Nigeria’s leaders from the industrial, financial, and political sectors have renewed their commitment to reviving the country’s automotive industry through new policies, financial innovation, and stronger public–private partnerships. This resolution was reached during a four-day retreat organized for members and staff of the House Committee on Industry of the National Assembly, held in Delta State.
The retreat, jointly organized by the House Committee on Industry, the National Automotive Design and Development Council (NADDC), and the Delta State Government, brought together major stakeholders to discuss strategies for improving local automobile production, expanding access to vehicle financing, and reducing the importation of used cars into Nigeria.
In his keynote address, Hon. Dr. Enitan Dolapo Badru, Chairman of the House Committee on Industry, highlighted the importance of legislation and access to credit in reshaping Nigeria’s automotive sector. “Every bank in Nigeria should dedicate a minimum of six percent of its total lending portfolio to automotive credit schemes. This is essential to create an affordable vehicle ownership system and stimulate domestic manufacturing,” he stated.
Badru emphasized the need for close cooperation among lawmakers, financial institutions, and automotive regulators to develop a sustainable vehicle financing model and establish a structured used-car market that meets global standards. He noted that such reforms would help build a reliable ecosystem for local car buyers and manufacturers.
The Director-General of the National Automotive Design and Development Council, Chief Oluwemimo Joseph Osanipin, also stressed the importance of a strong financial and policy framework to support local car production and ownership. He pointed out that collaboration between the Central Bank of Nigeria, commercial banks, and the National Assembly would create opportunities for new investments and jobs.
“We must create a guaranteed used-car industry that provides Nigerians with affordable options, curbs import dependence and builds confidence in local manufacturing. With the right policy support, the Nigerian automotive market can become self-sustaining and globally competitive,” the NADDC Director-General affirmed.
Representing the Governor of Delta State, Prince Erijo Johnson, Chief of Staff to the Governor, expressed the state’s readiness to partner with federal agencies and private investors in promoting industrial growth. “Delta State is richly endowed not only with oil and gas but also with solid minerals such as kaolin, silicon and industrial clay that can serve as vital inputs for automotive and manufacturing industries,” he said.
Stakeholders at the retreat expressed optimism that these joint initiatives will lead to innovation, job creation, and sustainable industrial development within Nigeria’s automotive sector.