Nigeria’s new auto policy to promote growth, NADDC affairms

NATIONAL Automotive Design and Development Council ( NADDC) has said Nigeria’s recently approved auto policy would engender better operating environment and growth. The Director- General, Jelani Aliyu, in a paper presented at the West Africa Automotive Show ( WAAS) in Lagos, noted: “The Federal Government has recently approved the new auto policy 2023 to 2033. Objectives of the new policy are to provide a legal framework for development of a competitive and sustainable automotive industry in Nigeria.”

Aliyu, who was represented by Deputy Director, Segun Omisore, said the policy would “position Nigeria’s automotive ecosystem as a leading centre for production in Africa.”

He added: “The policy promotes investment in the auto sector and fiscal incentives, which include additional tax relief of five years for assemblers or manufacturers of automotive components and products, 10 years for assemblers/ manufacturers of electric vehicles and components used in electric vehicles and many others.”

The NADDC boss went on: “We will continue to support our stakeholders in the development of the industry, by providing the necessary policy framework and investment promotion incentives to support the industry.”

West Africa Automotive Show Exhibition Manager, George Lloyd, commenting on this year’s exhibition, observed: “We have got over 150 exhibitors from around the world. They look forward to meeting Africa’s biggest importers and automotive community in their different pavilions.

“Here, we are talking about exhibitors from Morocco, Indonesia, China, Egyptians, Indians and other international companies, selling automotive products and lubricants, automotive spare parts, batteries, tyres and others.”