FEC Okays 2023 Auto Policy To Boost Local Production Of Vehicles

The Federal Executive Council (FEC) has approved the new National Automotive Industry Development Plan, 2023.

The memo for the plan was presented by the Minister of Industry, Trade and Investment, Otunba Adeniyi Adebayo, during this Wednesday FEC meeting presided over by Vice President Yemi Osinbajo.

Those in attendance at the council meeting included the Secretary to the Government of the Federation, Boss Mustapha; the President’s Chief of Staff, Prof. Ibrahim Gambari and the Head of the Civil Service of the Federation, Dr Folasade Yemi-Esan.

Also in attendance was the Director-General of the National Automotive Design and Development Council, (NADDC), Jelani Aliyu, and other and presidential aides.

The new plan was developed by the NADDC to aggressively build on the successes that have been achieved so far in the Nigerian Automotive industry.

The new NAIDP would strategically provide outstandingly competitive fiscal and non-fiscal incentives needed by automotive industry manufacturers/producers, investors, developers and all relevant stakeholders.

The newly approved NAIDP is aimed at enabling the exponential increase in the local production numbers of vehicles, reaching 40% local content, and attaining 30% locally produced Electric Vehicles.

The plan would also generate 1 million jobs, enforce patronage of locally produced vehicles by the government and companies working on government contracts, and also boost R&D and technology transfer.