The Federal Executive Council has approved a new 10-year National Automotive Policy that would span through 2023-2033.
The new policy was revealed by Niyi Adebayo, Minister of Industry, Trade and Investment, at the Federal Executive Council meeting on Wednesday, presided over by Yemi Osinbajo, the Vice President.
According to Adebayo, the new policy would explore how the automotive industry can migrate seamlessly from combustible engines into electric solar-powered engines.
This was also in addition to FEC’s approval for the implementation of the first-ever Nigeria investment policy 2023-2027.
He said “The concept was for the country to develop rapidly through industrialization, and then snowball into a sustainable investment climate to attract the kind of investment we desire.
“We felt that there was a need for us to have an investment quality, which would give confidence and allow people who want to better the country, that confidence to bring their funds into the country, the result of which we put this policy together.
“Second memo, which we presented was for the approval of the Nigeria automotive industry development plan 2023 to 2033. This is an improvement on the 2013 automotive industry development plan, which was in place before.
“The whole idea is to bring it up to date with current realities. Also, to put our auto industry on the proper footing, I don’t know if you are aware that we have capacity today to assemble 400,000 vehicles.
“One thing that happens to the auto industry is that when the assembly or companies move into a country to make that investment, which can be anything between $300 to $400 million for the assembly plant. What happens is that the makers of the components that go into the manufacture of these vehicles also move to that country to set up competent baking factories.
Speaking further, Adebayo hinted that the third paper presented to Council was for the approval of the trade policy in Nigeria for 2023-2027.
He said it was basically a review of the old trade policy that was in place adding that the whole idea was to have a policy in place that will improve Nigeria’s trade within the World Trade Organization and bring increased levels of Nigeria’s capacity to GDP to bring in more revenue for the country.
Also speaking, Mahmood Abubakar, Minister of Agriculture and Rural Development disclosed that the Council approved the National Dairy Policy to regulate Nigeria’s dairy industry to satisfy the demand for milk and other products.
He said, “The memorandum presented to Council today was to seek Council approval for the draft National Dairy Policy to regulate the Nigerian dairy industry by providing a framework and guiding principles for the development of an efficient dairy sub-sector to satisfy the national demand for milk and dairy products.
“We have always been talking about food security, but we realize that food and nutrition security goes hand in hand.”
