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Nigeria spends $6b on car imports, says Aganga

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BMW coscharisMinister of Trade and Investment, Olusegun Aganga, yesterday disclosed that Nigeria has spent more than $6 billion in importation of cars.

Aganga, who spoke at the launching of National Repository Portal (NARP) in Abuja, maintained that automobile industry was a great tool for an economic and national development.

According to him, “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 added, “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% in 2014 to above 13% by 2017.


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2 Comments
  • olamide

    Goodnews from the minister of finance,industrialization in the copuntry is rely down,the economy depend on imported goods to even food importation which is very bad,We need more information on how the FG want to implement the resources and encourage industrialization of majorly imported product,we are knows they are quite much to start mentioning,but you only emphasize on cars,other goods also like appliances-electronics,food and kitchen appliances and more which couldn’t be emphasized,taking some online platform and searching about industrial tip in Nigeria,i couldn’t find a way to express myself to the FG but if they could help in investing,not only as Govt but also help find local and international investors,We Nigerians can actually delivers what we’ve learn in school,I study food science and tech in school looking forward to create a manufacturing unit of food and kitchen appliances in Nigeria but to my greatest surprise and research made,most of this applainces are imported from developed countries and as a developing country,we should also invest in this aspect of the economy which actually will be of great importance to Nigeria and africa at large

  • New Nigerian

    ….So, come what with a policy-friendly regime for world class manufacturers like MBenz, BMW. VW, Ford, General Motors, Chrysler and others to open plants in Nigeria to help develop the industry for local and regional consumption thereby employing Nigerians…same for other industrial products..we have the graduates, the human resources and the market – incoming administration should work on leveraging this opportunities to put Nigerians to work.