The Nigerian government plans to commence local manufacturing of vehicles in the next ten years.
Minister of Industry, Trade and Investment Doris Uzoka-Anite disclosed this on Friday at the launch of the Nigeria Automotive Industry Development Plan.
The Minister stated this on Friday while launching the Nigeria Automotive Industry Development Plan at a gathering that was attended by stakeholders drawn from the private and public sectors.
According to her, the country can produce vehicles, including motorcycles, tricycles, sedans and heavy trucks.
The Minister noted that the goal was to cut down on the cost of purchasing vehicles in the country.
"Nigeria can produce its vehicles. We have the raw materials, we have the skills, we have a market, and now we have a plan that can help us produce our vehicles.
"These vehicles include motorcycles, tricycles, sedans, and heavy-duty trucks.
"With this plan, we should see Nigeria fully producing its vehicles within ten years. Our goal is to reduce the cost of purchasing a vehicle for the average Nigerian," he said.
In his remarks, the Director General of the National Automotive Design and Development Council, Joseph Osanipin, stated that the policy proposed to help actualize the plan was a five-year tax holiday for assemblers of vehicles in Nigeria.
He said, "Through such fiscal initiatives, there is a deliberate focus on backward integration and component production."
The development comes as vehicle imports climbed by 226.46 percent to N1,063 trillion in 2023 from N325. 05 billion in 2022, according to data from the National Bureau of Statistics.
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