₦airaland Forum

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The Minister of Industry, Trade and Investment, Mr. Olusegun Aganga, has said Nigerians spend a total of $6.5bn (N1.096tn) on the importation of cars and car parts annually.

Aganga spoke in a pre-recorded interview as part of the 2014 Investor Conference of FBN Capital Limited, which had as its theme, ‘Lifting the lid on emerging Nigeria.’

The minister said, “We spend $3bn every year importing cars and another $3.5bn every year importing parts.

“That is why the auto policy is an economic issue, it is a job creation issue, it is a revenue issue, but it is also a balance of payment issue.”

Aganga explained that with a young population of an average age of about 18.6 and which was expected to be the third largest in the world by 2070, the country could not continue importing cars.

“That is why we must invest in assembling and increasing the local content, and be part of the global value chain for the auto industry,” he said.

Addressing concerns that the National Automotive Policy was hurriedly formulated and was, therefore, not sustainable, Aganga stressed that such claims were untrue.

The reality, according to him, is that the policy was the result of industry-wide consultations and took into consideration the socio-political and economic realities in the country.

The minister, who admitted that in implementing the policy, there would be some pains for some people, reiterated that the policy would pay off in the long run if rigidly implemented.

He said, “If they (Nigerians) understand where we are going, why we are going there and know that government has no intention of making their lives very difficult, and it is just in the interest of the whole economy and the country, they will understand why they need to be on board.

“And we will do everything to make it easier for them.”

He explained that it was in order to make things easier that the Federal Government came up with a Vehicle Credit Purchase Scheme.

The scheme is meant to allow Nigerians borrow money and buy brand new cars and pay over a four-year period at single digit interest rate rather than paying cash.
http://www.punchng.com/business/business-economy/n1tn-spent-on-cars-parts-importation-annually-aganga/

so spare parts dealers are actually having over 1% of our gdp.
profession change here i come

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it still on!

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goodluck

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is on!

it still on!

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richiefizzy:
In the history of RIVERS STATE UNIVERSITY OF SCIENCE AND TECHNOLOGY (RSUST) no man or woman born by a human has gotten first class in LAW. u wan die? Meanwhile op all the courses u write niggers don bang first class tire... U dnt even know why law is even respected. They Know little about everything, even all the courses mentioned above, they little about all of them. That's why people in other profession are educated while lawyers are Learned... So pls modify ur post.


I'm sorry to tell you as a law student that you just committed a fallacy of argumentum ad ignorantium
So ur write up doesn't apply.

lol, cool down small na is like you dey paraooo
but their are some dept. in engineering and science dept. in ust that have not yet produce 1st class naa.
you say law students know little about everything can you give me the 2nd derivative of x².(SS1 maths). you forgot that almost every dick, tom and harry qoute and interprete law nowadies. go visit the politics section go see where guys dey qoute law..... section this and section that of the electoral act. article this and article that lol.
to the topic. as much as the difficulty of any course lies on the individual ability and cognitive disposition with respect to science or art oriented courses i would rather underpine my arguement the most challaging. I still believe that the engineering field is more challanging because not only does it deal with advanced mathematics, physics, chemistry etc (ie maths and physical sciences) but its application to solve real problem. most of the concept are abstract and for to excel in engineering you have to be very good not only in mathematics but also in theory. medicine is also very challanging because you have to digest so many theories at a time.

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good luck

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its still on!

nice write up

as far as nigeria is concerned degree is degree. there are no job openings that give preference to particular set of uni. the most important thing is what you have upstair.

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