NADDC Partners Banks To Secure Vital Funding For Auto Industry

The National Automotive Design and Development Council (NADDC) is actively engaging with development banks and other partners to secure critical funding for Nigeria’s auto industry. NADDC director-general Joseph Osanipin, disclosed that the funding shortfall in the sector ranges from $1 trillion to $5 trillion.

Speaking at an interactive session with the Commerce and Industry Correspondents Association of Nigeria (CICAN) in Abuja, Osanipin emphasised the essential role of funding in the growth of the auto industry. He noted that inadequate financing has been a significant barrier to the sector’s advancement.

“We are vigorously pursuing funding, not only with development banks but also exploring other avenues both within and outside Nigeria. We are in discussions with various stakeholders to access dedicated funds for the auto industry,” Osanipin said.

While the NADDC itself is not an investor, it aims to facilitate the funding process. Osanipin estimated that the sector requires close to $1 trillion to achieve its growth potential, suggesting an initial allocation of approximately $1 billion. This funding, he said, would support key industry players such as Innoson, PAN in Kaduna, and JAC, enabling them to progress to the next level.

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Osanipin also detailed the Council’s plans for accrediting and certifying workshops for the conversion of vehicles to run on Compressed Natural Gas (CNG). He stated that the NADDC would use the National Occupational Standard (NOS) to train Nigerian engineers and ensure the availability of certified CNG-powered vehicle conversion workshops.

“The first step in promoting CNG is ensuring the availability of CNG vehicles, which is why we have developed certification approvals in collaboration with NOS and NABTEB. We will use this curriculum to train Nigerian engineers. Workshops can apply for accreditation through our website by detailing their facilities and personnel qualifications. Personnel must demonstrate their capability and complete training using our curriculum before we can certify them and their workshops,” Osanipin explained.

According to him, the NADDC’s efforts are aimed at overcoming the financial barriers that have long hindered the growth of Nigeria’s auto industry, paving the way for a more robust and sustainable sector.