PAN Nigeria Canvasses Intervention Funding For The Automobile Industry

PAN Nigeria Management last week held a virtual meeting with the Honorable Minister of Industry, Trade & Investment, Otunba Adeniyi Adebayo, to discuss various issues concerning Nigeria’s Automotive Industry.

Topmost on the agenda was the topical issue regarding the status of the National Automotive Industry Development Plan (NAIDP) Bill, intervention funding for the automotive industry, and stimulating market demand for locally assembled vehicles.
The company was represented at the online meeting by the Managing Director, Ibrahim Tanko Mohammed, Executive Director, Sales & Marketing, Mr. Shehu Sani, and General Manager, Strategy, Mr. Bawo Omagbitse.

The Minister commended PAN Nigeria for initiating the meeting and its tenacity in following up on the National Automotive Industry Development Plan (NAIDP) Bill, assuring the management of the auto manufacturer that the Federal Government of Nigeria (FGN) is doing all it can to get the NAIDP Bill passed.

Otunba Adebayo further iterated that his vision for the industry is that automobile manufacturers will swiftly move to completely knocked down vehicles (CKD) production level by creating disincentives for semi-knocked down (SKD) production. The Minister added that there will be greater compliance among federal ministries, departments, and agencies (MDAs) to patronize made-in-Nigeria vehicles.

The Managing Director, Mr. Mohammed, agreed that this initiative will serve as catalyst for the development of the automotive industry which is currently under-performing.

On the need for Nigerians to have greater access to vehicle acquisition funding,, the Minister said, the National Automotive Design and Development Council (NADDC) is putting in place a consumer finance scheme that will allow the public to easily access funds to purchase new locally assembled vehicles and eventually expand the local pre-owned market.
As a way of support, the Minister promised to look into the need for an intervention fund for the automobile industry.