On August 26, 2025, the Director-General of the National Automotive Design and Development Council (NADDC), Mr. Olu Osanipin Joseph, paid a courtesy visit to the Managing Director and Chief Executive Officer of the Bank of Industry (BOI), Dr. Olasupo Olusi.
The meeting focused on seeking the continued support of the Bank of Industry for stakeholders in Nigeria’s automotive sector. Companies such as Innoson, Nord, Jet, and others involved in Semi-Knocked Down (SKD) and Completely Knocked Down (CKD) vehicle production were at the center of the discussion.
Mr. Osanipin stressed the urgent importance of reviving the Innoson Tyres factory, which has been inactive for a period of time. According to him, the restoration of the facility with the support of the Bank of Industry would strengthen the value chain in the automotive sector and provide a large number of job opportunities for Nigerians.
He explained that reviving local tyre production is key to deepening local content in the industry and reducing overreliance on imports.
While speaking, Mr. Osanipin acknowledged the interventions already made by the Bank of Industry in supporting the automotive sector but called for stronger collaboration.
He noted that deeper cooperation between both government agencies would help accelerate industrial growth, enhance indigenous capacity, and further reduce dependence on foreign components.
In his response, Dr. Olusi assured that the Bank of Industry remains committed to the growth of Nigeria’s automotive industry. He explained that some systemic issues within the banking sector are being addressed and once resolved, the auto industry will receive priority attention.
This engagement between NADDC and BOI highlights the Federal Government’s strategy to strengthen Nigeria’s automotive industry. Both institutions reaffirmed their readiness to work together to ensure the sector becomes globally competitive, delivers affordable vehicles for Nigerians, and generates widespread employment.