Nigeria vows to support Auto Manufacturing Players over $1billion annually Investment into Local economy

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…As Nigeria loses $8bn annually to vehicles importation

The Federal Government, through the Director Generl of the National Automotive Design and Development Council (NADDC), Mr. Jelani Aliyu, on Monday commended the Peugeot Automobile Nigeria (PAN), Innoson Vehicle Manufacturer (IVM), Stallion and other local automobile manufacturers for investing over $1billion annually into Nigeria’s Auto industry.

He, however, frowned at the over $8 billion that leaves the country annually for importation of over 300,000 to 400,000 used and old cars. The DG made the disclosure at Nigeria’s first parade of indigenous auto manufacturers and assemblers of different brands of vehicles.

While speaking at the event, PAN’s Executive Director Sales and Marketing, Mr. Shehu Sani Dauda, said the company was excited to be at the event, expressing optimism that the brand would lead others at the end of the event.

On the multi-brand variant being launched by PAN, he said: “We are now multi-brand; we brought in one of our latest buses which is overdue to come on board into our brand. It is a rugged and affordable bus.

“It is built with several options like TV, USB points for every customer, creatively made to carry luggage with maximum comfort for users and customers.”

Daudu said the brand was exceptionally prepared for the Argungun rally which would kick off on Wednesday, 11 March, 2020, noting that PAN 508 was built for ruggedness and reliability.

He also expressed hope that, with the ongoing innovation and effort of the NADDC, PAN will return to higher production with patronage to take the country back to glory when it was producing 90,000 cars with 4000 employees on its payroll.

Flagging off the event, the Minister of Industry and Investment, Mr.Adeniyi Adebayo, commended the agency and manufacturers on their innovations at showcasing Nigerian cars.

He said that the President Muhumadu Buhari Administration will explore every avenue to use the auto industry for job Creation.

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