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From Adanna Nnamani, Abuja
Minister of Industry, Trade and Investment, Dr. Doris Uzoka-Anite, has said that there are ongoing efforts to tap into the vast opportunities within the country’s automotive sector.
Uzoka-Anite also said that the federal government has successfully secured $3.5 billion aimed at bolstering the textile and apparel industry.
The Minister disclosed these during the sectoral briefing on President Bola Tinubu’s first year in office
on Tuesday in Abuja.
According to her, “The Ministry is developing a Resurgence Plan for Optimised Performance of the Nigerian Cotton, Textile and Apparel Industry in partnership with development partners and private sector players. We have attracted $3.5B investment capital to unlock this sector.
“As you know, Nigeria’s textile and apparel industry covers the entire clothing value chain and has a strong potential for growth due to availability of cotton and the country’s large market- size represented by over 200 million inhabitants. The industry is one of the top contributors to the manufacturing sector of the economy, with the sector’s huge potential for employment creation, for both skilled and unskilled labour, extensive capacity for generating export earning, attracting foreign direct investment, and reducing poverty.”
Uzoka-Anite added that, “Likewise, steps are also being taken to unlock the potential opportunities inherent in the nation’s automotive sector. In collaboration with the National Automotive Design and Development Council (NADDC) – the anchor institution for the National Automotive Industry Development Plan (NAIDP) and regulatory body for automotive industry in Nigeria, the strategy and goal of the Ministry is to return the Nigerian Automotive industry to supply 40% of its components locally comprising of glasses, tyres, batteries, brake pads, foam and seats, exhaust, electric cables etc.
“Towards this end, we have developed frameworks that emphasise the need for collaboration among manufacturers, dealers, regulatory bodies, and other players in the automobile ecosystem; because we believe that by working together, they can address challenges, streamline processes, and drive innovation.
“The automotive industry is set to sign off-take agreements amongst themselves and this is the beginning of history in Nigeria. With the MOUs and agreements, suppliers will be rest assured that car assemblers and manufacturers will buy their products. Assemblers will be guaranteed of their supply chain, quality and standards and consumers will be able to buy affordable brand new cars. This is how import substitution is done. We do not have to use our FX to buy things we can produce.We do not have to import if we can make it.
Furthermore, she underscored the ministry’s commitment to supporting industrialisation by issuing Import Duty Exemption Certificate (IDEC) letters of recommendation to over 50 manufacturers, aimed at fostering expansion and increasing production capacity.
On job creation, the minister said over 16,000 jobs have been created in the past year, through programs and interventions by the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN).
She noted that: “These initiatives are aimed at Job creation, access to capital, poverty eradication, and economic growth.”
