Nigeria Attracts About $1bn Worth of Investment in Automotive Sector

The Minister of Industry, Trade and Investment, Mr Adeniyi Adebayo  during the presentation of the Ministry’s score card for the year 2015-2023 said when the draft automotive Bill is passed into law, the full potential of this sector will be realised.

Meanwhile, the Minister said to boost small scale agriculture, the ministry also established six agro processing facilities across the country.

According to him, “We all know that we need to grow our non-oil export volume to diversify our export earnings and create jobs, the key requirements in making this happen is to ensure that the products meet global standard and that is why we have developed the Nigerian National Policy which will ensure worldwide acceptance of Nigerian product.”

“We have commenced implementation through the establishment of a national policy council, we also successfully attracted Afreximbank to construct the first of a kind Afghan quality centre in Ogun state, it was commissioned in December 2022 and geared towards delivering world class quality infrastructure.”

Mr Adebayo explained that the ministry implemented the 50 billion naira Export Expansion Facility  Programme, EEFP to radically expand the country’s export capacity.

“The programme has trained thousands of farmers on good agricultural practices for export and about a thousand SMEs on market access, For me, particularly gratifying is the training of about 2000 Women on export readiness and training of youth on export of digital services,” Mr Adebayo said.

“I am pleased to announce that we have started seeing the impact of a 50 billion naira Export Expansion Fund programme, in quarter four of 2022 alone, Nigeria with the export of $1.4 billion culminated in a record increase in the value of non oil exports by 40% to 4.8 billion dollars as at the year 2022.”