As a follow-up to the recent visit of President Muhammadu Buhari to the United States of America, USA, officials of the Economic Affairs Department of US Embassy in Nigeria visited the headquarters of National Automotive Council, NAC, in Abuja recently to make enquiries on the Nigerian Automotive Industry Development Plan, NAIDP, with a view to informing the investment decision of American government and its business community.

From right— Mr. Luqman Mamudu, Director, Policy & Planning; Mr. Alan Tousignant, US Counsellor for Economic Affairs; Engr. Aminu Jalal, DG NAC, and Mr. Joel Kopp, Economic Officer, in NAC DG’s Office.

NAC Director-General, Engr. Aminu Jalal and Director, Policy and Planning Department, Mr. Luqman Mamudu received and briefed the visiting embassy officials led by the Counsellor for Economic Affairs, Mr. Alan R. Tousignant.

Tousignant said that there had been an upsurge in the amount of business enquiries from America shortly after the recent visit of President Muhammadu Buhari to the United States.

He stated that in recent times, quite a lot of the business enquiries from potential American investors related directly to the Nigerian auto industry, and therefore he needed to know more about applicable tariff structure, incentives, availability of skilled personnel, current total installed capacity, local value addition, industrial clusters and infrastructures, applicable safety standards, annual national vehicle demand, export potentials to other countries, among others.

NAC boss’comments

The NAC boss expressed appreciation to the US officials on their visit, presented them copies of NAIDP and answered all questions and enquiries on the auto policy and general investment climate in Nigeria.

Jalal noted that he was happy with the keen interest shown by American companies and businessmen in the Nigerian auto industry, pointing out that already, two American auto giants, Ford Motors and General Motors had confirmed their interests to start vehicle assembly operations in Nigeria early next year.

He explained that Nigeria is the largest economy in Africa with a very huge market for automobiles, stressing that the auto industry policy is intended to transform Nigeria into a major vehicle manufacturing hub for leveraging on Nigeria’s abundant trainable labour force and material resources, especially petrolchemical-based. He pointed out that with a population of over 170 million, Nigeria cannot continue to run an import dependent economy.