The Federal Executive Council (FEC) on Wednesday endorsed a new automotive policy targeted at transforming Nigeria’s automotive industry. The committee also endorsed N39 billion for the reconstruction and expansion of some major roads in the Federal Capital Territory (FCT).
According to Minister of Information, Labaran Maku, the approval of a new automotive policy is coming after the proposal brought to the council by the Minister of Industry, Trade and Investment, Dr. Olusegun Aganga, seeking the approval for the policy to transform the Nigerian automotive industry and attract investment into the sector.
The minister,while briefing State House correspondents at the end of the weekly FEC meeting, said: “A transformed automotive industry will realize its potential as a major driver of economic growth and diversification , job creation, local value addition, and technology acquisition.
“These recommendations were adopted at various conferences and consultations with stakeholders, including some original equipment manufacturers. After deliberations, council approved the Automotive Industrial Policy Development Plan.”
The council also approved N39 billion for the rehabilitation and expansion of Southern Expressway from the presidential villa roundabout to the OSEX/Ring Road 1(RR1) junction, including five interchanges. The approval came as a result of a memo tabled by Minister of FCT, Bala Mohammed, seeking the rehabilitation and expansion of the roads. Maku added, the roads, after the rehabilitation would ensure free flow of traffic and reduce travel time in and out of the city.