The Jonathan administration introduced a plan in 2014 to promote local manufacturing and assembly of vehicles in Nigeria. The plan aimed to boost the economy, create jobs, and reduce reliance on imported vehicles. Over 40 firms invested $1 billion to establish automobile manufacturing/assembly plants in the country.
In 2014, the Jonathan administration came up with the National Automotive Industry Development Plan to encourage investments in local manufacturing and assembly of vehicles, boost GDP , and reduce foreign exchange spent on imported vehicles. The policy increased the tariff on imported vehicles to 70% while reducing the tariff on CKD parts to incentivize investments.
Over 40 firms were issued licenses to establish automobile manufacturing/assembly plants in Nigeria, with about $1 billion invested
Nigeria Automotive Industry Manufacturing Assembly Investment GDP Imported Vehicles
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Nigerian Labour Congress Shuts Down National Assembly in ProtestThe Nigerian Labour Congress (NLC) shut down the National Assembly in Abuja, following a nationwide industrial action against the attack on its President, Comrade Joe Ajaero. The strike recorded mixed compliance across the states, with some states fully shut down and others partially complying. The two unions in public universities also disagreed over the strike.
Read more »
National Assembly Complex in Abuja Shut Down by Organised Labour GroupsThe National Assembly complex in Abuja has been finally shut down by organised labour groups in protest of the manhandling of the national president of the Nigeria Labour Congress (NLC), Comrade Joe Ajaero.
Read more »
Nigeria's Minister of Transportation outlines plans for maritime sector developmentThe Minister of Transportation in Nigeria, Oyetola, has announced plans to transform the Marine and Blue Economy sector into a significant contributor to the nation's economy. The ministry aims to redefine the sector for sustainable national socio-economic growth and development through strategic development and policies such as online clearing and National Single Window.
Read more »
Two Officers of Nigeria Immigration Service Killed in Road AccidentTwo officers of the Nigeria Immigration Service (NIS) were confirmed dead and seven critically injured after a road accident in Kano. The accident occurred due to a sudden tyre burst, according to an official of the NIS. However, a confidential source within the service revealed a higher death toll.
Read more »