A sum of N150 billion has been projected as the amount needed to revive Nigeria’s automobile industry. This projection was given in Abuja by the Chairman, National Automotive Council (NAC), Alhaji Yahaya Mafindi, when the NAC board visited the Minister of State for Commerce and Industry, Josephine Tapgun, in her office.

“If the automotive sector is given about N150 billion, this would put the sector back to be able to produce state of the local content like windscreens, belts, batteries, glass and other parts of the vehicles,” Mafindi said.

He disclosed that the Automotive Development Fund had disbursed long-term soft loans of about N7 billion to 22 companies in the sector.

While thanking the Federal Government for its disbursement of over N500 billion to boost the industrial sector of the economy, Mafindi noted that the money had not been released yet to the manufacturing sector.

NAC boss said that his council was collaborating with the Standards Organisation of Nigeria (SON) to guarantee the production of standard vehicles in Nigeria.

He also said that an automotive components test centre to check the quality of auto parts produced locally had been established and carrying out its mandate.

He called on the government to declare the automotive industry as a strategic one that needed protection.