On Tuesday in Abuja, the Federal Government threw its weight behind the legislative amendment of the automotive industry framework to strengthen regulatory standards, widen financing channels, and stimulate domestic car manufacturing. Represented at the 26th Abuja International Motor Fair, authorities emphasized that revamping the sector is vital for creating employment and accelerating national economic development.
Dr. Jumoke Oduwole, the Minister of Industry, Trade and Investment, highlighted that the current administration is actively integrating national industrial strategies with the African Continental Free Trade Area (AfCFTA) framework. This alignment aims to broaden market reach for locally assembled vehicles, ensuring that the country integrates effectively into continental value chains.
What changes are expected from the new automotive policy?
The proposed legal overhaul seeks to modernize existing regulations so they match contemporary industry dynamics while concurrently expanding credit access for local manufacturers and prospective vehicle buyers. Oduwole noted that a thriving automotive ecosystem naturally stimulates allied sectors, including solid minerals, iron, and steel, generating widespread job opportunities across the value chain.
"So, beyond the Nigerian market, we are also going to support you to interconnect with the African market and the value chains that exist on the continent, so that Nigeria can take a prominent role," Oduwole stated. She added, "We also want Nigerians to have access to quality cars. It’s time to have the sector become as sophisticated as you want it to be."
How is the regulatory council reacting to current sector demands?
Echoing the minister's sentiments, Otunba Oluwemimo Joseph Osanipin, the Director-General of the National Automotive Design and Development Council (NADDC), stressed the necessity for robust legal frameworks capable of managing modern technological trends. He pointed out that updated policies are essential to improve citizens' purchasing power for locally assembled automobiles and to establish a reliable spare parts market tailored for aging vehicles.
Osanipin reaffirmed the council’s dedication to unlocking the sector's full economic capabilities, while commending the Federal Government for its backing. The annual exhibition served as a converging point for key industry stakeholders, vehicle assemblers, policymakers, and investors to display innovations, discuss emerging opportunities, and forge strategic partnerships aimed at driving sustainable growth within Nigeria's automotive space.