The Federal Government said it will provide policy support and incentives to the Automotive Sector and make Nigeria the undisputable hub for both Compressed Natural Gas (CNG) and Electric Vehicles (EVs) in West Africa.
The Vice President HE Kashim Shettima GCON represented by the Honorable Minister of Innovation, Science and Technology, Dr. Kingsley Tochukwu Udeh SAN made this statement today at the 25th Abuja International Motor Fair, with the theme:”Driving Nigerians Automotive Future: Innovation, Sustainability and Growth”.
According to the Vice President, the theme aligns with the Renewed Hope Agenda of the Present Administration which encourages Nigerians to produce what we consume and consume what we produce and the commitment to transform the country into auto-motive hub of Sub-Sahara Africa.
Shettima pointed out that the automotive sector is not a sight project but the engine of our Renewed Hope Agenda that is dynamic where manufacturing, technology, youth employment and our energy transition converge to a single force for national development.
The Vice President noted that the deployment of Compressed Natural Gas for mass transit is critical and cushions the effects of economic adjustment and provides lasting affordable relief to millions of Nigerians.
Kashim reiterated that there is need for innovative, bespoke financing packages with single-digit interest rates, specifically for made-in-Nigeria vehicles for affordability of the masses.
He urged commercial institutions to explore innovative approaches to financing and supporting the automotive sector in the country.
In his speech, the Honourable Minister of State for Industry, Trade and Investment Sen. John Owenoh Owan said the Ministry considers the Automotive sector as a critical driver in advancing the nation’s economic objectives of the current administration.
He added that the fair serves as a vital platform to showcase the tangible progress made at the National Automotive Industry Development Plan (NAIDP) and he commended the Local Assemblers and Component Manufacturers whose resilience and innovation continues to demonstrate Made-in-Nigeria can compete favorably in quality and value.
Earlier, the Director-General, National Automotive Design and Development Council (NADDC) Mr.Oluwemimo Joseph said that the Agency is accelerating efforts to boost local content and reduce import dependency.
Signed
Pauline Sule (Mrs) anipr
Head Press (PPRU)
