To diversify its economy, Nigeria is looking to increase its local manufacturing in the automotive industry to 80% by 2023.
Bloomberg news agency cited Luqman Mamudu, director of policy and planning for the Abuja-based National Automotive Council, as saying that developing Nigeria’s manufacturing and assembly plants would create jobs and reduce its import costs.
The plans include assembling 500 000 vehicles over the next five years, significantly more than last year’s figure of 10 000 units, according to Bloomberg.
Currently Nigeria imports almost all of it vehicles and components at a cost of US$9 billion yearly.
Some 36 companies have been awarded production licences, including Japan-based Honda Motor Company and Nissan Motor Company, US-based Ford Motor Company, South Korea-based Hyundai Motor Company, as well as several local carmakers.
