FG Announces Date To Commence Local Vehicle Manufacturing.

Nigerian government plans to commence local manufacturing of vehicles in the next ten years. Minister of Industry, Trade and Investment Doris Uzoka-Anite disclosed this at the launch of the Nigeria Automotive Industry Development Plan.

The Minister stated this while launching the Nigeria Automotive Industry Development Plan at a gathering that was attended by stakeholders drawn from the private and public sectors.

According to her, the country can produce vehicles, including motorcycles, tricycles, sedans and heavy trucks.

The Minister noted that the goal was to cut down on the cost of purchasing vehicles in the country.

In his remarks, the Director General of the National Automotive Design and Development Council, Joseph Osanipin, stated that the policy proposed to help actualize the plan was a five-year tax holiday for assemblers of vehicles in Nigeria.

The development comes as vehicle imports climbed by 226.46 per cent to N1,063 trillion in 2023 from N325. 05 billion in 2022, according to data from the National Bureau of Statistics.