FG Mulls Implementation of Auto Policy

By Obinna Chima

The Minister of Industry, Trade and Investment, Dr. Okechukwu Enelamah, yesterday, said the federal government is finalising the auto policy and would soon commence its implementation.

According to him, the policy will also be signed into law.

Enelamah said this in his keynote address he delivered at the seventh German-Nigerian Business Forum in Lagos.

He said the federal government had been reviewing the policy to ensure its effective implementation.

For close to four years now, there has been no pronouncement by the federal government on the automotive policy which was introduced in 2013 by the administration of former President Goodluck Jonathan.

The policy was to encourage auto firms to set up their plants in Nigeria.

But Enelamah, who was responding to a question at the forum, explained: “We are doing a lot in the auto sector. What we are doing is firstly, trying to make sure that the auto policy which had been worked on previously before this administration is finalised and signed into law.

“We are also working on the various dimensions with respect to the value chain. For instance, we are setting up auto parks with increased local contents across the country.

“Also, we are working with a number of financial institutions to work out auto financing in Nigeria, which is a problem that has been solved by other countries.

“Finally, we are working with local stakeholders who are also there to understand where they are and what they need to improve.”

“In services, we are looking for partners. 50 per cent of Nigeria’s Gross Domestic Product (GDP) is services. We are also looking for partners in the productive, innovative and creative sectors,” he added.

Commenting on the Continental Free Trade Area (CFTA) that the federal government declined signing about three months ago, the minister who described the agreement as landmark for the continent, said Nigeria would sign after its ongoing consultation with stakeholders.

“The CFTA represents Africa’s ambition and vision to improve intra-African trade and it is a vision that is shared by most African leaders, if not all, including Nigeria.

“Having said that, I want to point out that in trying to address the question of the enabling conditions that would make the agreement to be successful, President Muhammadu Buhari said we should hear from the stakeholders and understand the conditions around the agreement.

“That is why we have been consulting and I am glad that those consultations have been going on in the last six weeks and we have gotten a lot of useful information,” he said.

“I believe that ultimately, we would support the agreement. We are not opposed to the agreement as a country, it is just that we just want to do it well, and in a way where we would lead by example,” he added.