“Few of the major challenges hindering the development of automotive industry in Nigeria remains poor financing, low level technological education, policy inconsistency and implementation and many others”. This was the assertion made by Olutoyin Okeowo, Chairman Board of Directors ELAN while delivering a paper on “Automotive Industry Development in Nigeria” at a Public Lecture organised by Automotive & Locomotive Engineers Institute (A Division of Nigeria Society of Engineers, Lagos Chapter) held recently in Lagos.
In his recommendations, He stated that it is imperative to have an automotive policy bill enacted to guarantee consistent policy; encourage local content development of component parts like tyres, radiators, batteries and cables both for the assembling plant and replacement market. Another key area is to address the skill gap in the industry, as well as putting in place appropriate vehicle financing scheme including equipment leasing to further increase the volume of vehicles sold in the country per annum.
The programme which was held at University of Lagos had in attendance major stakeholders in the automotive industry including Leasing Industry, Regulatory Agencies, Service Providers, Technicians, Financiers, Insurance Firms etc.