Weak Automotive Policy Costing FG $3.451b Duties Annually – Experts | Independent Newspapers Limited
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Weak Automotive Policy Costing FG $3.451b Duties Annually – Experts

Posted: Jul 2, 2015 at 2:06 am   /   by   /   comments (0)

By Innocent Oweh,  Abuja


Stakeholders in the Metallurgical and Mining Engineering sector have swung into deliberations to fashion out means of sustaining a robust automotive policy in Nigeria. The move, if fruitful, would put a check on heavy import duties, estimated to be over $3.451b spent annually on automobiles brought into the country.

The experts who are currently participating in a two-day Metallurgical and Mining Engineering Conference in Abuja, said over 400,000 vehicles, comprising 100,000 new and 300,000 used cars valued at over N550billion approximately (US$ 3.451billion) comes into the country on annual basis.

Already, the Nigerian Metallurgical Bill 2014 is before the National Assembly for which, a working group comprising of key officials from the Ministry of Mines and Steel Development, including some officials of NSE have been constituted to harmonize the bill.

The conference which kicked-off on Wednesday in Abuja, has as its theme, “Materials for Sustainable Development in Automobile Industries in the Context of the Nigeria Industrial Revolution Plan”.

Chairman of the Metallurgical, Mining and Materials Division, an affiliate of the Nigerian Society of Engineers, Engr. Apeh Friday, underscored the relevance of the steel sector in shaping the automotive industry.

He said if the current administration under President Muhammadu Buhari must create immediate economy impact in the lives of the citizenry, he must initiate steps to spearhead a technological revolution as soon as possible.

“Let me emphasise that the provision of engineering materials input leading to the production of various components involved in the complete process of manufacturing of automobiles is the crust of this conference by relevant professionals and experts.

“There is no doubt that the country needs technological revolution in engineering materials production, especially in steel production to attain its technological goals and achieve technological relevance among the comity of nations.

“The plan to set up National Iron and Steel Development Council which led to the establishment of Ajaokuta Steel Company Limited, Delta Steel Company in Aladja and others has not been sustainable, a situation that has brought up this mess,”Apeh stated.