- Nigeria’s Federal Executive Council (FEC) has approved the new National Nation Automotive Industry Development Plan
- The plan for approved by FEC on Wednesday, May 10, 2023, during a meeting chaired by Vice President Yemi Osinbajo
- The plan aims to provide outstandingly competitive fiscal and non-fiscal incentives needed by the industry
The Federal Executive Council ( FEC) has approved the new National Automotive Industry Development Plan, 2023.
The memo for the plan was presented by the Minister of Industry, Trade, and Investment, Niyi Adebayo, during this week’s FEC meeting presided over by Vice President Yemi Osinbajo.
The meeting commenced with the opening prayers by the Minister of Communications and Digital Economy, Isah Pantami, and his Special Duties counterpart, Senator George Akume.
The new NAIDP would strategically provide outstandingly competitive fiscal and non-fiscal incentives that automotive industry manufacturers/producers, investors, developers, and all relevant stakeholders need.
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Plan to boost local vehicle production
The newly approved NAIDP aims to increase the local production numbers of vehicles, reach 40% local content, and attain 30% locally produced Electric Vehicles.
The plan would also generate 1 million jobs, enforce patronage of locally produced vehicles by the government and companies working on government contracts, and boost R&D and technology transfer.
Those attending the council meeting include the Secretary to the Government of the Federation, Boss Mustapha; the President’s Chief of Staff, Prof. Ibrahim Gambari and the Head of the Civil Service of the Federation, Folasade Yemi-Esan.
Also in attendance was the Director-General of the National Automotive Design and Development Council, NADDC, Jelani Aliyu, and other presidential aides.
The new plan was developed by the NADDC to aggressively build on the successes achieved so far in the Nigerian Automotive industry.
Nigeria invests $1 billion into the automotive industry
According to reports, the Nigerian Government revealed that Nigeria’s vehicle production industry recorded over $1 billion worth of investments last year.
Otunba Adeniyi Adebayo disclosed this during the presentation of President Muhammadu Buhari’s scorecard in Abuja.
Adebayo stated that Nigeria has successfully revised its model Bilateral Investment Treaty to target specific provisions for investment.
The Minister stated that about $1 billion was invested in Nigeria’s automotive industry and that the plan review was almost completed and undergoing a validation process.
Subsidy removal: Innoson Motors rolls out gas-powered trucks, buses, and cars
Legit.ng earlier reported that Nigeria’s local automobile manufacturing firm, Innoson Motors, has announced its latest innovation, the Innoson LNG/CNG Gas Trucks, buses, and cars, at its factory in Nnewi, Anambra State.
The liquified natural gas (LNG) and compressed natural gas (CNG) enabled vehicles were launched on Tuesday, April 20, 2023, by the Manufacturers Association of Nigeria (MAN) president Otunba Francis Meshioye.
Innoson Motors’ head of corporate communications, Cornel Osigwe, said the unique feature of the Innoson gas-powered brands is their ability to use CNG which is more affordable than diesel or petrol.