• News
    • Tech
    • Lifestyle
    • Business
    • Opinion
    • Premium
  • Reviews
  • Events
    • Nigeria
    • South Africa
  • Tools
    • Price Guide
    • Find your idea car
    • Car valuation
    • Sell your car
    • Car insurance quote
    • Locate a dealer
    • Deals
  • For Sale
    • New Cars for sale
    • Cheap Cars for sale
    • Bikes for sale
    • Trucks for sale
    • Boats for sale
    • Jets for sale in Africa
    • Cars under 5m
    • EV in Nigeria
    • EV in South Africa
Saturday, May 31, 2025
  • Login
Auto Journal Africa
  • News
    • Tech
    • Lifestyle
    • Business
    • Opinion
    • Premium
  • Reviews
  • Events
    • Nigeria
    • South Africa
  • Tools
    • Price Guide
    • Find your idea car
    • Car valuation
    • Sell your car
    • Car insurance quote
    • Locate a dealer
    • Deals
  • For Sale
    • New Cars for sale
    • Cheap Cars for sale
    • Bikes for sale
    • Trucks for sale
    • Boats for sale
    • Jets for sale in Africa
    • Cars under 5m
    • EV in Nigeria
    • EV in South Africa
Ask Autojorunal AI
No Result
View All Result
  • News
    • Tech
    • Lifestyle
    • Business
    • Opinion
    • Premium
  • Reviews
  • Events
    • Nigeria
    • South Africa
  • Tools
    • Price Guide
    • Find your idea car
    • Car valuation
    • Sell your car
    • Car insurance quote
    • Locate a dealer
    • Deals
  • For Sale
    • New Cars for sale
    • Cheap Cars for sale
    • Bikes for sale
    • Trucks for sale
    • Boats for sale
    • Jets for sale in Africa
    • Cars under 5m
    • EV in Nigeria
    • EV in South Africa
No Result
View All Result
Morning News
No Result
View All Result
Home News

NADDC, National Assembly pledge support for Nigeria’s vehicle manufacturers

David Ijaseun by David Ijaseun
November 14, 2024
in News
0
NADDC Director-General, Joseph Osanipin

NADDC Director-General, Joseph Osanipin

1.2k
SHARES
18.6k
VIEWS
Share on FacebookShare on Twitter

The National Assembly and the National Automotive Design and Development Council (NADDC) have vowed to bolster local vehicle manufacturers with legislative and policy support. This pledge follows an oversight visit by the House Committee on Industry to vehicle assembly plants in Lagos, where the committee explored the challenges facing Nigeria’s automotive sector. The visit highlighted the pressing need for affordable financing and local manufacturing incentives to help the industry thrive.

During the visit, House Committee Chairman Dolapo Badru acknowledged the difficulties faced by local manufacturers, such as high interest rates and soaring foreign exchange costs. “The cost of funding is very high, and manufacturers need assistance to survive,” Badru said.

READ ALSO

China’s BYD disrupts Europe’s EV market with sub-€20,000 Dolphin Surf

Mansory’s Bonkers convertible G-Wagen makes 820 HP and ditches the roof

He emphasized the importance of affordable financing options, urging car manufacturers to introduce installment payment plans similar to those in other countries. “In other parts of the world, people don’t pay upfront for cars or houses—they pay in installments. This is a process local manufacturers should adopt,” he explained.

Badru also advocated for continued support from the National Assembly, with a focus on enabling legislation that can help local manufacturers compete more effectively in the market. “We need to foster a free market,” Badru remarked, emphasizing that consumer confidence in locally manufactured cars was key. “If I’m guaranteed that the car I buy today will last for 10-15 years, why would I go for an imported one?”

Joseph Osanipin, Director-General of the NADDC, presented the challenges local manufacturers face and their achievements during the visit. He described the meeting as a “handshake” between the executive and legislative arms of government, aimed at resolving these issues. “We need more of these handshakes to truly understand each other’s challenges in the auto industry,” Osanipin said.

He also stressed the importance of local parts manufacturing for creating jobs and boosting economic growth. “To create more jobs, we must start producing more of these components domestically,” Osanipin added, noting that companies like Mikano are already making significant strides in this area.

The committee toured major automotive plants, including CIG Motors and Dangote Sinotruck West Africa Limited. These plants were recognized for their progress in local assembly and their commitment to environmental efficiency. The committee expressed its dedication to reducing Nigeria’s reliance on imported vehicles while working to enhance local automotive capabilities.

