Nigerians Spend $8bn on Vehicle Importation Annually – Jelani

• Nigerians Spend $8bn on Vehicle Importation Annually – Jelani

The Director-General, National Automotive Design and Development Council, Jelani Aliyu, said Nigerians spent over $8 billion on vehicle importation yearly.

This, he said was hurting the local automotive industry that was established in 2013. He said the National Automotive Industry Development Plan established about six years ago has attracted about $1 billion into the Nigerian economy despite Nigerians preference for imported cars.

Jelani explained that the $1 billion investment had created over 50,000 direct and indirect jobs but lack of patronage was hurting growth.

According to Mr. Adeniyi Adebayo, the Minister of Industry, Trade and Investment, since the plan was launched some six years ago, 62 companies have registered to assemble cars in the country with a combined installed capacity of 423,790 units and actual assemblage of 10,342 units.

He, however, said the NADDC had put in place measures to encourage more patronage, one of the measures was the ongoing discussion with Jaiz Bank Plc and Zenith Bank Plc to provide N5 billion vehicle financing scheme for Nigerians interested in locally assembled cars.

Adebayo said “the vehicles and brands that were being unveiled by the government was a testament to the zeal and commitment of the automotive industrial sector to government’s efforts towards diversification and development of the non-oil sector of the economy.”

“He commended the role played by the NADDC in attracting investors into the automotive sector in Nigeria.”