By Theodore Opara

The 15th Abuja International Motor Fair is targeted at attracting more investments as well as government attention to the sector. Disclosing this  in a chat with   journalists, Mr. Ifeanyichukwu Agwu, Chairman of the Organising Committee for the event said that every effort have been deployed to ensure that the sector receives the needed support from both the government and the private sector to enhance its’ rapid development.

“We are   packaging a show that will showcase all the existing and potential investment opportunities that abound in the Nigerian automobile industry, which we believe are very attractive to existing and prospective investors”, he announced.

Automotive sector

The event which holds at the Eagle Square Abuja from October 22-30, 2013 has been repackaged to ensure  that all the tiers of government  are made to accord the automotive sector high priority as it is capable of catalyzing and sustaining the nation’s quest for economic transformation  the 20 most developed economy by the year 2020.

According to Mr. Agwu who is also the Managing Director of BKG Exhibitions Limited, “Hosting Auto Shows of  international standard such as the Abuja Motor Fair   will go a long way in placing Nigeria in the map of World automotive business and will equally fast track the making of the nation the hub of automotive business in the continent.

“With the over 100,000 annual demands for brand new automobile products in Nigeria, the Stakeholders cannot but strive to ensure that all hands are on deck to promote and support   the inflow of more investments into the industry which is a well known veritable driving force for economic development”, he stated. Continuing, he said, “as part of the organizers’ efforts in promoting/driving investment into the sector they we reached out to major players in the industry across the globe to participate in the auto show and the responses have been highly encouraging; also decision makers in the government circle have been invited and they too are more than ready to grace the fair and ensure that the needed government support and encouragement is not lacking”.

He remarked that, “The industry has for long been identified with low capacity utilisation; poor and inadequate infrastructure, low demand, inclement environment and policy inconsistencies; amongst other challenges,” adding that “more investment needed to be attracted to the sector to ensure that its’ development is leapfrogged considering its multiplier positive effects on the economy.”

Although the economic transformation agenda of the government is addressing some of the challenges hampering the development of the sector, the chairman noted that it was   imperative that these efforts needed to be consisted and doubled bearing in mind that a well developed and viable automobile industry has been the pivot on which many developed economies attained high level of economic development and growth.

There is urgent need for the government to put in place policies that will increase the demand for brand new automobiles in Nigeria; ensure that players in the industry have access to low interest finance; tariff protection; stoppage of grey importation; he advised, emphasizing that, the industry remains the largest employer of labour in history.’