Director, Trade Facilitation and Investment Promotion, Afreximbank, Dr. Gainmore Zanamwe has said the continent must ensure it stops being a dumping ground for vehicles from Europe and America, while encouraging the improvement of local production of cars.

He stated that the challenge with Nigeria Automotive is the policy direction, which has stalled for so many years.

Zanamwe stated this in Lagos on Monday at the road to Intra African Trade Fair for 2025 organised by the bank ahead of the Intra Africa Trade Forum (IAFT) programme slated for September 4 to 10 in Algiers, Algeria.

He said Original Equipment Manufacturers (OEMs) will be at the event to ensure the production of vehicles in the continent, addressing the challenges bedeviling the sector within the continent.

He said Afreximbank, working with the AfCFTA Secretariat, the African Union Commission, and the African Association of Automotive Manufacturers (AAAM), has developed a comprehensive continental automotive strategy, which aims to catalyse the development of a sustainable automotive industry in Africa.

Zanamwe said it encompasses tailor-made financial and non-financial products and services founded on three strategic pillars.

He said the bank has committed \$1 billion to support the initiative, which is available to any investor in the automotive value chain.

He noted that an integrated and developed auto industry will have a very positive industrial, technology, skills, and employment impact on Africa.

He emphasized that it is imperative that Africa stop (or significantly reduce) the importation of used vehicles and improve local production of cars in the continent.

He said the Auto Fund will operate on the back of AfCFTA Rules of Origin (RoO) and is expected to contribute to the development of significant regional value chains. The bank, working with its partners, completed a study on continental value chains and is now working on financing the value chains.

He said AfCFTA is a panacea that will remove our barriers.