The new coverage will allow OEMs to make use of Nigeria as an entry level into the African financial system, and market.