For Nigeria to capitalize on the opportunities of the African Continental Free Trade Agreement (AfCFTA), it needs to invest in manufacturing affordable models of popular car brands, says the managing director of VON Automobiles, a subsidiary of Stallion Group.・Director Harpreet Singh said. He said.
Singh, who is also a board member of the Nigerian Automobile Manufacturers Association, said this at a panel session ahead of the Intra-African Trade Fair Roadshow held in Lagos recently.
Speaking at a panel session titled “What Nigeria must do to take advantage of the AfCFTA,” Mr. Singh said the production of affordable cars in Nigeria will help Nigeria maximize the benefits of the AfCFTA. He said that this would help the country enjoy the benefits of high-quality and affordable cars in Nigeria. Nigerian.
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He acknowledged Nigeria’s efforts towards implementing the National Automotive Industry Development Plan and what he described as President Bola Tinubu’s determined dream to transform Nigeria into the “Detroit of Africa”.
“Nigeria has taken decisive action to implement the National Automotive Industry Development Plan. This innovative strategy aims to revive our beloved industry and attract the attention of smart investors.
“To achieve this ambitious goal, it is essential that we actively support the establishment of additional vehicle manufacturing plants, following the shining examples set by India, Egypt and Brazil. “The main focus should be on producing affordable and popular brands to ensure that every Nigerian has access to a vehicle,” he said.
Mr. Singh also said that the country will maximize the potential of its automobile manufacturing capacity by expanding exports of locally manufactured and assembled product lines, including buses, trailers, semi-trailers and affordable passenger vehicles. I also asked for
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“We can effectively utilize our production capacity and benefit from economies of scale, allowing us to soar the industry to new heights,” he said.
He called for further incentives for the country’s pioneering auto investors, including VON, Peugeot, IVM, Nissan and Hyundai, to grow local auto manufacturing.