Nigeria Targets More Vehicle Manufacturing Jobs With Additional N300b Investment
Billions of Naira have been invested in Nigeria’s auto industry, with little result to show but even more investments are being planned for the sector.
So, the Federal Government plans to inject 300 billion Naira into the nation’s vehicle assembly plants, as part of measures to accelerate the development of the automotive industry.
Already, contributions into a support fund initiated to facilitate the vehicle production finance scheme have risen to 11 billion Naira.
The Director-General, National Automotive Design and Development Council, Jelani Aliyu, who gave the indication at a forum in Lagos, said the funds would “support assembly operations at the Completely Knocked Down level and encourage local content development".
He said presently, the auto industry activities were largely characterised by the Semi-Knocked Down operations with limited employment generated.
Aliyu spoke on ‘Achieving 2013-2020 Nigerian Automotive Industry Development Plan under the current regime: How feasible?’ at a capacity building workshop for motoring journalists.
He stated that the Federal Government was worried by the slow pace of development in the auto industry subsector of the economy, even though the government had given 35 automobile firms “bonafide manufacturing status and many of them have started assembly operations".
This is coming about five years after the government commenced the implementation of the Nigerian Automotive Industry Development Plan, which is meant to encourage local production and purchase of new vehicles.
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