The Anambra Motor Manufacturing Company Limited (ANAMMCO) has appealed to the Federal Government to urgently review the 2020 Finance Act and Automotive Policy.
Executive Director of ANAMMCO, Mr Uche Okeke, made the appeal in Enugu on Thursday when the Board Members of the National Automotive Design and Development Council (NADDC) visited the company.
Okeke said the review became important considering challenges faced by vehicle manufacturing companies in Nigeria.
He accused the Federal Government of crippling automotive industries through policy somersault, adding that the development frustrates local and foreign investors.
He explained that with Government’s support, industries were capable of providing job opportunities for the teeming youth.
The ANAMMCO Director said the company had the capacity to employ 2,000 persons as well as produce cars that could compete with vehicles produced elsewhere.
He said it was cheaper to produce locally than importing and urged the Government to reconsider the 20 percent excise duty on raw materials imported into the county.
Apart from assembling vehicles, Okeke explained that ANAMMCO has a training institute where people are trained on vehicle maintenance.
He also used the opportunity to commend NADDC for always ensuring that ANAMMCO did not shut down its operations especially when it faced a downturn.
Responding, the Board Chairman of NADDC, Sen. Osita Izunaso, said the council would look into the issues raised by ANAMMCO with a view to finding lasting solutions to them.
Izunaso admitted that many vehicles manufacturing companies in the country witnessed a downturn due to policy changes.
He said the board was working with private sectors to turn the fortunes of the automotive industry around.
The NADDC chairman pointed out that the facility tour of the company gave them more insight into the need to review the 2020 Finance Acts and Automotive policy as part of measures to suit reality on the ground.
He encouraged ANAMMCO management not to be dismayed by the current challenges, saying it had the potential to become a giant vehicle manufacturing company in Nigeria.
