FG adopts new automotive industry development plan

  • 📰 MobilePunch
  • ⏱ Reading Time:
  • 47 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 22%
  • Publisher: 63%

Business News News

Business Business Latest News,Business Business Headlines

The Federal Government has approved for implementation, the first-ever Nigeria investment policy, while adopting a new National Automotive Industry Development Plan that will span through 2023 to 2033.

“This is an improvement on the 2013 automotive industry development plan, which was in place before,” said the Minister.

“The National Automotive Design and Development Council developed a new plan to aggressively build on the successes that have been achieved so far in the Nigerian Automotive industry. “The new NAIDP will strategically provide outstandingly competitive fiscal and non-fiscal incentives needed by automotive industry manufacturers/producers, investors, developers and all relevant stakeholders”

He said the newly approved NAIDP was aimed at enabling the exponential increase in the local production numbers of vehicles, reaching 40 per cent of local content. The minister said it would help attain 30 per cent of locally produced Electric Vehicles, generate 1 million jobs, and enforce patronage of locally produced vehicles by the government and companies working on government contracts.According to Adebayo the country will soon start running a National Trade Policy that will guide trade in Nigeria from 2023-2027.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 8. in BUSİNESS

Business Business Latest News, Business Business Headlines