The Federal Government on Thursday said it is working to ensure that the auto policy is finalised and signed into law immediately, while calling on the German investors to come in and invest in the country.
Okechukwu Enelamah, minister of industry, trade and investment said this in Lagos, at the 7th German Nigeria Business Forum.
“We are doing a lot in the auto sector. Presently, what we are doing is to make sure that the auto policy, which has been worked on previously before this administration is finalised and signed into law. That is a few iterations away and that should happen immediately”, Enelamah said.
Among other things that the ministry is doing in the auto sector, he said is setting auto parks to increase local value in manufacturing, buying and to increase component across the country starting with a park in Nnewi.
Enelamah said the whole essence of the auto policy is to foster backward integration and local content utilization in vehicle assembling, which will in turn create jobs for the youths.
“The government would henceforth engage with stakeholders in the automotive industry, having realized the importance of such engagement in order to revive the industry using local content”.
He challenged the German group to partner with Nigeria to grow the volume of business between Nigeria and Germany.
“There is ample room for growth between the two nations. Nigeria is not just open for business but keenly welcome you for investment. Every new investment gives Nigeria opportunity to realise its dreams”, Enelamah added.
Speaking at the forum, Herbert Wigwe, group managing director/CEO, Access Bank plc, Access to finance for small scale businesses is a big problem.
Wigwe explained the reason for establishing German desk in the bank, saying it puts Nigerian businessmen who seek to do business with Germany or buy Germany products in touch with their German counterparts.
It also put the German businessmen who are considering doing business with Nigerians in touch with the corporate Nigerian businessmen, and above all it provides financing at affordable rates to both parties.
