A pivotal meeting between the National Automotive Design and Development Council (NADDC) and the Bank of Industry (BOI) took place today at the BOI Conference Room, Tower 1 in Abuja. The session aimed to review the current status of the managed Auto Development Fund, resolve outstanding loans, and prepare for an upcoming review of the Memorandum of Understanding (MOU) between the two organizations.
Speaking at the event, the Director-General of NADDC, Oluwemimo Joseph Osanipin, commended BOI for its significant contribution to the growth of Nigeria’s automotive sector. He highlighted that the loans provided by BOI have played a vital role in driving innovation and supporting manufacturers, which in turn has stimulated the growth of the industry. He also emphasized the immense potential for further development within the sector, which remains central to the country’s industrialization efforts.
Also speaking, Dr. Olasupo Olusi, the Managing Director of BOI expressed his gratitude to NADDC for its unwavering support and collaboration over the years. He underscored his commitment to enhancing the relationship between the two bodies, with the goal of advancing Nigeria’s automotive industry. The Managing Director reaffirmed that BOI would continue to provide financial assistance and work closely with NADDC to ensure that the sector reaches its full potential.
Both parties reaffirmed their dedication to the shared goal of fostering sustainable growth within the automotive industry. The meeting concluded with a strengthened commitment for more collaborative engagements, ensuring the sector continues to play crucial role in Nigeria’s broader economic growth and industrial development.
