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FG Approves Auto policy 2023 to 2033

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CEM REPORT, INDUSTRY | The federal government has recently approved the new Auto policy from 2023 to 2033, which it believes will create an enabling environment for investments in the automotive sector.

Announcing the new policy the Director General of the National Automotive Design and Development Council (NADDC), Jelani Aliyu, said the new policy includes, among others; the provision of a legal framework for the development of a competitive and sustainable automotive industry in Nigeria.

ThisDay reports that the Director General, who was represented at the event by a Deputy Director of the Council, Segun Omisore, said the new auto policy positions Nigeria’s automotive ecosystem as a leading centre for automotive production in Africa.

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“The new Auto policy 2023 to 2033 was recently adopted by the federal government. Among its goals is to provide a legislative framework for the growth of a competitive and sustainable automotive sector in Nigeria.

“Local content providers support the transfer of technical know-how and technological skills for the growth of the automobile industry, and it fosters an atmosphere that enables current assembly facilities to endure, develop, and draw other original equipment manufacturers.

“It positions Nigeria’s automotive ecosystem as a leading centre for automotive production in Africa. The new auto policy also promotes investment in the auto sector and fiscal incentives which includes additional tax relief for 5 years for assemblers or manufacturers of automotive components and products, and 10 years for assemblers/manufacturers of electric vehicles and components used in electric vehicles and many other incentives provided.

“We will continue to support all our stakeholders in the development of the industry by providing the necessary policy framework and the Investment Promotion incentives to support the industry as the new policy provides policy direction and investment promotion incentives for the first time to electric and gas-powered vehicles development in Nigeria.”

It is crucial to note that the auto policy seeks to enable an exponential rise in local vehicle production, achieve 40% local content and 30% locally produced electric vehicles, create one million jobs, force the government and businesses with government contracts to purchase locally produced vehicles, and advance research, development, and technology transfer.

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