New Auto Policy Coming Soon, Says Trade Minister
Adebayo, Trade and Commerce Minister
A new auto policy to replace the old one is coming soon, the Minister of Trade and Investment, Mr. Adeniyi Adebayo, has said.
Adebayo told Executive Course 45 participants of the National Institute of Policy and Strategic Studies (NIPSS) who paid him a courtesy call that the new auto policy will soon be submitted to the Federal Executive Council (FEC) for approval.
He explained that the new policy is to assist the country transit from Semi Knock Down to Completely Knock Down/Completely Built Up manufacturing.
In a statement issued on Monday by his Media Adviser, Ifedayo Sayo, the Minister said the new policy has the objective of increasing employment in the automotive value chain.
According to him, the new policy would be introduced under the present administration.
The statement reads, “As part of the process of enhancing and fast tracking our mandate towards industrialisation in this country, the ministry came up with the Nigeria Industrial Revolution Plan (NIRP), a 10-year plan to be reviewed after five years.
“The NIRP was approved in 2014 but its implementation started in 2015. The plan which is now under review, is designed to accelerate the build-up of industrial capacity in Nigeria.
“Its aim is to significantly raise manufacturing contribution to GDP which is based on priority sectors, where Nigeria has competitive and comparative advantage.
“These are Agriculture and Agro-allied Industries; Metals and Solid Minerals Industries; Oil and Gas Related Industries; Construction, Light Manufacturing and Services.”
Adebayo told Executive Course 45 participants of the National Institute of Policy and Strategic Studies (NIPSS) who paid him a courtesy call that the new auto policy will soon be submitted to the Federal Executive Council (FEC) for approval.
He explained that the new policy is to assist the country transit from Semi Knock Down to Completely Knock Down/Completely Built Up manufacturing.
In a statement issued on Monday by his Media Adviser, Ifedayo Sayo, the Minister said the new policy has the objective of increasing employment in the automotive value chain.
According to him, the new policy would be introduced under the present administration.
The statement reads, “As part of the process of enhancing and fast tracking our mandate towards industrialisation in this country, the ministry came up with the Nigeria Industrial Revolution Plan (NIRP), a 10-year plan to be reviewed after five years.
“The NIRP was approved in 2014 but its implementation started in 2015. The plan which is now under review, is designed to accelerate the build-up of industrial capacity in Nigeria.
“Its aim is to significantly raise manufacturing contribution to GDP which is based on priority sectors, where Nigeria has competitive and comparative advantage.
“These are Agriculture and Agro-allied Industries; Metals and Solid Minerals Industries; Oil and Gas Related Industries; Construction, Light Manufacturing and Services.”
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