Yewande Sadiku, Executive Secretary, Nigerian Investment Promotion Commission (NIPC) has said that the country will focus on car assembly plants in spite of the challenges in the economy.
Sadiku made the statement in Abuja on Tuesday during an interactive forum with commercial attaches of foreign embassies and the National Automotive Design and Development Council (NADDC).
She said the objective was to showcase the investment opportunities in Nigeria’s automotive components market and initiatives the government had developed to promote investments in the sector.
Sadiku said the interaction was also to discuss the forthcoming automotive conference that would be coming up on June 13 and June 14.
“Car assembly plant should be the focus in Nigeria, I know people will always complain of lack of electricity, infrastructure and others but many companies are still surviving in the country.
“I know that no country in the world provides all the parts that are needed to produce a car,’’ she said, adding that the commission would focus more on domestic direct investment.
She said such investment was meant to assist states to stimulate both foreign and domestic direct investments to enable them to realise their full economic potentialities.
“We want to focus more on getting result-oriented conferences as we want to ensure that Nigerians invest in the country, and foreigner too,’’ Sadiku said.
According to her, the Federal Government is making efforts to address the ease of doing business in the country.
She said the commission had created target investment promotion, meant for “ identifying the opportunities, markets and those with advantages in producing to invest in Nigeria’’.
Sadiku said the commission had a One-Stop Investment Centre as a strategy to streamline investment procedures, provide prompt, efficient and transparent services and coordinate investment-facilitating agencies.
Sadiku said Nigeria had abundant opportunities for investment in priority sectors of agriculture, power, manufacturing, solid minerals, critical infrastructure and waste management.
She added that NIPC was facilitating investments in the country and taking a more pro-active role as an agent of development.
Mr Aminu Jalal, Director-General, NADDC said the auto policy had two major objectives: to bring back automotive assembly operations and develop local content.
Jalal said the council had achieved the automotive assembly operations and was focusing on local content development in the second phase of the implementation process.
“Emphasis has now shifted to local content development aimed at developing local capacity to produce automotive components needed by assembly plants using available local human and material resources.
“During the conference we will invite major locomotive manufacturers to come to Nigeria to use the opportunities we provided with incentive to develop local content,’’ Jalal said.
He said that the conference would be the highest-level meeting of the government with leading global vehicles and automotive components manufactures.
Jalal called on investors to attend the conference to understand the incentive package developed by the government to promote investment in the automotive component market.
He said the conference would provide input on policy direction to support investor-led growth of the automotive market.
Jalal said the council would enforce safety standards were met.
According to him, the ban on the importation of cars through the land borders will go a long way to help the council achieve its goal.