FG targets production of Made in Nigeria vehicles by December 2024

Dr Doris Uzoka-Anite who currently serves as the Minister of Industry, Trade and Investment, has stated that Nigeria has now acquired the capacity and materials required to produce Made-In-Nigeria cars for local consumption and export. According to her, emphasized that with the government’s support, manufacturers should be held accountable if they fail to produce the cars by December 2024.

However, Nigeria currently produces less than 10% of the vehicles used in the country all thanks to Innoinnoson Motors, Nord Motors and others last year, the country’s vehicle assembling industry, worth about N302bn including Chinese and Japanese vehicles, hit a new low due to rising production costs and weakened demand for locally assembled automobiles.

According to the Manufacturers CEOs Confidence Index, activities of motor vehicles and miscellaneous assembly have deteriorated further below the benchmark (50 points) from 48.6 to 46.7 points. Speaking at the Automotive Component Manufacturers meeting in Abuja, the Minister acknowledged that the automobile industry faces both challenges and opportunities.

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In a statement issued on Friday by the Director of Information and Public Relations, Adebayo Thomas, the Federal Government has called on all stakeholders, including manufacturers, dealers, regulatory bodies, and other players in the automobile ecosystem, to join hands in fostering sustainable growth and development in Nigeria’s automobile industry.