The Federal Executive Council (FEC) has approved the new National Automotive Industry Development Plan (NAIDP) 2023.
The memo for the plan was presented by the Minister of Industry, Trade and Investment, Otunba Adeniyi Adebayo, during this Wednesday FEC meeting presided over by Vice President Yemi Osinbajo.
The new plan was developed by the National Automotive Design and Development Council, (NADDC) to aggressively build on the “successes that have been achieved so far” in the Nigerian Automotive industry.
The new plan, Adebayo said, would strategically provide outstandingly competitive fiscal and non-fiscal incentives needed by automotive industry manufacturers/producers, investors, developers and all relevant stakeholders.
It is aimed at enabling the exponential increase in the local production numbers of vehicles, reaching 40% local content, and attaining 30% locally produced electric vehicles.
The plan, according to the promoters, would also generate jobs, enforce patronage of locally produced vehicles by the government and companies working on government contracts, boost research and development and technology transfer.
