The Federal Government is set to begin the manufacturing and supplying of tyres, batteries, brake pads and other automobile components as part of efforts to boost the Nigerian automotive industry.
It said the policy aims to boost the supply of local components to auto part markets by 40 per cent.
The Minister of Industry, Trade and Investment, Doris Aniete, disclosed this initiative at the ministerial sectoral briefing to mark President Bola Tinubu’s one year in office on Tuesday in Abuja.
She said the programme would be in collaboration with manufacturers, dealers, regulatory bodies and other players in the automobile ecosystem.
The Nigerian automobile industry, for a long time, has been dependent on imports to meet local demands for vehicles and spare parts.
At a recent event, the Chairman, of West Africa Automative Show, Luqman Mamudu, said Nigeria accounts for about 78.8 per cent of automotive components imported to West Africa. According to him, about $6.2bn is spent on importing automotive components and parts to the region yearly with Nigeria alone accounting for $4.2bn.
