The Anambra Motor Manufacturing Company (ANAMMCO) has said policy summersault is crippling the nation’s automotive industry.
Executive Director of ANAMMCO, Mr Uche Okeke spoke in Enugu when board members of the National Automotive Design and Development Council (NADDC) visited the company.
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Okeke called for the government’s encouragement to boost the morale of players who are providing jobs to a large number of people.
“Our company (ANAMMCO), for instance, has the capacity to employ 2,000 persons as well as produce cars that could compete with vehicles produced elsewhere.
“With the necessary policy put in place, local auto manufacturers would be able to increase production and sales volumes so that brand new vehicles made in Nigeria will become affordable for Nigerians. The truth is that it is cheaper to produce locally than importing,” he said.
He called for the review of the recently passed 2020 Finance Act which lowered import duty of fully built up new cars to as low as five per cent as against the provision of the National Automotive Industry Development Plan (NAIDP).
Daily Trust reports that some industry stakeholders have said the reduction on duty for imported vehicles is a disincentive to indigenous manufacturers.
“Considering the challenges faced by vehicle manufacturing companies in Nigeria, there is urgent need for the government to review the finance Act as well as reconsider the 20 per cent excise duty on raw materials imported into the country,” he said.
