N500 Billion Invested By Private Automotive Companies In Nigeria — DG NADDC

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NADDC boss says N500b has been invested by private automotive companies in Nigeria.

The companies includes Dangote, Sinotrucks, Innoson, Elizade, Lanre Shittu, Honda West Africa, Mikano and Nord.

According to NADDC, the Nigerian Automotive sector can produce 400,000 vehicles per annum.

Jelani said there are plans to bring Toyota, Volkswagen and Nissan in to set up their production plants in Nigeria.

The Director-General, National Automotive Design and Development Council (NADDC), Jelani Aliyu, says that private sector has invested over N500 billion in the Nigeria Automotive manufacturing industry.

Jelani made this known on Sunday while speaking to journalists on efforts made by the NADDC to boost the local production of vehicles in Nigeria.

According to NADDC boss, companies such as Dangote, Sinotrucks, Innoson, Elizade, Lanre Shittu, Honda West Africa, Mikano and Nord, currently have a combined capacity of producing up to 400,000 vehicles per year.

"With our support and encouragement, we have enabled the private sector to invest over half a trillion naira to set up vehicles assembly plants and factories across the country."

"They want to have a guarantee that regardless of whichever government is in power their investments will be protected," DG said.

"We also have companies and assembly plants in Lagos, Nnewi, Kaduna and Kano while some are beginning to come up in Bauchi, Kano and Ogun states.

"These companies have a combined capacity of producing up to 400,000 vehicles per year".

"We are however doing a lot to unlock that potential and put a stop to the importation of new and fairly used vehicles into Nigeria.

Jelani also revealed that the NADDC is in consultation with other multinational companies such as Toyota, Volkswagen and Nissan to set up their production plants in Nigeria.

"The council is working to effectively implement an automotive policy agenda, with a view to bringing these companies back to Nigeria.

"Because, when these companies come in, they will invest hundreds of millions of dollars".

"They want to have a guarantee that regardless of whichever government is in power their investments will be protected," DG said.

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