Senate Holds Stakeholders Roundtable to Revitalise Nigerian Automotive Industry
The Senate Committee on Industries has called for urgent measures to revitalise Nigeria’s automotive sector, emphasing the need for legislative and policy interventions to unlock the industry’s hugel potentials.
Sen. Francis Fadahunsi, made the call in an address at the Committee’s Stakeholders Roundtable in Abuja on Monday.
The theme of the meeting was “Revitalising Nigeria’s Automotive Industry: Legislative Pathways for Innovation, Investment and Industrial Growth”. The roundtable was organised by National Automotive Design and Development Council (NADDC).
It brought together government officials, industry players and other key stakeholders to examine challenges and chart a strategic pathway for growth.
According to Fadahunsi, the theme highlighted the sector’s untapped potentials in spite Nigeria’s large domestic market and abundant natural and human resources.
“Although Nigeria is widely recognised as a leading economy on the African continent, its automotive industry has remained largely underdeveloped.
“The considerable gap between its potentials and the reality on the ground needs to be urgently addressed.
“More so, the negative economic implications of a poorly developed automotive industry cannot be overemphasised,”he said
The senator outlined key areas for discussion, including the implementation status of the Nigerian Automotive Industry Development Plan (NAIDP 2014–2024) backward integration and local content in the auto assembly subsector.
He said other areas to be discussed included the industry challenges and solutions and necessary policy and legislative actions to boost industrial growth.
Fadahunsi commended the work of the NADDC, describing the Director-General as “one of the shining lights of this Ministry”for his contributions to the automotive sector.
He further acknowledged the support of auto manufacturing and assembly companies and reiterated the committee’s commitment to partnering with stakeholders.
“I trust that the outcome of this roundtable will inform series of legislative actions that will ultimately turn around the fortunes of the auto industry for the better,”he said.
The roundtable is expected to foster collaboration among government, industry and lawmakers to enhance local production, attract investments, promote innovation and strengthen Nigeria’s automotive industry as a driver of economic growth. Oando Lost Additional 10% as Selling Rallies Persist
