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Automotive council seeks law on auto policy in Nigeria

Automotive council seeks law on auto policy in Nigeria

In efforts to rapidly grow home-made vehicles in the country, the Nigeria Automotive Design and Development Council (NADDC), has called on the Federal Government to make a legislation that would turn the auto policy into law.

The automotive plan, which contains a number of policy measures needed to revitalise the industry for greater job creation, local value addition, and technology acquisition has six components. These include standards, industrial infrastructure, local content development, skills development, investment promotion, and market development.

The Director-General, NADDC, Mr Jelani Aliyu, in an interview shortly after inspecting the Honda HR-V, which was newly introduced into the Nigerian market, said the legislation would strengthen the policy as well as preventing it from being changed by subsequent governments.

He said: “We need to have the auto policy become law. As you are aware, the auto policy is a set of fiscal incentives that are designed to boost production.

“The big question in Nigeria is, are we after short term benefits? The only way we can ensure that this country continues to be a successful nation is to provide industrialisation and provide jobs.
“The only way we can provide jobs is to boost industries and support those local and international investors in coming into Nigeria and producing.

“That is why the automotive policy is so important for local production. We are making progress, which shows there are investors from around the world especially from Japan, which is the heart beat of automotive.
“So we are working very closely with the National Assembly to see how that automotive policy becomes law so that there was no policy summersault.”

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On the vehicle finance scheme, Aliyu said its implementation would commence before June end, adding that the agency has reached an understanding with the three banks for loans to be given to eligible Nigerians after they must have deposited 10 per cent of the cost of the vehicle.

He said: “This launch is coming at a time when we are working on launching our vehicle finance scheme. We are working with three banks – Wema Bank, StanbicIBTC Bank, and Jaiz Bank to offer vehicle financing at a single digit financing of eight per cent. And this is the type of vehicle that we hope will be part of that scheme; this is a vehicle that is affordable and made in the country. We have reached advanced stage, and we hope that before the end of this second quarter that programme will be in operation.”

He said the government is also encouraging auto manufacturers to continue to increase the level of their investments in the country.

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