Business

Tinubu: Nigeria’s Lithium, CNG Can Drive Local Automobile Industry, Spur Economic Growth

President Bola Tinubu has said that harnessing Nigeria’s vast lithium reserves and encouraging electric vehicles and Compressed Natural Gas (CNG) can attract automobile assembly from foreign investors in Nigeria, which will help to spur Nigeria’s economy further by creating jobs.
The President said this in a chat with members of the press on Monday night.

The President, discussing with the media his plans to bring down inflation to 15% as outlined in the 2025 budget which he had earlier presented to the National Assembly, said that he plans to attract Foreign Direct Investment through incentives, and showing the world what Nigeria has to offer.

He then said that Nigeria’s abundance of lithium can spur the country’s automobile industry, going further to create jobs, as he said, “Today, we have solid minerals in abundance. Kaduna has the largest deposit of lithium. Nasarawa, the same thing. If you encourage electric vehicles, plus the compressed natural gas, you will attract automobile assembly in Nigeria instead of all this second hand market that is not creating jobs.”

Elaborating on his plans to bring down inflation in Nigeria to 15%, he said, “Produce more for consumption locally. Give reasonable level of funding and assistance, low interest rates to farmers. Improve the security as you’ve seen in the budget so that they can return to their farms and produce more food. Encourage the procurement and manufacturing of drugs in Nigeria. We have what it takes.”

“All I need to do is to put the incentives in place in order for them to harness what is possible in Nigeria. It is about time we do all of those.”

Ozioma Samuel-Ugwuezi

Follow us on:

Ozioma Samuel-Ugwuezi

Recent Posts

Tinubu: Tax Reforms Pro-Poor, Will Eliminate Colonial Assumptions; No Tax without Outcry

President Tinubu has described the tax reform as pro-poor, emphasising its necessity despite resistance from…

6 hours ago

Tinubu: No Regrets Removing Subsidies, We Were Spending Our Future

“We were spending our future, not investing,” President Tinubu said, defending the removal of subsidies…

7 hours ago

Tinubu: I Won’t Reduce the Size of My Cabinet, Nigeria is a Large Country

President Tinubu has insisted on retaining his cabinet size, noting that it is necessary for…

7 hours ago

Borrowing Is Not Criminal, President Tinubu Defends 2025 Budget

Tinubu has defended borrowing, calling it essential to correct economic mismatches and invest in long-term…

8 hours ago

Tinubu: I Am Proud Of What My Security Chiefs Are Doing, No Need To Probe Them

Tinubu has said he will not be probing Nigeria’s service chiefs, saying he has confidence…

8 hours ago

Seyi Tinubu Greeted By Military +Tinubu’s Convoy In Lagos+ 70 Nigerians Die In Stampede – Trending With Ojy Okpe

https://www.youtube.com/watch?v=f2gUXfbzwmk More than 70 Nigerians have died in stampedes at three different locations: Ibadan, Anambra,…

9 hours ago