Friday, 19 April 2024 04:40

Only 6 percent of Nigerians own vehicles, FG reveals

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During a meeting with vehicle component manufacturers aimed at enhancing efficiency and local production in Nigeria's automotive sector, Joseph Osanipin, the Director General of the National Automotive Design and Development Council (NADDC), disclosed a striking statistic: only 6 percent of Nigerians possess vehicles in the country. This revelation, made yesterday, underscores the pressing need to bolster domestic vehicle ownership rates and drive sustainable growth within the sector.

Osanipin emphasized the imperative of leveraging Nigeria's abundant talents and resources to achieve this objective. Comparing Nigeria's vehicle ownership rate to that of South Africa, which stands at 17.4 percent, he highlighted the vast potential for expansion within the Nigerian market.

Recognizing Nigeria's rich array of natural resources as fundamental raw materials for component production, Osanipin outlined NADDC's strategic focus on component parts to catalyze the automotive industry's development. He advocated for the transition of local assemblers from Semi-Knocked Down (SKD) to Completely Knocked Down (CKD) auto manufacturers, positioning Nigeria as a hub for comprehensive vehicle production.

Addressing the assembled component manufacturers, Osanipin urged them to embrace innovation and inclusivity, emphasizing the collective power to shape Nigeria's mobility landscape and pave the way for prosperity for future generations.

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