The Federal Government has announced new policy support and incentives aimed at strengthening the automotive sector and positioning Nigeria as the leading hub for Compressed Natural Gas vehicles and Electric Vehicles in West Africa. This was disclosed at the 25th Abuja International Motor Fair themed Driving Nigerians Automotive Future: Innovation, Sustainability and Growth.
Vice President Kashim Shettima, represented by the Minister of Innovation, Science and Technology, Dr. Kingsley Tochukwu Udeh, said the theme reflects the Renewed Hope Agenda, which encourages Nigerians to produce what they consume and work toward transforming the country into an automotive hub in Sub-Saharan Africa. He stated that the sector is central to national development, noting that manufacturing, technology, youth employment and the energy transition all connect within the industry.
Shettima explained that the rollout of Compressed Natural Gas for mass transit remains crucial because it helps cushion economic adjustments and offers affordable relief to millions of citizens. He added that the government sees the growth of the automotive market as essential for long-term economic stability.
He reiterated the need for innovative financing options, including single-digit interest rates specifically targeted at made-in-Nigeria vehicles, noting that such measures will improve affordability for the public. He encouraged commercial institutions to adopt flexible and creative financing models to support the sector’s expansion.
The Minister of State for Industry, Trade and Investment, Sen. John Owenoh Owan, emphasized that the automotive industry remains a key driver of economic growth under the current administration. He remarked that the Abuja Motor Fair showcases progress made through the National Automotive Industry Development Plan and praised local assemblers and component manufacturers for demonstrating that made-in-Nigeria products can compete in quality and value.
Earlier, the Director-General of the National Automotive Design and Development Council, Oluwemimo Joseph, said the agency is accelerating efforts to increase local content and reduce reliance on imports as part of its long-term strategy for sustainable sectoral growth. He noted that continued collaboration between government agencies, investors and industry stakeholders will play a major role in strengthening Nigeria’s competitiveness and ensuring that reforms deliver benefits for everyday users.
