The Nigerian government has announced the adoption of a new National Automotive Industry Development Plan for the next ten years as well as the adoption of the Nigeria Investment Policy.
According to Nairametrics, the Nigeria Investment Policy Plan is the first-ever investment policy plan authorized by the FG
The Trade Minister, Otunba Adeniyi Adebayo, revealed this in a statement on Thursday.
The National Investment Policy, the Automotive Industry Development Plan, and the Minister of Industry, Trade, and Investment, Otunba Adeniyi Adebayo, received the required Federal Executive Council approval.
He said that individuals involved in Nigeria’s industrial sector pushed for an investment policy that would inspire trust in foreign investors.
“The industrialization process will hasten the development of this coordinated strategy, which will eventually snowball into a stable investment environment to draw the desired types of investments.
“The primary focus of the investment policy is on investment promotion, facilitation, and sustainable development, and it would encourage responsible investor behavior for sustainable development.”
The Minister further stated that Nigeria will be able to transition smoothly from internal combustion engines to electric solar-powered engines thanks to the 2023–2033 Automotive Development Plan.
“The new plan was created by the National Automotive Design and Development Council to aggressively expand on the successes already attained in the Nigerian automotive sector.”
He added that the new NAIDP will strategically offer outstandingly competitive fiscal and non-fiscal incentives needed by automotive industry manufacturers/producers, investors, developers, and all relevant stakeholders.
The Minister stated that the NAIDP was designed to facilitate the exponential growth in the local production numbers of vehicles, achieving 40% local content, citing that it will also help achieve 30% locally produced Electric Vehicles, create 1 million jobs, and enforce government and business contract holders’ preference for locally produced vehicles.
Remember that last month, the Minister of Industry, Trade, and Investment, Otunba Adeniyi Adebayo, announced that the ministry will soon propose a new vehicle policy for approval by the Federal Executive Council.
The newly revised auto policy is part of the federal government’s drive to increase vehicle manufacture.
