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Nigeria stakes $6 billion on importation of automobiles



Olusegun Aganga,

THE Minister of Trade and Investment, Olusegun Aganga, has said that Nigeria spent more than $6 billion in importation of cars. He said the launching of National Repository Portal (NARP) maintained that automobile industry was a great tool for an economic and national development .

He also said that the industry would create job to Unemployed Nigerians. “Today Nigeria spends more than $6 billion importing car into the country .

If we continue with this trend we will put pressure on the foreign reserve of the country which today we cannot afford to pay due to fall in oil price .” “The automobile industry is a great tool for the Industrial development in any nation , particularly in a developing country like Nigeria .

It is a big employer of labour and with extensive forward and backward linkages in the economy . “Auto industry is a massive part of the economy.

It has a high correlation between the economic growth, and development of the country. That is why all the large economic in the world particularly with a largest population develop this sector because the balance of payment is safe.”

He said “The automotive policy was launched as part of the Nigeria Industrial Revolution Plan (NIRP) . The NIRP aims to increase the contribution to our GDP by the manufacturing sector from 6.8 per cent in 2014 to above 13 per cent by 2017.

The main objective of the automotive policy is to bring back automotive assemble and develop local content . This will enable us create employment , acquire technology for our industrialization and reduce pressure on the country’s balance of payment position resulting from escalating vehicle import bill.

” Commenting on the launch of NARP , the Minister said “NARP portal is designed to integrate with all stakeholders to provide Nigerians with a truly National Automotive database that will serve as a reference to Automobile Investors , Maritime workers and Internal Board of Revenue.

“ According to him, a functional industrial database on the all vehicles in Nigeria is critical to the success of the plan and in achieving industrial growth and development.

He stressed that NARP would help Maritime workers to prevent the diversion of automobiles to other ports adding “all vehicles entering Nigeria will not be registered if their VIN is not in the repository.” “With the continued support of government, the implementation of the automotive policy is assured, leading the way to our industrialization.

” He said. “ I am accordingly very pleased to inaugurate the National Automobile repository portal.” He added. The Director General of National Automobile Council (NAC), Engr. Aminu Jalal said the policy would help government agency to keep an update to data. “It support data exchange among government agency system to keep an update database information of VIN.

” Also , the Managing Director , WestBlue Consulting , ValentinaMintah , who designed the portal would help the general public to cross check particulars and history of choice vehicles , for example to determine compliance with appropriate duty obligations before buying .

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1 Comment
  • emmanuel kalu

    what is the govt doing to help the automobile industry. we are have a few local manufacturers, yet i don’t see the govt ordering their cars in large quantity. every developed country govt only use their country own vehicles. american uses ford, GM or chryslers. UK uses juaguar or anyother english made vehicles. it is time that the govt understand, that to develop any sector, the govt has to be pay a big part. they have to use their purchasing power to help grow that sector.