Nigeria: Trade and Investment Ministry to Submit Auto Policy for FEC’s Approval

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Nigeria’s Minister of Industry, Trade and Investment, Mr. Adeniyi Adebayo, on Monday disclosed that the ministry would soon submit a new auto policy for Federal Executive Council’s (FEC) approval.

Addressing Senior Executive Course 45 participants of the National Institute of Policy and Strategic Studies (NIPSS), who paid a visit to the ministry, the Minister said the auto policy was reviewed with the objective of increasing local production of vehicles.

Besides, the new policy would help the country to transit from Semi Knock Down to Completely Knock Down/Completely Built Up manufacturing, he was quoted to have explained in a statement signed by his Media Adviser, Ifedayo Sayo.

The minister said the new policy also has as one of its objectives, a plan to increase employment in the automotive value chain.

Apart from the auto policy, Adebayo said the ministry was also working on a new investment policy and a review of the current trade policy which it intends to conclude before the expiration of the Buhari administration.

Speaking on the, “Industrialisation, Climate Change and Energy Security in Nigeria: Issues, Challenges and Prospects,” Adebayo said the Buhari administration has demonstrated in the last eight years, its determination to turn around the fortunes of the country from a dependence on oil to diversification of the economy, as evident through the adoption and implementation of robust policies such as the Economic Recovery and Growth Plan (ERGP) and the Nigeria Industrial Revolution Plan (NIRP).

According to him, “As part of the process of enhancing and fast tracking our mandate towards industrialisation in this country, the ministry came up with the Nigeria Industrial Revolution Plan (NIRP), a 10-year plan to be reviewed after five years.

“The NIRP was approved in 2014 but its implementation started in 2015. The plan which is now under review, is designed to accelerate the build-up of industrial capacity in Nigeria.

“Its aim is to significantly raise manufacturing contribution to GDP which is based on priority sectors, where Nigeria has competitive and comparative advantage.

“These are Agriculture and Agro-allied Industries; Metals and Solid Minerals Industries; Oil and Gas Related Industries; Construction, Light Manufacturing and Services.”

He said the ministry under him has recorded appreciable achievements in the implementation of the NIRP, especially in the development and implementation of some sectoral policies such as Backward Integration Program (BIP) in the Cement industry, the Nigeria Sugar Master Plan (NSMP), the Nigeria Automotive Industry Development Plan (NAIDP), the Cotton, Textile and Garment (CTG) policy, Leather and Leather products policy as well as the Tomato Industry policy. 

Gbenga Sodeinde in Ado Ekiti

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