The Lagos Chamber of Commerce and Industry (LCCI), has called on the Nigerian government to urgently review the Automotive Policy to boost revenue generation and economic growth.
The Chairman, Auto and Allied Sector Group of LCCI, Bambo Adebowale, who made the appeal on Thursday in Lagos said the policy should be reviewed to align with the present macroeconomic reality of the country.
According to him, the review was necessary because when when the policy was formulated the exchange rate was N158 to a dollar and inflation rate was at single digit.
“The whole value chain of automobile industry needs government support to grow, so that vehicles, spare parts and even transportation can be made affordable for Nigerians,” Adebowale said.
He noted that in reviewing the automotive policy, government should consider finance, improved technology in automobile development, tariff reduction and the changing landscape from combustion engine.
He said the review would restore jobs, shore up government’s revenue, boost growth of the automobile industry and activities in the maritime sector.
It would be recalled that the National Automotive Policy was introduced in October 2013 by former President Goodluck Jonathan administration, to revive the automobile industry.
The objective of the policy was to encourage local manufacturing of vehicles and discourage importation of cars as well as gradually phase out used cars popularly known as ‘Tokunbo.’