Nigerian automotive industry has huge potential, Chairman of West Africa Automotive Show (WAAS) Conference, Mr. Luqman Mamudu, has said.
He, however, noted despite investments and initiatives, local manufacturing of parts and vehicle assembly had been stalled.
“Instead, the nation relies on importation of used parts and substandard ones, with an import bill of $3.3 billion annually,” he added.
Mamudu, former director of Planning and Strategy at National Automotive Design and Development Council (NADDC), said he would chair the conference at Nigeria’s largest automotive aftermarket trade event on May 16 at Landmark Centre.
He said he hoped the conference would come up with proposals to inform the coming government of ways to invigorate the sector.
“I expect that the inaugural conference of WAAS and the show will deepen demand for new parts in Nigeria,” Mamudu said, noting “the dominance of used parts undermines any attempt at local manufacturing, as they are cheaper than the new ones and are perceived as OEM (Original Equipment Manufacturer) standard.”