In a statement made by the Minister of Industry, Trade, and Investment, Mr. Adeniyi Adebayo, during an interview with Channels TV, has made known what the new Automotive Industry Bill is expected to bring for every Nigerian; setting up the country in a suitable environment necessary for growth, as the heart of manufacturing in Africa.
On a quick summary by him, Mr. Adebayo explained that the whole reason of the Automotive Policy Bill is targeted at giving an enabling environment to critical players in the manufacturing industry. The policy guns for investors’ confidence in the industry, specifically Original Equipment Manufacturers (OEM), in a bid to have them set up manufacturing plants in the country.
In light of this, the recently approved African Continental Free Trade Area (AfCFTA) will serve as a bulwark for the Nigerian Economy, an agreement touching the lives of 200 million people in Nigeria.
Mr. Adeniyi Adebayo avowed that to make this possible, the government is determined to lay down policies that assure the investments of manufacturers and other key players in the country.
A quoted statement of Mr. Adeniyi Adebayo reads as follows:
“When this government came in, we tried to work with the policies that were in place, but when we realized the policy was not working, we had to review it and come up with a new policy. We are not unmindful of the fact that key infrastructure must be in place, as this is key for us to have a successful auto industry. However, the government is doing a lot in that regard.
“The New policy is supposed to bring a multiplier effect with regards to manufacturing within the Nigerian Economy, the policy will help both auto manufacturers as well as other stakeholders in the manufacturing sector as well as the Nigerian economy at large.
“However, in a bid to ensure that this policy does not fail, the assurance we have is that we are making a comprehensive review, which means we are working with practitioners, manufacturers and all stakeholders in the industry, and whatever we come with will be passed into law with the view to ensure that it is sustainable.
“We have discussed with OEMs like Honda, Hyundai, Toyota, Volkswagen that we want them to come to Nigeria and manufacture their vehicles instead of operating through agents, and they have told us what they require of us that would give them that confidence to set up operations in the country.
“We are at the point whereby that new policy would soon be in place, and once it’s in place Nigerians will definitely enjoy the benefits.”
What this Means for Nigerians
- The policy will ultimately create more jobs in Nigeria as OEMs will be encouraged to leverage on the country, using it as a medium to penetrate the African Economy.
- The new policy will be pivotal to the growth and development of the manufacturing industry.