The Nigeria investment policy (NInP), and a new National Automotive Industry Development Plan (NADIP) from 2023 to 2033 have been approved by the Federal Government of Nigeria.
The approval was disclosed by the Minister of Trade Otunba Adeniyi at an event on Thursday. He stated that the national investment policy and the automotive industry development plan were given the necessary approval at the Federal Executive Council.
The Minister said that an investment policy was lobbied for by stakeholders which will bring about the confidence of investors in the country. He added that the policy is targeted at investment promotion and would help regulate the conduct of investors for the sustainable development of the country.
The 2023-2033 automotive development plan, according to the Minister, will help Nigeria move into electric solar-powered engines from combustible engines. The plan is a strategic one that will help provide competitive fiscal and non-fiscal incentives which the automotive industry required by manufacturers/producers, investors, developers and all relevant stakeholders in the industry.
Otunba also announced that plans for National Trade Policy which will help regulate trade in Nigeria from 2023-2027 are ongoing by the Federal Government. According to him, the old Trade Policy is being reviewed by the government to help increase revenue generation for the government.oni
While highlighting some of the benefits of the policy, the Minister explained that it will bring about massive employment in the automotive industry for youths as well as increase the production of made in Nigeria Vehicles.