Stakeholders in the automotive industry, have been given the responsibility by the federal government to create vehicles that are produced in Nigeria with the goal of boosting economic growth and advancement. During a discussion on the production of automotive components in Nigeria held in Abuja on April 18, 2024, Doris Anite, the Minister of Industry, Trade, and Investment, made the following statement. As stated by Ms Anite, the country boasts a robust consumer market capable of absorbing all domestically produced vehicles. Additionally, there are plans to expand by exporting Nigerian-made vehicles to other African nations.
The government is committed to making sure this goal is reached, and it is essential for all stakeholders to participate in order to make it happen, according to the minister. Ms. Anite believes that the real issue lies in the speed at which one can expand their production beyond Nigeria’s borders. She is confident that Nigeria has the potential to start exporting vehicles not only from Nigeria but also from other African nations. The minister emphasized the government’s commitment to supporting the auto industry, stating that President Bola Tinubu‘s administration has established favourable conditions for the implementation of the auto policy.
BOI will provide financial support to all individuals in the value chain.
More so, he assured everyone that efforts are being made to ensure the production of cars within Nigeria’s borders. He expressed full confidence in their ability to ensure that this vision and mission come to fruition. The responsibility now lies with them to make it happen. The component manufacturers were encouraged by the minister to collaborate and establish a pact that would boost the production of cars in the country. Anite emphasized the importance of setting a deadline for returning to finalize the MoU between component manufacturers and car manufacturers. She stressed that this is crucial for promoting industrialization and job creation.
Also, the primary focus should be on ensuring that the industry starts operating efficiently. As the largest market in Africa, they should work together to explore their capabilities, assess their resources, and identify the specific items they need to import. They should collaborate and evaluate their potential for self-sufficiency before making import decisions. The minister announced that the Bank of Industry (BOI) is fully prepared to provide financial support to all individuals involved in the value chain to access the funds that are currently available.
He urged everyone to stay dedicated to achieving excellence.
Furthermore, the minister announced that the Bank of Industry (BOI) is fully prepared to provide financial support to all individuals involved in the value chain to access the funds that are currently available. In a statement, Mr. Osanipin praised the Innovation and skills of the team, emphasizing that these qualities are essential for the success of their automotive endeavours. He urged everyone to stay dedicated to achieving excellence, fostering innovation, and promoting inclusivity as they work together to create a dynamic automotive community.
As a collective, they hold the ability to transform the way people move in Nigeria and pave a path towards a prosperous future for future generations. Various companies and groups in the automotive sector are responsible for the creation, production, sales, and repair of motor vehicles. This industry is among the most profitable globally, with Revenue ranging from 16% in some countries like France to as high as 40% in nations such as Slovakia. The term automotive originated from a combination of the Greek word autos meaning self, and the Latin word motivus meaning motion.
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This term was introduced by Elmer Sperry in 1898 to refer to any type of self-powered vehicle. In the 1860s, the automotive sector emerged with numerous companies leading the way in creating motorized vehicles. Initially, cars were assembled manually by workers. Over time, the process shifted from engineers labouring on a stationary vehicle to a more efficient conveyor belt system that moved the car through various specialized stations. Robotic equipment revolutionized car production in the 1960s, shifting the majority of the assembly process to automated machinery.