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The Director General, National Automotive Design and Development Council (NADDC), Joseph Osanipin, has projected that the automotive industry in the country will stimulate economic growth.
Osanipin made the projections at the recently-held Nigeria Automotive Industry Summit themed “Developing Nigeria’s Economy through the Nigerian Auto Industry.” organised in Lagos by the Nigeria Auto Journalists Association (NAJA) in collaboration with the NADDC.
The NADDC Director General, emphasized the importance of the summit in his keynote address, saying “This summit presents a critical platform for us to come together, discuss the current state of the Nigerian automotive industry, and chart a course for its future success.”
He highlighted the immense potential of the Nigerian automotive industry, driven by a growing population and increasing demand for safe, reliable, and affordable vehicles. However, he also acknowledged significant challenges, notably the reliance on imported vehicles.
“This reliance puts pressure on our foreign exchange reserves, hinders job creation, and stifles economic growth within our country. We must strive towards a future where Nigeria is not just a consumer, but also a producer of high-quality automobiles,” Osanipin urged.
He reiterated NADDC’s commitment to aligning with President Bola Tinubu’s ‘Renewed Hope Agenda’ by fostering local production and consumption.
He stated that collaboration is key to the success of these initiatives, and expressed the Council’s readiness to work with all willing stakeholders to advance the industry.
Representing the Minister of Industry, Trade, and Investment, Dr. Doris Uzoka, at the event, the Deputy Director of Industrial Development Department, Mrs. Olumuyiwa Ajayi-Ade, underscored the event’s timeliness. She highlighted the government’s recognition of the automotive sector as a critical pillar for economic development and recovery.
“The automotive industry has the potential to be the cornerstone of our economic recovery, offering numerous benefits including job creation and technology transfer,” she stated.
Ajayi-Ade emphasized the labor-intensive nature of the automotive industry and its capacity to create thousands of jobs across the value chain, significantly reducing unemployment and providing sustainable livelihoods. She concluded by stressing the importance of collective effort in harnessing the sector’s potential, noting that it can drive technological innovation through global partnerships and the establishment of local research and development centres.
Other participants at the summit were the Nigerian Custom Service (NCS), members of the Nigeria Automobile Manufacturers Association (NAMA), Automotive Local Components Manufacturers Association of Nigeria (ALCMAN), and members of NAJA.
The summit concluded with a call to action for all stakeholders to join hands in developing a robust and sustainable automotive industry, crucial for Nigeria’s economic revival and long-term growth.
