Jelani Aliyu Dogondaji (NADDC Director-General), has praised the financial sector for capitalizing above N500 billion on the Nigerian automotive business. The NADDC manager spoke with reporters in Sokoto. He said, "With our motivation and backing, the economic sector could invest almost half a trillion naira in the establishment of the car, setting up plants and manufacturing facilities around the nation."
The discovery regarding NADDC's attempts to enhance native vehicle manufacturing in Nigeria was made by DG while speaking to the journalist. " Lanre Shittu, Dangote, Mikano, Innoson, Elizade, Sinotrucks, Honda West Africa, and Nord are all proactively building cars," claims DG. DG further states, "We likewise have ventured and also assembled plants in Nnewi, Lagos, Kaduna, and Kano, with even more en route in Kano, Bauchi, and Ogun states. These companies have an overall production capacity of up to 400,000 cars annually."
He claimed, "We are working hard to make the best use of that potential and stop the entrance of brand-new and gently used cars right into Nigeria. Nevertheless, some people and companies count on Nigeria's current as well as future economic situations to spend such a large sum of money."
"The NADDC is chatting with other international companies such as Toyota, Volkswagen, and also Nissan about establishing straight production systems in Nigeria." As he continued to talk, he said that the council is aiming to apply an auto policy plan to draw these companies back to Nigeria. The reason is that these firms will spend hundreds of thousands of dollars when they come in.
He pointed out that they wanted assurance that their investments would certainly be secured despite whether the management was in power. The council has likewise hired a worldwide consultancy, KPMG, to review the car policy and bring it in line with the existing global movement in vehicle production. As an example, in the 1970s and 1980s, markets such as Peugeot, Volkswagen, Aramco, and also Leyland produced more than 140,000 autos per year before suddenly ceasing production.
"Nigeria's economy got into an economic downturn overnight by the spike in crude oil costs, on which the country was as reliant as a source, plunged from $27 per barrel to below $10," Aliyu explained. Nigerians have become inadequate overnight, and those that can pay to get new 504s, 505s, and also beetles can no longer do so. Therefore, these ventures might not market their items and be compelled to leave due to market stress.
Aliyu added, "The NADDC is functioning relentlessly to bring back that shed grandeur and also discourage Nigerians from relying heavily on imported used autos. To reverse the worrying trend, we are carefully implementing the National Automotive Market Advancement Plan (NAIDP)." He argued that vehicles made in Nigeria were of the same excellent quality as imported ones, otherwise better.
