More than 20 foreign investors set to boost automotive sector – minister

The Minister of Industry, Trade and Investment, Mr Okechukwu Enelamah has described the visit of over 20 foreign investors and consultants from the automotive industry as a boost for the development of the sector.

Enelamah said this in a statement signed by his Strategy and Communications Adviser, Mr Bisi Daniels in Abuja on Monday.

“It is an encouraging expression of confidence in the leadership of the country and our spirited efforts to exploit the socio-economic potential of the automotive sector in the country to the fullest for the benefit of all Nigerians.

“The visit also offered networking opportunities for Nigerians in the auto industry and other stakeholders.

“We are excited by the role the automotive industry plays in the strategic and catalytic economic development of countries.

“And we are committed to developing the sector speedily to facilitate the economic diversification of the country,” he quoted the minister.

Daniels said that the international investors in the African automotive industry, who visited Abuja, Lagos and Edo State to engage various stakeholders, were in the country to have an insight into the opening business opportunities.

He added that the investors would also gain insight into the investment environment in the Nigerian automotive sector, assist in the shaping of national and state policy to support the industry.

Daniels said the visit would also enable them to build relationships and networks with key government and private sector figures, deepen the structured business links and investment between the private sector of Nigeria and South Africa.

“The intention of the investors is to domesticate aspects of their manufacturing and supply value chain in Nigeria.’’

He said that Thomas Schaefer, the Chairman and Managing Director of Volkswagen Group South Africa, who led the delegation noted “the plan is to have short, medium and long-term approaches that target growth in the manufacture of cars in Nigeria.

According to Daniels, the investors are from Volkswagen, Nissan, Bosch, BMW and Uber.