Vice-President Kashim Shettima has urged automotive manufacturers in Nigeria to scale up production capacity for Compressed Natural Gas (CNG) powered and electric vehicles to meet the rising national demand.
Shettima, represented by the Minister of Innovation, Science and Technology, Dr Kingsley Udeh, made the call on Tuesday in Abuja while declaring open the 25th Abuja International Motor Fair.
Shettima described the automotive sector as a key driver of the Federal Government’s Renewed Hope Agenda.
He said the administration was steering the industry on the pillars of “Gas, Green and Growth”, adding that Nigeria’s abundant gas reserves provided a strategic pathway for affordable mass transit.
The vice-president recalled that the government had provided N20billion through Credit Corp to support the acquisition of locally assembled vehicles.
“We acknowledge the need for innovative, bespoke financing packages with single-digit interest rates, specifically for Made-in-Nigeria vehicles.
“This is why the government has provided 20billion naira through Credit Corp to finance the acquisition of locally made vehicles.
“When a teacher, a nurse, or an entrepreneur can afford a quality, locally-assembled car, we do more than make a sale- we fuel a virtuous cycle of demand, production, job creation, and national economic stability.
“Finance is the grease for the wheels of industry; we encourage our commercial institutions to find innovative ways to finance and support the automotive sector,” he said.
Shettima reaffirmed the government’s commitment to making Nigeria the regional hub for CNG and electric mobility in the West African region.
He urged the stakeholders to prioritise local production and procurement under the Nigeria First Policy, while commending the organisers for sustaining the fair for 25 years and declared the event open.
The Minister of State for Industry, Sen. John Enoh, reaffirmed the Federal Government’s commitment to strengthening Nigeria’s automotive industry through consistent policies and strategic incentives.
Enoh said the sector remained central to the administration’s drive for industrialisation and economic diversification.
He said the fair showcased progress recorded under the National Automotive Industry Development Plan (NAIDP), praising local assemblers and component manufacturers for proving that Made-in-Nigeria vehicles could compete in quality and value.
Enoh said the government was committed to removing administrative bottlenecks, attracting foreign investments, and supporting the transition to green mobility through Compressed Natural Gas and electric vehicles.
The Director-General of NADDC, Joseph Osanipin, said the agency was working at reviving and repositioning the automotive sector through sustained implementation of the National Automotive Industry Development Plan (NAIDP).
He said that market expansion, component development, and enhanced local capacity remained at the heart of the council’s agenda.
Osanipin said the country currently had about 30 active and serious assemblers with investments of nearly one billion dollars in the sector.
While acknowledging the sector’s challenges, Osanipin said Nigeria’s large market, youthful population, and government policy reforms was a strong prospect for growth.
Earlier, Mr Ifeanyichukwu Agwu, Managing Director of BKG Exhibition Limited and co-organiser of the fair, said the event had survived the highs and lows of Nigeria’s economic cycles.
Agwu urged governments at all levels to urgently establish a functional vehicle financing scheme to make car ownership affordable and stimulate demand.
“If our people cannot access mobility, our economy cannot move. Vehicle finance is not a luxury; it is a necessity,” he said. (NAN)
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Source: www.nannews.ng
