The Nigerian leadership seems to be uninformed or unaware of the disservice it has been doing to the country by the apparent procrastination and indecision on the much-awaited automotive policy for Nigeria.
This is despite all the self-professed love for the country and the much-flaunted desire to contribute to its economic growth and development by those at the helm of affairs.
From all indications, it is evident that the leadership really lacks the proper understanding of how a good auto policy could drive the much-needed development in a country like Nigeria.
It is, therefore, sad and disappointing that the Muhammadu Buhari Administration sat on the National Automotive Industry Development Plan (NAIDP) Bill throughout its entire tenure.
For eight years, the Buhari Administration pretended to fine-tune a Bill that had been passed by the National Assembly since 2013.
Apparently taking personal vendetta too far while trying to rubbish the achievements and efforts of his predecessor, under whose watch the idea of the policy was mooted, Buhari succeeded in denying the country he claimed to love so much the immense benefits of an auto policy.
While smaller countries with progressive and well-informed leadership such as Ghana, Cote d’Ivoire, Kenya, Rwanda and Mauritius, just to mention a few, are reaping the benefits of good auto policies in their respective countries, Nigeria, sadly, is counting the costs of indecision on a policy that stakeholders believe could account for 12 percent of Nigeria’s GDP.
While these countries are attracting huge inflows of direct foreign investments into their economies because of the good auto policy in place, Nigeria is losing out and experiencing capital flight that would have boosted the country’s economic development.
It is therefore not only urgent but also very necessary for the Bola Tinubu Administration to fast-track the passage of the auto policy bill, which the Federal Executive Council, understandably, has also been rooting for. The disincentives already identified in the Finance Act 2022 should also be addressed.
While Nigeria remains at a crossroads in terms of the passage of the auto policy bill into law, we condemn the recent re-opening of the Seme border post for the importation of used vehicles into the country. A situation where the country imports over 600, 000 used vehicles annually is not good for an auto policy.
For Nigeria to really benefit from the immense opportunities a good auto policy presents, the uncontrolled importation of used vehicles into the country must be given a second look.
The present leadership must therefore act fast and decide whether it is truly interested and ready to turn the dwindling and embarrassing fortune of Nigeria around for good or not. A stitch in time saves nine.
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