NADDC, Stakeholders Move to Boost Local Production, Attract FDI

The National Automotive Design and Development Council (NADDC) said it’s set to partner with key stakeholders’ to develop robust policies to boost local production and attract Foreign Direct Investment (FDI) in the sector.

The Director General of NADDC, Mr Oluwemimo Joseph -Osanipin, who revealed this at the Nigeria Automotive Industry stakeholders conference in Abuja, said this sheer number speaks volumes about Nigeria’s potential within this industry.

Osanipin also revealed that Nigeria boasts of an estimated 11 million vehicles traversing its roads.

According to him, all plans are on deck to partner with key stakeholders’ to develop robust policies to boost local production and attract Foreign Direct Investment, FDI, in the sector.

He said this year’s focus is on “Collaborative Strategies for a Sustainable Automotive Industry.”

Osanipin further advised participants to come up with strategies towards building a future where Nigerian-made vehicles would not only dominate the nation’s roads but also become a symbol of innovation and progress.

“The Nigerian automotive sector is a vital artery of our economy, propelling commerce, facilitating transportation and creating jobs and as we all know, this industry is a dynamic force, intimately intertwined with the economic climate, technological advancements and even the environmental landscape.

“At the National Automotive Design and Development Council, NADDC, we firmly believe that building a robust automotive industry is a marathon not a sprint and it demands unwavering commitment, the agility to adapt when necessary and most importantly, unwavering collaboration to reach a shared finish line, ” he said.

Also, the Managing Director of Bank of Industry, BOI, Dr Olasupo Olusi described the automobile industry as key to job creation, youth empowerment, poverty eradication and national economic development.

Dr Olasupo who was represented by the Divisional Head, Business Development in BOI, Mr Obaro Osah therefore promised BOI financial support to key players and investors towards enhancing the growth of the industry.

Also speaking, the President of Nigeria Association of Road Transport Owners, NARTO,Alhaji Yusuf Othman stressed the need for Nigerians to patronize made in Nigeria vehicles to boost the country’s economy.

He identified inadequate Infrastructure as major challenges confronting the sector and called for more collaborative efforts towards effective sustainability in the successes recorded so far in the industry.

Earlier, the Convener of the conference, Dr Yomi Charles said the event was organized to enable key Stakeholders brainstorm on how to fast track the growth of the nation’s automobile industry.

While commending the support of NADDC in the sector, Dr Yomi Charles called for more enabling environment in the area of Infrastructure towards encouraging more investment in automobile industry.