Anambra Motor Manufacturing Company (ANAMMCO) has described policy summersault as a clog in the wheel of Nigeria’s automotive industry.
The Executive Director of ANAMMCO, Uche Okeke disclosed this in Enugu when board members of the National Automotive Design and Development Council (NADDC) visited the company.
Okeke, therefore, urged the government 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 also 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 5% as against the provision of the National Automotive Industry Development Plan (NAIDP).
“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.