Public Management

Nigerian govt backs automotive sector, says it will only buy locally assembled cars

Nigerian govt backs automotive sector, says it will only buy locally assembled cars
Tuesday, 24 November 2020 14:15

Yemi Osinbajo (pictured), Vice President of Nigeria, announced yesterday the government will now only buy locally assembled cars to support the automotive industry.

The official says the government will adopt a policy in that regard to further support its decision to reduce the number of used vehicles in its fleet. However, because of the high cost of transport, due in particular to the removal of subsidies, and the increase in fuel prices, the authorities are considering reducing customs duties on used vehicles from 35% to 10%. As a reminder, customs duties had been increased significantly in 2013 to prevent the entry of used vehicles into the local market, but the strategy has failed to stimulate local production.

At the current rate of production, we will not meet the serious national needs, which means higher prices of vehicles and greater strain on other sectors of the economy that depend on transportation,” Yemi Osinbajo said.

Official data showed that the annual demand in the country is about 720,000 vehicles while the local industry only produces 14,000.

Moutiou Adjibi Nourou

Additional Info

  • communiques: Non
  • couleur: N/A
On the same topic
Coris buys Portugal state’s 59.81% stake in Banco Comercial do Atlântico Deal approved by Portugal and Cape Verde regulators Transaction...
Togolese banks provided 16.2% of WAEMU cross-border credit by September 2025 Regional cross-border financing rose to CFA405.6 billion Credit...
Sahel Capital secures $29 million first close for agribusiness fund SCAF II targets West African agribusiness value chains Fund makes first...
Microfinance deposits in Togo increased by CFA11.9 billion, a 2.7% rise in the second quarter of 2025, according to BCEAO data. Outstanding...
Most Read
01

Africa’s energy & mining exports benefit from US tariff exemptions, cushioning trade as most other...

Africa’s Energy Boom in 2026 Puts AfCFTA at the Heart of Its Trade Response to US Tariffs
02

Africa’s AI adoption is accelerating, but its ability to scale depends primarily on foundational i...

Africa’s Artificial Intelligence Moment : Infrastructure, Governance and the Path to Scale
03

Development Partners International sold its 20.17% stake in Atlantic Business International for mo...

DPI Exits Atlantic Business International in $200 Million-Plus Deal
04

This week in Africa, Africa CDC continues its clinical trial on mpox, while a new study highlights l...

Weekly Health Update| Rising diabetes rates raise health risks in Morocco and the MENA region
05

Ivory Coast expects a new government after the prime minister and cabinet resigned following Decem...

Ivory Coast Awaits New Cabinet After Post-Election Resignations
Enter your email to receive our newsletter

Ecofin Agency provides daily coverage of nine key African economic sectors: public management, finance, telecoms, agribusiness, mining, energy, transport, communication, and education.
It also designs and manages specialized media, both online and print, for African institutions and publishers.

SALES & ADVERTISING

regie@agenceecofin.com 
Tél: +41 22 301 96 11 
Mob: +41 78 699 13 72


EDITORIAL
redaction@agenceecofin.com

More information
Team
Publisher

ECOFIN AGENCY

Mediamania Sarl
Rue du Léman, 6
1201 Geneva
Switzerland

 

Ecofin Agency is a sector-focused economic news agency, founded in December 2010. Its web platform was launched in June 2011. ©Mediamania.

 
 

Please publish modules in offcanvas position.