The Federal Government has approved for implementation, the first-ever Nigeria investment policy, while adopting a new National Automotive Industry Development Plan that will span through 2023 to 2033.
The Minister of Industry, Trade and Investment, Otunba Adeniyi Adebayo, said this in a statement by Mrs Oluwakemi Ogunmakinwa, Deputy Director of Information at the ministry.
Adebayo said both the national investment policy and the automotive industry development plan were given the necessary approval at the Federal Executive Council on Wednesday.
He explained that trade and industry moguls over time agreed that there was a need to have an investment policy which would give confidence to investors in the country.
Adebayo said, “What has been operational over the years is just investment-related regulations of Ministries, Departments and Agencies acting as a guide.
“This harmonised policy will develop rapidly through industrialisation, and then snowball into a sustainable investment climate to attract the kind of investment we desire.
“The primary focus of the investment policy is on investment promotion, facilitation and sustainable development and it would promote responsible investor conduct for sustainable development.
“By influencing investor behaviour in compliance with globally acceptable standards relating to the environment, human rights, health, labour, safety, corporate social responsibility and anti-corruption.”
According to Adebayo, the 2023-2033 automotive development plan, will help the country migrate seamlessly from combustible engines into electric solar-powered engines.
“This is an improvement on the 2013 automotive industry development plan, which was in place before,” said the Minister.
“The National Automotive Design and Development Council developed a new plan to aggressively build on the successes that have been achieved so far in the Nigerian Automotive industry.
“The new NAIDP will strategically provide outstandingly competitive fiscal and non-fiscal incentives needed by automotive industry manufacturers/producers, investors, developers and all relevant stakeholders”
He said the newly approved NAIDP was aimed at enabling the exponential increase in the local production numbers of vehicles, reaching 40 per cent of local content.
The minister said it would help attain 30 per cent of locally produced Electric Vehicles, generate 1 million jobs, and enforce patronage of locally produced vehicles by the government and companies working on government contracts.
He said it would also boost research and development and technology transfer.
According to Adebayo the country will soon start running a National Trade Policy that will guide trade in Nigeria from 2023-2027.
He said this was basically a review of the old Trade Policy that was in place.
He said the aim was to have a policy that would improve Nigeria’s trade within the World Trade Organisation and increase Nigeria’s capacity to GDP to bring in more revenue for the country.