Nigeria’s automotive industry’s
growth continues as 10 more auto
plants are set to begin operations in
the country before the end of this
year. This was made known by the Minister
of Industry, Trade and Investment,
Olusegun Aganga, who held a
meeting in Abuja, Nigeria’s capital city,
with vehicle manufacturers, dealers
and licensed Customs agents. “From the stakeholders meetings we
have held so far, I must say that we
are particularly encouraged by the
level of interest and enthusiasm being
shown towards the new automotive
policy by Nigerians and also by Original Equipment Manufacturers
(OEMs),” said Aganga. The new policy was announced on
October 3, 2013, with the aim being
discouraging the importation of
wholly assembled automobile and
encouraging local manufacturing.
Since the commencement of the implementation of the policy in July
2014, Aganga says expectations have
been met and exceeded. “If anyone had told us that about 22
OEMS would sign into the new auto
policy in less than one year of its
implementation, we might not have
believed it. Currently, we have about
four of them that are assembling vehicles in Nigeria. We are expecting
another 10 OEMs to start assembling
cars in the country before the end of
this year,” Aganga added. He noted that frequent meetings being
held with stakeholders in the
automotive industry was to ensure
that everyone was carried along to
ensure the fast-tracking of the
implementation of the policy. The minister said the meeting
discussed ways of accelerating the
local production of automotive
component parts on a product by
product basis. It also deliberated on
establishing a vehicle financing scheme. “In this regard, we have already
signed a Memorandum of
Understanding with WesBank,
(leading provider of vehicle finance
and car insurance solutions in South
Africa), to finance the purchase of new cars for Nigerians at a very low interest
rate,”Aganga said. According to him, the South African
bank will commence operations very
soon. Nigerians who need funds to
buy new cars assembled in Nigeria can
approach the bank for loans payable
within a period of four to five years,” he said. SOURCE: www.ventureafrica.com

D old goat called obasanjo sold it off, now jomnathan is reviving d sector, ya will still see agents of devil/change shouting change. Wen obj sold it oof, y didn't dhe ask for change, all of dem confused as buhari. Dry old dead brains!