• Login
  • Register
Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Nairalytics
    • Macros
    • Research Analysis
    • Budget
    • Public Debt
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Nairalytics
    • Macros
    • Research Analysis
    • Budget
    • Public Debt
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
Nairametrics
No Result
View All Result

Nigeria Spends N1.2tr on Vehicle Imports & Spare Parts

Nairametrics by Nairametrics
10 years ago
in Uncategorized
Share on FacebookShare on TwitterShare on Linkedin

Vanguard||Nigeria spent a total of N1.2 trillion on importation of vehicles last year. A break down of the figure showed that N550 billion was spent on importation of cars, buses and trucks.

This does not include tractors and military vehicles. Also, Nigeria spent around N500 billion on spare parts and on tyres alone, it spent N150 billion. This same trend is continuing unabated.

These facts were disclosed by Engr. Aminu Jalal, Director-General, National Automotive Council (NAC) in an interview with Financial Vanguard on the recently introduced automotive policy by the Federal Government. He said, “This is not good for our country. With the new policy, we are going to support our car plants to produce very standard cars at globally competitive prices.

“This is going to greatly add to our local content. For example, to assemble a car here, you need about 2,500 parts. If many cars are produced and sold here, it would encourage the local manufacturing of these parts, creating more wealth here and driving down the cost of vehicles. By the time we start implementing this policy, you will see a very impressive positive change in just six months”

Stakeholders in the local automotive industry however are demanding for 50 per cent patronage of locally produced vehicles, a vibrant vehicles purchase scheme and policy consistency through legislation by the Federal Government if the new policy for the sector is to work.

They say if the policy is well implemented this time, distributors of foreign brands of cars in the country will go out of business by 2024. The local industry is made up of 19 companies such as PAN Nigeria in Kaduna, National Trucks Manufacturers Limited (NTM) in Kano; Steyr Nigeria Limited in Bauchi; ANAMMCO in Enugu; Innoson Vehicle Manufacturing Company in Nnewi, Anambra State; Zahav Automobile in Lagos; Leyland in Ibadan; VON Automobile, Lagos; Leventis in Lagos; Iron Products Industries Limited in Lagos; Gorgeous Metals Limited in Kaduna;  Autobahn Techniques in Lagos; Proforce Limited (armoured vehicles) in Ode-Remo, Ogun State and Lasbag in Akure etc.

– See more at: https://www.vanguardngr.com/2014/02/nigeria-spends-n1-2trn-vehicle-imports-2013/#sthash.EONvlQ8F.dpuf

Tags: News Review
Nairametrics

Nairametrics

Nairametrics is Nigeria's top business news and financial analysis website. We focus on providing resources that help small businesses and retail investors make better investing decisions. Nairametrics is updated daily by a team of professionals. Post updated as "Nairametrics" are published by our Editorial Board.

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *







NM newsletters
Glo
Kwakol
Abbey
Zenth Bank
UBA
Mega Millions

Business News | Stock Market | Money Market | Cryptos | Financial Literacy | SME |

Recent News

  • QorePay Technology Solutions set to launch innovative Fintech solution to revolutionize payments in Nigeria
  • Falcon receives N19.41 billion for 15,000 metric ton LPG storage facility in Rivers   
  • Festive Delights Await: Dive into Xiaomi’s Christmas special for instant gifts and savings!

Follow us on social media:

Recent News

Qorepay

QorePay Technology Solutions set to launch innovative Fintech solution to revolutionize payments in Nigeria

December 5, 2023
Falcon receives N19.41 billion for 15,000 metric ton LPG storage facility in Rivers    

Falcon receives N19.41 billion for 15,000 metric ton LPG storage facility in Rivers   

December 5, 2023
  • Download Nairametrics iOS App
  • Download Nairametrics Android App
  • Contact Us
  • Home
  • Markets
  • Sectors
  • Economy
  • Business News
  • Financial Literacy
  • Disclaimer
  • Ads Disclaimer

© 2023 Nairametrics

No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Nairalytics
    • Macros
    • Research Analysis
    • Budget
    • Public Debt
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
  • Login
  • Sign Up
  • Cart

© 2023 Nairametrics

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In