{"id":403177,"date":"2011-04-27T23:02:33","date_gmt":"2011-04-27T23:02:33","guid":{"rendered":"http:\/\/www.ghanamma.net\/2011\/04\/27\/nac-shops%e2%80%99-n50b-intervention-funds-for-auto-industry\/"},"modified":"2011-04-27T23:02:33","modified_gmt":"2011-04-27T23:02:33","slug":"nac-shops-n50b-intervention-funds-for-auto-industry","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2011\/04\/27\/nac-shops-n50b-intervention-funds-for-auto-industry\/","title":{"rendered":"NAC shops\u2019 N50b intervention funds for auto industry"},"content":{"rendered":"
\n

By Franklin Alli with Agency Reports
The National Automotive Council of Nigeria, said it needs N50 billion from the federal government\u00a0\u00a0 to\u00a0 build local capacity for the production of made-in-Nigeria vehicles.<\/p>\n

The Chairman, Board of Directors, NAC, Alhaji Yahaya Mafindi, who disclosed this said\u00a0 that the money will be used to provide specialised\u00a0 training\u00a0 for indigenous automobile mechanics\u00a0 as well as equip institutions of higher learning across the country in the area of automotive engineering and technology.<\/p>\n

\u201cThere is an urgent need for the Federal Government to create an intervention for the auto sector. This will motivate growth in the industry to its potential of\u00a0 job creation and technology acquisition.<\/p>\n

\u201c The National Automotive Council needs an intervention fund of about N50bn to\u00a0 train and provide special grants for talented mechanics and also\u00a0 to equip higher institutions in automotive\u00a0 engineering and technology,\u201d Mafindi said.<\/p>\n

According to him, the Federal Government should, as a matter of priority, review its fiscal and monetary policies to engender enhanced growth and development of the auto industry.<\/p>\n

\u201cDeveloping and developed\u00a0 countries use fiscal and monetary policies to encourage local production and discourage massive importation of vehicles into their countries. Ironically, our current fiscal policy does the reverse by encouraging importation\u00a0 and discouraging production of made in Nigeria vehicles,\u201d he said.<\/p>\n

However, the\u00a0 Director General , NAC, Mr. Aminu Jala , stated that as part of efforts to promote auto engineering , training , skills acquisition and\u00a0 capacity building in the auto industry, NAC has acquired and distributed\u00a0 automotive diagnostic equipment worth N54 million to six institutions in Nigeria.<\/p>\n

They are : Federal College of Education, Gombe; Kaduna Polytechnic; Federal Science and Technical College , Orozo, Abuja; National Metallurgical Training Institute, Onitsha; Rivers State Polytechnic, Bori and Lagos State Polytechnic.<\/p>\n

He stressed that there was urgent need to fast-track the implement a tariff deferential policy in order to encourage\u00a0 the establishment of local car\u00a0 assembly plants.<\/p>\n

\u201cOur own experience and that of other countries that developed their automotive\u00a0 industries indicates that we need to\u00a0 implement a tariff deferential policy in order to create an enabling environment that would bring in more investments into the sector and further encourage locally assembly of vehicles.<\/p>\n

\u201c\u00a0 The Federal Government should consider tariff as a measure to increase local capacity and not as a revenue generating instrument. The tariff structure must reflect the very nature and direction wants to steer economic activities. An ideal tariff structure must take into cognizance all incentives and concessions which should have a long term positive effect on local manufacturing.\u201d<\/p>\n<\/div>\n

Comments are moderated. Please keep them clean and brief.<\/p>\n<\/p>\n

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\nNAC shops\u2019 N50b intervention funds for auto industry<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

By Franklin Alli with Agency Reports The National Automotive Council of Nigeria, said it needs N50 billion from the federal government\u00a0\u00a0 to\u00a0 build local capacity for the production of made-in-Nigeria vehicles. The Chairman, Board of Directors, NAC, Alhaji Yahaya Mafindi, who disclosed this said\u00a0 that the money will be used to provide specialised\u00a0 training\u00a0 for indigenous automobile mechanics\u00a0 as well as equip institutions of higher learning across the country in the area of automotive engineering and technology<\/p>\n","protected":false},"author":0,"featured_media":403178,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"class_list":{"0":"post-403177","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-sports"},"yoast_head":"\nNAC shops\u2019 N50b intervention funds for auto industry - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2011\/04\/27\/nac-shops-n50b-intervention-funds-for-auto-industry\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"NAC shops\u2019 N50b intervention funds for auto industry - Ghanamma.com\" \/>\n<meta name=\"twitter:description\" content=\"By Franklin Alli with Agency Reports The National Automotive Council of Nigeria, said it needs N50 billion from the federal government\u00a0\u00a0 to\u00a0 build local capacity for the production of made-in-Nigeria vehicles. 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