Reps to investigate inability of auto industry to access forex

The House of Representatives, on Thursday, resolved to investigate the failure of the automobile industries in the country  to access foreign exchange from the Central Bank of Nigeria (CBN) for their operational needs.

This followed the adopting of a motion sponsored by the chairman, House Committee on Telecommunications, Honourable Saheed Akinade-Fijabi, the development,  he lamented, was  threatening the survival of the industry in the country.

The House mandated an ad hoc committee to be set up to interface with relevant stakeholders in the automobile sector to find a solution to convince the President Muhammadu  Buhari-led administration to either approve financial assistance or bailout for the industry.

While  moving the motion, Honourable Fijabi  said that industrial growth of which the automobile industry was one, “contributes to the nation’s development in terms of increased foreign earnings, job creation and achieving other macro-economic objectives.”

The lawmaker explained further  that “developed countries depend on industrial development to revolutionise their economic powers through manufacturing of goods for local consumption and export.”

According to him, “In spite of the nation’s automobile policy aimed at creating enabling environment for automobile manufacturers to operate by previous government, Nigeria’s persistent gesture to already made automobile companies to establish their plants in Nigeria had yielded no results.”