May 10th, 2023, the Federal Executive Council has approved the new National Automotive Industry Development Plan, 2023.
The memo for the plan was presented to the FEC by the Honourable Minister of Industry, Trade and Investment, Otunba Niyi Adebayo. In attendance was the DG, NADDC, Jelani Aliyu.
The NADDC has developed the new plan to aggressively build on the successes that have been achieved so far in the Nigerian Automotive industry: the new NAIDP would strategically provide outstandingly competitive fiscal and non fiscal incentives needed by automotive industry manufacturers/producers, investors, developers and all relevant stakeholders.
The new approved NAIDP is aimed at enabling the exponential increase in the local production numbers of vehicles, reaching 40% local content, attaining 30% locally produced Electric Vehicles, generating 1million jobs, enforcing patronage of locally produced vehicles by government and companies working on government contracts, and also boosting R&D and technology transfer.