At a separate briefing, Jubril Arogundade, Executive Director of CIG Motors, discussed the company’s efforts to make locally assembled GAC vehicles more accessible to Nigerians. Arogundade called for federal policies that would help local manufacturers compete on pricing. “The government should provide policies that create more incentives for local manufacturers,” he urged.

Arogundade also highlighted the company’s financing initiatives, including a pay-in-instalments scheme, which allows Nigerians to purchase cars through manageable payments. “We’ve partnered with 12 banks to make this happen,” Arogundade explained. However, he also noted that high interest rates remain a significant barrier. “With interest rates of 33% to 35%, if we had programs offering 80% funding, I could sell my entire stock in a month,” he said.

This continued push from the National Assembly and NADDC offers a glimmer of hope for local manufacturers, as they strive to overcome financial challenges and bring affordable, high-quality vehicles to the Nigerian market.

Read more on Nigeria’s Auto Industry: Olawore calls for collaboration to close 90% manufacturing gap

Tags: NADDCTop premium

Related Posts

BYD Dolphin Surf EV
Electric Vehicles

China’s BYD disrupts Europe’s EV market with sub-€20,000 Dolphin Surf

May 22, 2025
Mansory’s Bonkers convertible G-Wagen makes 820 HP and ditches the roof
News

Mansory’s Bonkers convertible G-Wagen makes 820 HP and ditches the roof

May 20, 2025
South Africa offers Tesla tariff deal to secure U.S. trade, Starlink access
Africa

South Africa offers Tesla tariff deal to secure U.S. trade, Starlink access

May 20, 2025
Volkswagen considers Italdesign sale amid European market pressures
News

Volkswagen considers Italdesign sale amid European market pressures

May 19, 2025
Mexican Navy Ship strikes Brooklyn bridge, killing 2, injuring 17
Business

Mexican Navy Ship strikes Brooklyn bridge, killing 2, injuring 17

May 18, 2025
Nigeria’s auto sector
Africa

Stakeholders laud FG’s ‘Nigeria First’ initiative, call it a boon for local auto industry

May 14, 2025
Next Post
The all-electric Xiaomi SU7 Ultra

China's Xiaomi EV Sets New Nürburgring Standard, Beating Rimac and Porsche

POPULAR NEWS

Inferno at Toyota 1000 Desert Race consumes 49 cars

Inferno at Toyota 1000 Desert Race consumes 49 cars

July 3, 2023
Mobius Motors

Mobius Motors: Rising taxes, competition ends Kenyan SUV maker’s journey

August 7, 2024
Autojournal car race

Get ready for the biggest RACE show this December in Nigeria

August 12, 2024
From style to sustainability: How Geely Auto is shaping the future of luxury vehicles

From style to sustainability: How Geely Auto is shaping the future of luxury vehicles

October 25, 2024
Oyo State Governor gifts Saheed Osupa Toyota Prado SUV worth ₦70M 

Oyo State Governor gifts Saheed Osupa Toyota Prado SUV worth ₦70M 

August 22, 2023

EDITOR'S PICK

Here are the top 4 toughest F1 races of all time

Here are the top 4 toughest F1 races of all time

March 30, 2023
Tesla [Source: Investopedia]

Tesla sells 21,900 eVs in a week, sets Q4 sales record in China

December 11, 2024
JetZero

How JetZero aims to slash carbon emissions by 50%

September 29, 2024

BREAKING: 189 people on downed Lion Air flight, ministry says

May 20, 2023

About

Auto Journal Africa is the leading online and print magazine for automobiles in Africa.

Follow us

Recent Posts

  • Toyota transforms RAV4 into all-hybrid SUV starting 2026
  • BMW reveals next-gen superbike concept with 230hp and carbon winglets
  • Tesla loses ground in Europe as EV rivals surge amid cooling sentiment over Model Y
  • Xiaomi rides high on Q1 boom, profits surge 65%

Links

  • Privacy Policy
  • About Us
  • Contact Us
  • News
  • Reviews
  • Events
  • Tools
  • For Sale

© 2023 Auto Journal

No Result
View All Result
  • News
    • Tech
    • Lifestyle
    • Business
    • Opinion
    • Premium
  • Reviews
  • Events
    • Nigeria
    • South Africa
  • Tools
    • Price Guide
    • Find your idea car
    • Car valuation
    • Sell your car
    • Car insurance quote
    • Locate a dealer
    • Deals
  • For Sale
    • New Cars for sale
    • Cheap Cars for sale
    • Bikes for sale
    • Trucks for sale
    • Boats for sale
    • Jets for sale in Africa
    • Cars under 5m
    • EV in Nigeria
    • EV in South Africa

© 2023 Auto Journal

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In