Importation of vehicles gulps $8bn yearly–Osinbajo

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The vice president, Prof. Yemi Osinbajo said on Tuesday that Nigerians spends about $8 billion yearly on importation of vehicles.

Osinbajo, who stated this at the 19th Abuja Motor Fair held in Abuja, said the federal government was fully committed to industrialisation and the mining sector to enable it to create direct and indirect jobs for Nigerians.

The vice president who was represented by the director general of National Automotive Design and Development Council, Mr. Jelani Aliyu said: “About $8 billion goes to overseas for the importation of vehicles while Nigerians are suffering. Also, most of the used vehicles imported are unsafe and not good for the citizens.”

NAN quotes Osinbajo as saying that government had signed a memorandum of understanding with Volkswagen group to develop an automotive hub in Nigeria.

He said that the MoU was a major step towards the development of a robust automotive industry, to contribute to the economic development of the country.

Osinbajo also said that government believed in the strategic and catalytic role of the automotive industry in the diversification of the Nigerian economy.

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