The first-ever National Investment Policy for Nigeria (NInP) has been approved for execution, and a new National Automotive Industry Development Plan (NADIP) covering the years 2023 to 2033 has also been adopted by the Federal Government.
This was revealed by Otunba Adeniyi Adebayo, Minister of Industry, Trade, and Investment, in a statement issued by Mrs. Oluwakemi Ogunmakinwa, Deputy Director of Information at the ministry.
The national investment policy and the growth plan for the automobile industry, according to Adebayo, received the required clearance in the Federal Executive Council on Wednesday.
He said business and industry titans eventually came to the conclusion that the government needed an investment policy to inspire trust in foreign investors.
According to Adebayo: “What has been operational over the years is just investment related regulations of Ministries, Departments and Agencies (MDAs) acting as a guide.
“This harmonised policy will develop rapidly through industrialisation, and then snowball into a sustainable investment climate to attract the kind of investment we desire.
“The primary focus of the investment policy is on investment promotion, facilitation and sustainable development and it would promote responsible investor conduct for sustainable development.
“By influencing investor behaviour in compliance with globally acceptable standards relating to the environment, human rights, health, labour, safety, corporate social responsibility (CSR) and anti- corruption,” he said.
Adebayo said that the country’s transition from internal combustion engines to electric solar-powered engines will be seamless thanks to the 2023–2033 automotive development plan.
“This is an improvement on the 2013 automotive industry development plan, which was in place before,” the Minister said.
“The National Automotive Design and Development Council (NADDC) developed the new plan to aggressively build on the successes that have been achieved so far in the Nigerian Automotive industry.
“The new NAIDP will strategically provide outstandingly competitive fiscal and non fiscal incentives needed by automotive industry manufacturers/producers, investors, developers and all relevant stakeholders”
He claimed that the newly approved NAIDP was designed to support an exponential rise in the volume of automobiles produced locally, eventually reaching a local content level of 40%.
According to the minister, it will encourage the purchase of locally made vehicles by the government and businesses that receive government contracts, create 1 million jobs, and help reach the goal of 30% locally produced electric vehicles.
He added that it will encourage technology transfer and research and development.
Adebayo also said that the nation would soon begin implementing a National Trade Policy, which will direct trade in Nigeria from 2023 to 2027.
He claimed that this was essentially a reassessment of the prior Trade Policy.
The objective, according to him, was to develop a policy that would enhance Nigeria’s commerce within the World commerce Organisation and boost the country’s GDP in order to generate more income.
