September 10, 2021

Nigeria’s Automotive Industry: Stakeholders calls for unity, policy consistency

Nigeria’s Automotive Industry: Stakeholders calls for unity, policy consistency

From left— Mr. Wale Jimoh, Marketing Manager, KIA Motors; Franca Igwe, Marketing Manager, BKG Exhibitions Limited; Mr. Olu Tikolo, Vice President, KIA Nigeria, and Mr. Ifeanyichukwu-Agwu, MD/CEO, BKG Exhibitions, during the ‘meet the stakeholders parley’ at KIA Motors.

Policy inconsistency, poor implementation and increasingly dwindling purchasing power of Nigerians have been identified as the bane of automotive sector development in Nigeria.

Making this identification during a ‘meet the stakeholders parley’ held at Dana Motors (KIA) head office in Lagos, Mr. Olawale Jimoh, Marketing Manager, Kia Nigeria, bemoaned how the forex volatility, lack of access to affordable auto loan schemes as provided in the county’s Auto Policy had continued to hinder the acquisition of new vehicles in the country, among other key factors hampering the growth of the industry in Nigeria.

The parley was aimed at making the key players in the industry to aggregate their views/opinions on the challenges of the sector and forge a common front in tackling it with other stakeholders, especially the policy makers.

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It was spearheaded by BKG Exhibitions Limited organiser of the Abuja International Motor and the Lagos Motor Fair & Autoparts Expo Africa.

According to Mr. Ifeanyichukwu Agwu, the Managing Director and CEO of the company, the lack of unity among the players is not helping in the tackling of the myriads of challenges confronting the sector.

Bemoaning the negative impact of this state of affairs, the Managing Director said that the outcome of the ‘meet the stakeholders parley’ will be taken to the relevant federal government ministries, departments and agencies that impact on the industry for necessary actions.

He urged other stakeholders, whom he disclosed have been written to by his team, to key in into it.

This, according to him, will help in seeing to the success of the move and the expected positive turnaround in the sector.

In his contribution, Mr. Olu Tikolo, the Vice President of Kia Nigeria, noted that Nigeria had the market and potentials to be the hub of automotive business in Sub-Sahara Africa, which it is fast losing to Ghana.

He advised that implementing the National Automotive Industry Development Plan as well as backing it with appropriate laws and addressing the forex volatility and vehicle acquisition challenges by Nigerians will go a long way in restoring sanity and fast-tracking the development of the sector.

While thanking the management of Kia Nigeria for granting him and his team audience, Mr. Agwu announced the date for the forthcoming 21st Abuja International Motor Fair.

According to him, the event will take place at the International Conference Annex, Area 10, Garki, Abuja from October 25 to 30.

According to him, intensive publicity activities are ongoing to drive much traffic into the venue of the event.

He further disclosed that response from expected participants has been quite encouraging an indication that virtually all the major and even fringe players are going to actively participate in this edition.

FRM Left to Right: Mr Wale Jimoh-Marketing Manager KIA Motors, Franca Igwe-Marketing Manager BKG Exhibitions Limited, Mr. Olu Tikolo, Vice President KIA Nigeria and Mr. Ifeanyichukwu Agwu MD/CEO, BKG Exhibitions during the ‘meet the stakeholders parley’ at KIA Motors.

Vanguard News Nigeria