Nigeria's National Automotive Industry Development Plan

📆 16.11.2023 00:48:00

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Nigeria,Automotive Industry,Manufacturing

The Jonathan administration introduced a plan in 2014 to promote local manufacturing and assembly of vehicles in Nigeria. The plan aimed to boost the economy, create jobs, and reduce reliance on imported vehicles. Over 40 firms invested $1 billion to establish automobile manufacturing/assembly plants in the country.

In 2014, the Jonathan administration came up with the National Automotive Industry Development Plan to encourage investments in local manufacturing and assembly of vehicles, boost GDP, and reduce foreign exchange spent on imported vehicles. The policy increased the tariff on imported vehicles to 70% while reducing the tariff on CKD parts to incentivize investments.

Over 40 firms were issued licenses to establish automobile manufacturing/assembly plants in Nigeria, with about $1 billion invested

📆 16.11.2023 00:48:00
📰 thecableng

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