Federal Gov’t To Initiate Credit Scheme For Automobile Industry 

As part of its effort to develop the local automobile industry, the Federal Government is set to launch an auto-credit scheme to stimulate the development and growth of the automobile sector of the economy.

The Minister for Industry, Trade and Investment, Dr Doris Uzoka-Anite, made this known at a three-day Automobile Conference themed, “The West Africa Automotive Show (WAAS)” held at the Landmark Centre in Lagos on Tuesday.

The Minister, who was represented by the Director General, National Automotive Design and Development Council, (NADDC), Mr Joseph Osanipin, also expressed that the scheme was targeted at easing the acquisition of locally manufactured goods by Nigerians.

She said, “There is no better time for this automotive conference than now. The time is right as this is the time the Federal Government is focusing more on the Renewed Hope agenda.

“In the last few months, the Minister has been mentioning to us the steps the government is taking to stimulate the development and growth of the automobile industry.

“In Nigeria today, we buy vehicles and cars on 100 per cent cash down basis, this is not done in any economy.

“We must be able to provide credit scheme for people who are interested in buying locally manufactured goods.

“The government is also working to lift Nigeria from being an assembling nation to a manufacturing nation. The difference between an assembling and manufacturing nation is component parts. So, it is when you have the component parts that you can say you are no longer an assembler but if you don’t produce the component parts, you are going to remain an assembling nation.

“So, we have to give the necessary support to Nigerians to move from being an assembling nation to manufacturing nation.”

At the 3-day automobile conference, over 250 exhibitors from West Africa countries and beyond were in attendance.

Speaking on the importance of the conference, the Exhibition Manager at BtoB Events Ltd, Georgina Lloyd, said the exhibition was aimed at building better awareness and consensus of strategies to help Nigeria grow its automotive components and parts manufacturing industry.

She said, “WAAS 2024 edition welcomes many new VIP delegates from across Nigeria and other ECOWAS countries , all looking to meet new suppliers and business partners.”

President, Auto Spare Parts and Machinery Dealers association (ASPMDA), Lagos, Hon. Ngozi Emechebe, decried the proliferation of fake auto spare parts in the market.

He said, “The issue is very important because the challenges posed by fake spare parts not only affect the industry but the economy in general and wellbeing of the country.

“Fake auto parts are counterfeit or unauthorised reproduction of parts made to look like genuine parts but often with inferior quality.

“Fake parts may cost significantly less than the genuine parts but they are often unreliable and potentially dangerous. In Nigeria, the issue of fakery is not new as there is hardly any industry or sector that is not challenged by the faking of original products.

“Experts have also estimated that Nigeria loses about N100billion annually as a result of road crashes, many of which are caused by the use of fake parts on automobiles.

“At the ASPAMDA, we do not tolerate the distribution of fake parts as our members are well informed and enlightened to avoid dealings in fake parts. To tell you how serious we are against the distribution of fake parts within our market, we have partnered with the Standard Organisation of Nigeria (SON) who facilitate periodic seminars against fake parts,” Emechebe stated.