The federal government of Nigeria has adopted a new automotive industry development plan for the 2022-2023 year. The plan is an amendment to the automotive industry development plan from 2013.
This was made public by the Trade Minister, Otunba Adeniyi Adebayo on Thursday, 11, 2023. He noted that the national automotive industry development plan was given the necessary approval at the Federal Executive Council.
The 2022-2023 Automotive Development Plan
According to the Minister, this automotive development plan will enable Nigeria to migrate seamlessly from combustible engines into electric solar-powered engines.
This plan has been modified with the intention of “building on the successes that have been achieved so far in the Nigerian Automotive Industry.” He equally noted that “the new NAIDP will strategically provide the outstandingly competitive fiscal and non-fiscal incentive needed by automotive industry manufacturers/producers, investors, developers and all relevant stakeholders.”
With the introduction of the remodified NAIDP, it’ll encourage the increase and growth of the number of vehicles locally produced in Nigeria, and will also aid the production of Electric Vehicles in Nigeria, which will produce over 1 million job opportunities for Nigerians.
Speaking on the plan, the Minister noted: “Besides, the new policy will help the country to transit from semi-knock down to completely knock down/completely built up manufacturing.”
Also, he added: “The new policy also has as one of its objectives a plan to increase employment in the automotive value chain.”
