The Nigerian government is gearing up to revolutionize its automotive industry by kickstarting local manufacturing of vehicles within the next decade. Minister of Industry, Trade, and Investment, Doris Uzoka-Anite, made the groundbreaking announcement during the launch of the Nigeria Automotive Industry Development Plan.

Speaking at a gathering of key stakeholders from both the private and public sectors, Minister Uzoka-Anite emphasized the country’s potential to produce a wide range of vehicles, from motorcycles and tricycles to sedans and heavy trucks. The ultimate goal? To make vehicle ownership more affordable for the average Nigerian.

“We have the raw materials, we have the skills, we have a market, and now we have a plan,” Minister Uzoka-Anite declared confidently. “Nigeria can produce its vehicles, and with this plan in place, we should see our country fully self-sufficient in vehicle production within the next ten years.”

Supporting this ambitious initiative is the proposed policy of a five-year tax holiday for vehicle assemblers in Nigeria, as outlined by Joseph Osanipin, the Director General of the National Automotive Design and Development Council. This strategic move aims to promote backward integration and local component production, further boosting the growth of the automotive sector.

The urgency for this shift towards local manufacturing is underscored by the staggering increase in vehicle imports, which soared by 226.46% to N1.063 trillion in 2023 from N325.05 billion in 2022, according to data from the National Bureau of Statistics.

As Nigeria sets its sights on becoming a hub for homegrown vehicle production, the future of the country’s automotive industry looks brighter than ever. Stay tuned as Nigeria drives towards a new era of economic growth and self-sufficiency in the automotive sector.