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Auto industry: FG boosts local production to 384,000

The Nigeria Automotive Council (NAC)  has stated that it will continue to build capacity for local production of made in Nigeria vehicles.

While addressing journalists in Lagos, the Director-General of the council , Aminu Jalal, decried that despite capacity to produce 384, 000 vehicles every year, the country managed to assemble only 25,000 last year, a trend that is unwelcomed.

He noted that the Federal Government sought to build the volume of assembly to a point where foreign investments could be generated.

Represented by the Director-General, Policy and Planning,  National Automotive Design and Development Council (NADDC), Luqman Mamudu, he noted that the development would enable Nigerians own brand new vehicles assembled in the country.

“As a matter of fact component manufacturers are already coming to us. We are going through the process of surveying to see how we can marry them with the local ones. At present, we are building three laboratories which is gulping not less than three billion as we speak. We are preparing for the next stage of component development,” he added.

He noted that the council had also put in place programmes to curtail influx of second hand vehicles.

According to him, the council has continued to evolve strategies to curtail second hand vehicle without upsetting anybody.

On vehicle acquisition, he described the credit purchase scheme, which has been working for two years as an asset financing opportunity that would speed up vehicle acquisition in the country.

“In America for instance over 80 per cent of car purchases is through loans nobody goes to buy at the flat rate but here we probably see it as a shame but it does’ nt matter,” he added.