The Federal Executive Council (FEC) on Wednesday in Abuja approved the Automotive Industry Development Plan for the development of the nation’s automotive industry.
The Minister of Information, Mr Labaran Maku, told State House correspondents after the weekly FEC meeting, presided over by President Goodluck Jonathan, that the plan was expected to attract investment to the sector.
According to him, a transformed automotive industry will realise its potential as a major driver of economic growth and diversification, job creation, local value addition, and technology acquisition. “The most important discussion which took most of our time was the presentation to Council of a broad policy plan to develop the Nigerian automotive industry.
He further disclosed Nigeria spent $4.2 billion (about N664bn) on importation of cars in 2010, and that “car import takes the biggest share of the country’s foreign reserves followed by other machinery“. He expressed optimism that the success of the policy would mean a gradual end to the importation of fairly used cars to the country.
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