Federal government has said it attracted over $1 billion investment into the automotive industry in the year 2019.
“The first one, is investment promotion to encourage investment into Nigeria and I’m pleased to say that as at 2019, we managed to bring about 1billion dollars into the country by companies such as Honda, Innoson, Dangote cement trucks and so on. “As soon as we get the necessary approval, Nigerians will be able to put down 10 percent, drive off with a new car made in Nigeria and pay over five years, rather than being forced to pay everything 100 percent.”
Others are Bank of Agriculture, Development Bank of Nigeria , Presidential Amnesty Programme , Small and Medium Scale Enterprises Development Agency , Local Content Development Board, NIRSAL Plc and NIRSAL Microfinance Bank, Sustainable Development Goals and National Automotive Design and Development Council.