• Friday, September 22, 2023
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Nigeria adopts a new 10yrs automatic policy

Nigeria adopts a new 10yrs automatic policy

The Federal Government has adopted a new National Automotive Industry Development Plan (NADIP) that would span for the next 10 years, 2023-2033.

According to Oluwakemi Ogunmakinwa, deputy director of Press and Public Relations of the Minister of Industry, Trade and Investment, it would help the country to migrate seamlessly from combustible engines into electric solar-powered engines.

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The National Automotive Design and Development Council (NADDC) developed a new plan to aggressively build on the successes that have been achieved so far in the Nigerian Automotive industry.

The new NAIDP would provide outstandingly competitive fiscal and non-fiscal incentives needed by automotive industry manufacturers/producers, investors, developers and all relevant stakeholders.

It also aimed at enabling an increase in the local production of vehicles, reaching 40 percent of local content, and attaining 30 percent of locally produced electric vehicles. It will also generate 1 million jobs, enforces patronage of locally produced vehicles by the government and companies working on government contracts as well as boost research and development and technology transfer.