According to the Minister of Trade and Investment, Niyi Adebayo, the new policy would explore how the automotive industry can migrate seamlessly from combustible engines into electric solar powered engines.
Adebayo explained that the concept was for the country to develop rapidly through industrialization, then snowball into a sustainable investment climate to attract the kind of investment we desire. “Second memo, which we presented was for the approval of the Nigeria automotive industry development plan 2023 to 2033. This is an improvement on the 2013 automotive industry development plan, which was in place before.
“One thing that happens to the auto industry is that when the assembly or companies move into a country to make that investment, which can be anything between $300 to $400 million for the assembly plant. What happens is that the makers of the components that go into the manufacture of these vehicles also move to that country to set up competent baking factories”.
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