NADDC Seeks Increased Collaborative Efforts to Formulate Strong Policies that will Enhance the Auto Industry

To support the growth of the local automotive industry, the National Automotive Design and Development Council (NADDC) plans to strengthen its collaboration with key stakeholders. This effort aims to create effective policies that will increase local production and attract Foreign Direct Investment (FDI) to the sector.

At the opening ceremony of the Nigeria Automotive Industry Stakeholders Conference held at the Shehu Musa Yar’adua Centre in Abuja on Thursday, July 18, 2024, NADDC Director General Mr. Oluwemimo Joseph-Osanipin emphasized that stakeholders in the automotive industry are crucial to shaping Nigeria’s diversified economic structure necessary for national development.

Mr. Joseph-Osanipin took the opportunity to encourage automakers at the conference to develop strategies for creating a future where made-in-Nigeria vehicles not only dominate local roads but also stand as symbols of innovation and progress.

He stated, “The Nigerian automotive sector is a vital component of our economy, driving commerce, enabling transportation, and generating jobs. As we know, this industry is a dynamic force, closely linked to the economic climate, technological advancements, and environmental factors.”

“At the National Automotive Design and Development Council (NADDC), we firmly believe that developing a strong automotive industry is a marathon, not a sprint. It requires steadfast commitment, the ability to adapt when necessary, and, most importantly, unwavering collaboration to achieve our common goals,” he said

Similarly, Dr. Olasupo Olusi, Managing Director of the Bank of Industry (BOI), represented by Mr. Obaro Osah, Divisional Head of Business Development at BOI, praised NADDC for its dedication to advancing the automotive industry.

Mr. Obaro Osah described the automotive industry as the foundational sector for other areas of the economy due to its broad connections with various industries.

He highlighted that the auto industry plays a crucial role in job creation, youth empowerment, poverty reduction, and national economic development. Mr. Osah promised that the Bank of Industry (BOI) would provide financial support to key players and investors to foster the growth of the industry.

In his remarks, Alhaji Yusuf Othman, President of the Nigeria Association of Road Transport Owners (NARTO), emphasized the importance of supporting locally made vehicles to boost the country’s economy.