“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.