Vice President Yemi Osinbajo has said that Nigerians spend over $8 billion annually on importation of vehicles while also using the same money to create jobs for foreigners overseas.
Speaking at the 19th edition of the Abuja International Auto Show on Wednesday in Abuja, Osinbajo said that the country imports over 500,000 vehicles every year and most of the vehicles are not new but vehicles that are 10 to 15 years old, unsafe for Nigerians.
“This is a lot of money going out of the country. The automotive sector has huge value chains and this is to say that Nigeria’s $8 billion going overseas to create workers overseas while millions of Nigerians are unemployed,” he said.
The Vice President, who was represented by the Director General of the National Automotive Design and Development Council (NADDC), Jelani Aliyu, said Nigerians deserve to more than just driving old vehicles that are unsafe and polluting the environment.
“This trend must be reversed. It has begun because we see companies producing vehicles in Nigeria. We hope as we continue, more of these vehicles will be assembled here in Nigeria.”
The Managing Director of Elizade Autoland, Demola Ade-Ojo, told participants at the Show that 700,000 ‘tokumbo’ vehicles imported into Nigeria is cannibalising the market for brand new cars.
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