Boosting Nigeria’s Auto Industry: The Call for Government Investment and Support
In a recent interview with Arise TV, the spokesperson and Head of Corporate Communications for Innoson Vehicle Manufacturing (IVM), Mr. Cornel Osigwe, emphasized the crucial need for the Nigerian Federal Government to invest in the local automobile industry. This investment is not only essential for the industry’s sustenance but also to make vehicles more affordable for the Nigerian population through subsidies.
Mr. Osigwe highlighted that the involvement of the Federal Government could significantly underscore the significance of the automobile industry in Nigeria. He aptly described it as “the industry of all industries.” While acknowledging the patronage of various government agencies like the police and the army in their procurement of locally manufactured vehicles, he urged the government to take bolder steps to reduce their reliance on foreign brands and instead invest more in domestic brands.
He cited the example of the Japanese government, which recently allocated a substantial $800 million to Toyota to subsidize production costs and increase affordability. This kind of support, he believes, can help stimulate the growth of the local automobile industry.
Read Also:
- See How Nigerians Reacted As FG Patronise Innoson Vehicles (Photo)
- INNOSON WINS LEADERSHIP CEO OF THE YEAR AWARD
- Peter Obi Reveals Two Things Nigeria Needs To Compete With Other Country
Looking ahead, Mr Osigwe encouraged the Federal Government to invoke the procurement act to boost the demand for made-in-Nigeria vehicles. He pointed out that Nigeria’s annual vehicle production pales compared to countries like South Africa, Morocco, and India. This disparity, he argued, requires immediate attention.
In conclusion, he emphasized that supporting local vehicle manufacturers is a win-win situation for the government. By choosing locally made vehicles, the government indirectly supports other related industries, such as batteries, tyres, and component manufacturers, fostering the overall growth of the economy.
Investing in the local automobile industry not only contributes to job creation and economic growth but also ensures that Nigerians have access to more affordable and high-quality vehicles, ultimately benefiting the entire nation.
Follow us on Facebook
Post Disclaimer
The opinions, beliefs and viewpoints expressed by the author and forum participants on this website do not necessarily reflect the opinions, beliefs and viewpoints of Anaedo Online or official policies of the Anaedo Online.