By Adaobi Rhema Oguejiofor
As the Nigerian motoring industry keeps growing and expanding, the Managing Director of Lanre Shittu Motors (LSM), Mr Taiwo Shittu, has called on the Federal Government to give legal backing to the nation’s auto industry policy.
During his speech at the Vanguard Newspaper Awards, where he was recently honoured with the ‘Auto Icon Award’, Shittu said that passing the auto policy through the National Assembly would give strong legal support to the policy reform.
He declared that to win investors from any part of the world, the government must guarantee that their investments are safe and profitable. The LSM Boss highlighted that the only way that can be guaranteed is by a well-articulated policy duly signed into law.
Shittu also emphasised that his company had already identified with President Bola Tinubu’s policy on Compressed Natural Gas (CNG) by converting many vehicles to CNG fuelling. However, he expressed that the special waiver being enjoyed by those involved in the CNG and electric vehicles should be extended to other auto assembly plants.
He explained that extending the waiver to the plants will see an immediate reduction in the prices of locally assembled vehicles by about 17.5 per cent. This will make more dormant assembly plants vibrant. It will also create job opportunities for a large number of people in Nigeria as well.
Meanwhile, the Nigeria-China Strategic Partnership (NCSP) is collaborating with the Federal Ministry of Steel Development to revive the long-dormant Ajaokuta Steel Company, positioning it as a cornerstone of Nigeria’s renewed push toward industrialisation, with a strong focus on the automotive and manufacturing sectors.
In a recent briefing with the Minister of Steel Development, Prince Shuaibu Abubakar Audu, the Director-General of NCSP, Joseph Tegbe, confirmed that discussions are progressing around a public-private partnership with leading Chinese steel manufacturers.
The proposed structure is a zero-cost investment model for Nigeria, anchored on a revenue-sharing agreement designed to support sustainable steel production and long-term economic growth.
The plan, which has received full endorsement from President Bola Ahmed Tinubu, includes a proposed 10-year revenue-sharing arrangement between Nigerian and Chinese investors. Key focus areas include technology transfer, sheet metal production, furnace modernisation, and the expansion of manufacturing value chains.