Stakeholders Call for Policy Consistency in Nigeria’s Automotive Industry

by Bennett Oghifo

Policy inconsistency, poor implementation and increasingly dwindling purchasing power of Nigerians have been identified as the bane of automotive sector development in Nigeria. Making this identification during a ‘meet the stakeholders parley’ held at Dana Motors (KIA) head office in Lagos, Mr. Olawale Jimoh, Marketing Manager, Kia Nigeria, bemoans the forex volatility, lack of access to affordable auto loan schemes as provided in the county’s Auto Policy has continued to hinder the acquisition of new vehicles in the country, amongst other key factors hampering the growth of the industry in Nigeria.

The parley, which is spearheaded by BKG Exhibitions Limited organizer of the Abuja International Motor and the Lagos Motor Fair & Autoparts Expo Africa, is aimed at making the key players in the industry to aggregate their views/opinions on the challenges of the sector and forging a common front in tackling it with other stakeholders especially the policy makers. According to Mr. Ifeanyichukwu Agwu, the Managing Director and CEO of the company, the lack of unity amongst the players is not helping in the tackling of the myriads of challenges confronting the sector.

Bemoaning the negative impact of this state of affairs the Managing Director said that the outcome of the ‘meet the stakeholders parley’ will be taken to the relevant federal government ministries, departments and agencies which functions impact on the industry for necessary actions. He urged other stakeholders whom he disclosed have been written to by his team to key in into it. This according to him will help in seeing to the success of the move and the expected positive turnaround in the sector.

In his contribution, Mr. Olu Tikolo, the Vice President of Kia Nigeria noted that Nigeria has the market and potentials to be the hub of automotive business in Sub-Sahara Africa which it is fast losing to Ghana, advising that implementing the National Automotive Industry Development Plan as well as backing it with appropriate laws and addressing the forex volatility and vehicle acquisition challenges by Nigerians will go a long way in restoring sanity and fast-tracking the development of the sector.

While thanking the management of Kia Nigeria for granting him and his team audience, Mr. Agwu announced the date for the forthcoming 21stn Abuja International Motor Fair.

According to him, the event will take place at the International Conference Annex, Area 10, Garki, Abuja from October 25-30, 2021. According to him, intensive publicity activities are ongoing to drive much traffic into the venue of the event.

He further disclosed that response from expected participants has been quite encouraging- an indication that virtually all the major and even fringe players are going to active participate in this edition.