The implementation of the policy, which is expected to commence anytime from now, according to the government, will encourage auto manufacturers to produce less expensive cars in the country for between N1.2m and N1.5m.
The policy is also geared towards discouraging the importation of vehicles into the country through the introduction of high tariffs on imported vehicles.
This is expected to compel importers, who have amassed a fortune selling imported vehicles, to integrate backwards and invest in the development of the local auto industry.
Since the announcement of the policy, the Federal Government has been under pressure from importers of manufactured vehicles, who believe that the country lacks the capacity to produce brand new vehicles.
However, addressing journalists in Abuja shortly after its meeting, the Executive Director and Chief Operating Officer, NAMA, Mr. Arthur Madueke, said members of the association had agreed to work with the government to realise the objectives of the policy.
The meeting was attended by representatives of Stallion Motors, VON Automobile Nigeria, National Trucks Manufacturers as well as other key players in the automobile manufacturing sector.
To demonstrate the commitment of the association to the implementation of the policy, Madueke said members of NAMA had concluded plans to enhance the production of locally-assembled cars.
He said, “We have come together as a body of manufacturers to cooperate in realising the government’s vision in enacting this policy.
“We have set plans in motion to enhance the production of locally-assembled cars. Existing plants are being retooled and new investments are being made to build new plants and expand existing facilities.”