Minister of industry, trade and investment, Niyi Adebayo has stated that the Muhammadu Buhari administration will leave behind “something substantial’ for Nigerians.
This was stated on Tuesday by Adebayo during an interview on Good Morning Nigeria, a Nigeria Television Authority (NTA) programme.
The minister said the Buhari administration has been working on attracting international investors to the country.
He said some foreign companies have declared interest in manufacturing batteries and plastic components for motor vehicles in Nigeria.
The minister said the Afreximbank has approved funding for the automotive industry in the country.
“We are not sleeping. I want Nigerians to have that confidence that we are working and by the time this administration is handing over, it will hand over with something substantial to show,” he said.
“Recently, I was in Ghana for the African Continental Free Trade and Afreximbank came to have a talk with us and have committed $1billion for the auto industry in Africa and right now they have approved the funding.
“We are in the process of putting together our own new automotive industry which is being funded by the same Afreximbank. We already have a foot in the door that will give us the opportunity to be able to tap and pull off the money.
“We are in the process of updating the automotive policy of the government with the view of looking at what more can be done. I have been attending various meetings of the world automotive association which had membership of various original equipment manufacturers of motor vehicles, we are looking at how they can come and invest in the complete knock down (CKD) manufacturers in Nigeria.
“In Dubai that I just came from, I held meetings with a couple of companies who are interested in coming to set up. One of them wants to manufacture batteries in Nigeria, another one wants to manufacture plastic components for motor vehicles. There is a lot of interest in this direction, that is why we are working very fast to put all these into policy because it is this policy that will give us a direction.
“When this administration came in, it met a major deficit of infrastructure facility and a lot has been going on to improve on the infrastructure of this country.”