The Federal Executive Council meeting presided over by Vice President Yemi Osinbajo on Wednesday, adopted a new national automotive policy that would span through 2023 to 2033.
According to the Minister of Trade and Investment, Niyi Adebayo, the new policy would explore how the automotive industry can migrate seamlessly from combustible engines into electric solar powered engines.
This was also in addition to FEC’s approval for the implementation of the first ever Nigeria investment policy 2023 to 2027.
Adebayo explained that the concept was for the country to develop rapidly through industrialization, then snowball into a sustainable investment climate to attract the kind of investment we desire.
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Briefing State House Correspondents he said, “We felt that there was a need for us to have an investment quality, which would give confidence and allow people who want to better the country, that confidence to bring their funds into the country, the result of which we put this policy together.
“Second memo, which we presented was for the approval of the Nigeria automotive industry development plan 2023 to 2033. This is an improvement on the 2013 automotive industry development plan, which was in place before.
“The whole idea is to bring it up to date with current realities. Also, to put our auto industry on the proper footing, I don’t know if you are aware that we have capacity today to assemble 400,000 vehicles.
“One thing that happens to the auto industry is that when the assembly or companies move into a country to make that investment, which can be anything between $300 to $400 million for the assembly plant. What happens is that the makers of the components that go into the manufacture of these vehicles also move to that country to set up competent baking factories”.
Adebayo also hinted that the third paper presented to Council was for the approval for trade policy of Nigeria for 2023 to 2027.
He said it was basically a review of the old trade policy that was in place adding that the whole idea was to have a policy in place that will improve Nigeria’s trade within the World Trade Organization and to bring increased level of Nigeria capacity to GDP to bring in more revenue for the country.
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