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FEC Approves New 2023 Auto Policy, Will Enable Increase In Number Of Locally-made Vehicles
Federal Executive Council (FEC) approves new 2023 Auto Policy (NAIDP) developed by the NADDC.
Newly approved NAIDP is aimed at enabling the exponential increase in the local production numbers of vehicles.
In addition, NADDC said that the newly approved NAIDP will enforce the patronage of locally-made vehicles by government.
Newly approved NAIDP is also expected to generate 1 million jobs as well boost R&D and technology transfer.
The new 2023 National Automotive Industry Development Plan (NAIDP), developed by the National Automotive Design and Development Council (NADDC), has been approved by the Federal Executive Council (FEC) on May 10th, 2023 (today).
The memo for the plan was presented to the FEC by the Honourable Minister of Industry, Trade and Investment, Otunba Niyi Adebayo. In attendance at the meeting was the Director General of NADDC Mr. Jelani Aliyu.
In a statement, the NADDC said that the new plan was developed to aggressively build on the successes that have been achieved so far in the Nigerian Automotive industry.
“The new NAIDP would strategically provide outstandingly competitive fiscal and non fiscal incentives needed by automotive industry manufacturers/producers, investors, developers and all relevant stakeholders.
The NADDC said that the newly approved NAIDP is aimed at enabling the exponential increase in the local production numbers of vehicles, reaching 40% local content as well attaining 30% locally produced Electric Vehicles.
Also, in addition to generating 1 million jobs, NADDC said that the newly approved NAIDP will enforce the patronage of locally-made vehicles by government and companies working on government contracts as well boost R&D and technology transfer.
