Nigeria's Annual Car Import Cost 8 billion US Dollars

Photo from Premium Time

According to Yemi Osinbajo, Vice President of Nigeria, Nigeria's car import cost $8b annually.

Mr Osinbajo, who was represented by the Director-General, National Automotive Design and Development Council, Jelani Aliyu, disclosed this at the 19th Abuja Motor Fair.

"The government is fully committed to industrialisation and the mining sector to enable it create direct and indirect jobs for Nigerians."

Mr Osinbajo said government had signed a Memorandum of Understanding (MoU) with Volkswagen group to develop an automotive hub in Nigeria.

He said the MoU was a major step toward the development of a robust automotive industry, to contribute to the continuous economic development of the country.

Mr Osinbajo also said government believed in the strategic and catalytic role of the automotive industry in the diversification of the Nigerian economy.

Mr Osinbajo said the Nnewi automotive parts industrial park had got its master plan and would soon be functional.

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