Mr Jelani Aliyu, Director-General, National Automotive Design and Development Council (NADDC), has said legislating the auto policy will strengthen it as well as prevent it from being changed by subsequent governments.
Aliyu said in Abuja shortly after inspecting the newly introduced Honda HR-V into the Nigerian market.
According to him, the automotive plan which contains a number of policy measures aimed at revitalising the industry for job creation, local value addition, and technology acquisition has six components.
He listed the components to include standards, industrial infrastructure, local content development, skills development, investment promotion and market development.
Aliyu said that the council was working closely with the National Assembly to see how the policy would become law to prevent policy somersault.
“We need to ensure that the auto policy become law. As you are aware, the auto policy is a set of fiscal incentives that are designed to boost production.
“The big question in Nigeria is, are we after short term benefits?
“The only way we can ensure that this country continues to be a successful nation is to provide industrialisation and jobs.
“The only way we can provide jobs is to boost industries and support those local and international investors in coming into Nigeria and producing,” he said.
According to him, the policy is very important for local production.
Aliyu said that the council was making progress as lots of investors were coming into the country from across the world, especially from Japan the heart beat of automotive.
On the vehicle finance scheme, he said its implementation would commence before the end of June.
Aliyu said that the council had reached an understanding with three banks that the loans would be given to eligible Nigerians after they must have deposited 10 per cent of the cost of the vehicle.
Aliyu said that the loans would be provided by the banks to Nigerians at a single digit interest rate of eight per cent.
“We are working with three banks to offer vehicle financing and this is the type of vehicle that we hope will be part of that scheme,” he said.
Aliyu said that the Federal Government was encouraging auto manufacturers to continue to increase the level of their investments in the country.