The Federal Government of Nigeria, in a bid to ensure the successful implementation of its recently approved National Automotive Industry Development Plan, stated it would encourage local auto manufacturers to produce less expensive models with price range of between N1.2m and N1.5m.
It also stated it would collaborate with auto manufacturers, franchise holders, reputable motor dealers and selected banks to put in place an all-inclusive domestic dealership network through which a user-friendly vehicle purchase scheme could be funded by the National Automotive Council.
The statement said: "Under market development, the NAIDP anticipated that higher-end expensive models will still be imported into the country in the initial stage, but the new strategy is to encourage local auto manufacturers to focus primarily on lower-end less expensive models with price range of between N1.2m and N1.5m; which is affordable to the middle class, coupled with other finance options."
The statement added that the Minister of Industry, Trade and Investment, Mr. Olusegun Aganga, had constituted two committees to ensure seamless implementation of the recently approved automotive plan.
The first is the Automotive Industry Policy Implementation and Monitoring Committee, with members drawn from broad-based industry stakeholders, including the Nigerian Automotive Manufacturers/Assemblers Association and the Automobile Local Content Manufacturers Association.
Others are the Automobile Franchise Holders (Mercedez Benz, Kia, Suzuki, CFAO, Toyota, Volvo, Globe Motors, Dana, Balyn Motors, Metropolitan Motors), Used Vehicle Dealers Association, Manufacturers Association of Nigeria and the Original Equipment Manufacturers.
The second body is the Inter Agency Implementation Committee made up of representatives of relevant government Ministries, Departments and Agencies.