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From Juliana Taiwo-Obalonye, Abuja
The National Economic Council (NEC) has resolved to encourage the growth of the automotive industry in Nigeria by improving patronage of locally manufactured vehicles.
This was part of the discussions at this month’s National Economic Council meeting presided over by Vice President Yemi Osinbajo, with Governors, Federal Ministers, and top officials in attendance.
NEC is composed of all 36 state governors, the Central Bank Governor, and Minister of the Federal Capital Territory alongside some other members of the Federal Executive Council.
According to a statement by Senior Special Assistant to the President on Media and PublicityOffice of the Vice President, Laolu Akande, the Minister of Industry, Trade and Investment, Niyi Adebayo, who briefed on the benefits of locally manufactured vehicles in the country, said despite the potential, the local automotive industry had been significantly plagued by several challenges, such as weak demand for locally assembled cars and lack of government patronage which could have assisted the assemblers in achieving economies of scale.
