Get Guardian on GoogleThe Federal Government has pledged to deepen reforms in Nigeria’s automotive industry by promoting local manufacturing, attracting investment, improving access to finance and opening up regional markets for vehicles and components produced in the country.
The Minister of Industry, Trade and Investment, Dr Jumoke Oduwole, stated this at the opening of the 26th Abuja International Motor Fair in the FCT, earlier in the week.
Oduwole disclosed that the automotive sector could play a bigger role in employment generation, industrial development, and economic diversification if well harnessed.
The ongoing four-day fair, organised by the National Automotive Design and Development Council (NADDC) in collaboration with BKG Exhibition Limited, is bringing together policymakers, vehicle manufacturers, assemblers, investors, industry associations and other stakeholders.
Oduwole emphasised that the government would leverage the African Continental Free Trade Area (AfCFTA) to expand the market for Nigerian-made vehicles and automotive products, thereby positioning the country as a major hub within Africa’s automotive value chain.
The minister also called for a legal and regulatory framework that reflects current realities in the industry, alongside improved access to financing for manufacturers and vehicle buyers.
She added: “Sustained investment in the automotive sector can create stronger linkages with other industries, particularly solid minerals, iron and steel, while generating employment across manufacturing, component production, sales, maintenance and other segments of the value chain.
“The government will continue to support local industry players seeking to penetrate the wider African market, while promoting access to quality and affordable vehicles for Nigerians.”
Also speaking at the event, the Director-General, NADDC, OluwemimoOsanipin, said strengthening the legal and institutional framework of the automotive industry had become necessary to respond to emerging technologies, changing consumer needs and developments in global vehicle manufacturing.
He also identified access to locally manufactured vehicles and the development of a stronger spare-parts market as critical to sustaining the industry and servicing the large number of vehicles already operating in the country.
Osanipin assured the council remained committed to unlocking the potential of Nigeria’s automotive industry by strengthening local production capacity and creating conditions that would support sustainable growth.
“Building a sustainable automotive industry remains essential to meeting the country’s vehicle needs and expanding local manufacturing capabilities,” he said.
The 26th Abuja International Motor Fair, which began on November 10 to 13, features vehicle assemblers, automotive manufacturers, component producers and other industry players.
The fair is also expected to provide a platform for business-to-business engagements, product demonstrations and discussions around the future direction of Nigeria’s automotive industry.
