- $8bn Splashed On Vehicle Importation Yearly – Malami
Nigerians spend over $8 billion annually on car importation, the amount which would have been saved if there is more attention on manufacturing vehicles locally.
Minister of Justice and Attorney General of the Federation, Abubakar Malami stated this on Monday while unveiling a competition on automotive design initiated by the National Automotive Design and Development Council (NADDC).
“We spend about $8bn on vehicle importation annually. If we concentrate on designing and manufacturing these vehicles locally, we would save a lot of that foreign exchange.
According to him, the National Automotive Policy, a bill to support the locally made vehicles, was passed by the eighth National Assembly but President Muhammadu Buhari didn’t sign it due to unclear clauses.
Speaking on the automotive design challenge, he commended the effort of the organiser in promoting innovations and solutions applicable to the nation’s challenges in mechanical, agricultural and transportation sectors.
According to him, “the competition would translate to greater savings of foreign exchange earnings.’’
Malami urged the nation’s youths to seize the opportunity provided by the competition to exhibit their creativity and desired concepts relating to automobile designs.
“Federal Government will support your efforts through the provision of the necessary legal framework and desired support aimed at boosting public transportation, agricultural development, and food production,” he added.
