Stakeholders laud FG on auto financing, push for legislation of NAIDP

Key leaders in Nigeria’s automotive industry, on Monday, gathered in Lagos, for a stakeholders conference aimed at driving growth that will address the automobile sector challenges and foster collaboration.

The event was moderated by the Director-General of the National Automotive Design and Development Council (NADDC), Mr Joseph Osanipin brought together representatives from relevant government agencies, Nigeria Automotive Manufacturers Association (NAMA), Automotive Local Content Manufacturers Association of Nigeria (ALCMAN), and other industry stakeholders.

A key focus of the conference was finance accessibility for both automakers and consumers following the launch of N20 billion Consumer Credit Fund secured by NADDC in partnership with CrediCorp to support automakers.

Speaking at the Conference, the Minister for State, Industry, Federal Ministry of Industry, Trade and Investment FMITI, Senator John Owan Enoh applauded President Bola Ahmed Tinubu’s efforts in transforming key industries such as the automotive sector, stressing the need for further funding to ensure sustained industry growth.
” We’re operating in a constrained environment, but the government is committed to taking the bold steps to advance the sector,” he said.

The Minister also praised the NADDC’s initiatives in developing the auto sector, while urging the automakers to enhance the competitiveness of Nigerian- made Vehicles both domestically and internationally.

Earlier in his welcome address, the NADDC Director General highlighted the critical importance of local components development, emphasizing that a thriving automotive industry in Nigeria depends on the growth of local manufacturers and suppliers.

“Local components development is the bedrock of this sector,” he stated, underscoring ongoing efforts to boost domestic production and reduce dependence on imports.

The conference also spotlighted Nigeria’s push for alternative fuels, with Osanipin outlining NADDC’s collaboration with the Presidential Compressed Natural Gas (CNG) Initiative to transition the automotive sector towards more sustainable energy. This move is seen as part of the broader “Renewed Hope” agenda, particularly following the removal of fuel subsidies, which has sparked interest in CNG as a viable alternative.

Also Speaking, NAMA Chairman, Mr Bawo Omagbitse addressed the nation’s 54-year journey towards industrial transformation. He emphasized the importance of proper legislation of the Nigeria Automotive Industry Development Plan to further enhance significant development in the industry.

The conference concluded with a renewed commitment from all stakeholders to collaborate on positioning Nigeria’s automotive sector for long-term success. With a combination of government support, private sector innovation, and strategic partnerships, the sector is poised for significant growth in the coming decade.

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