Federal Government has said that the vehicles assembled by local and indigenous auto companies are not what the government wants.
The Minister of Trade and Investment, Otunba Niyi Adebayo made the disclosure while briefing on the status of some of the signed African Continental Free Trade Agreement (AfCTA), it’s impact on the economy of the Nation and other key investment updates regarding the Buhari-led Administration.
Nigeria has nine auto manufacturers, according to the National Automotive Design and Development Council
They are Peugeot Automobile Nigeria, Nissan Motors, Honda Motors, Innoson Vehicle Manufacturing Company, Hyundai Motor Company, Ford Motor Company, GIC Motor Companies Ltd, JAC Motors and Kia Motors.
According to the National Bureau of Statistics, Nigerians spent N1.08trn to import used cars and motorcycles between October 2018 and September 2019.
Yemi Osinbajo, Nigeria’s Vice President had said at the Nigerian Economic Summit Group (NESG) conference in 2020 that local production has not grown as desired, adding that their limited growth has led to high prices of automobiles.