Federal Government has said Nigeria now has the capacity and materials to manufacture made-in-Nigeria cars for local use and export.

Minister of Industry, Trade and Investment, Dr Doris Uzoka-Anite stated this at the Automotive Component Manufacturers meeting in Abuja.

She noted that the automobile industry is faced with both challenges and opportunities.

With the enabling environment being provided by the government, she said manufacturers should be held responsible if the cars are not rolling out by December 2024.

Currently, Nigeria produces less than 10 per cent of the vehicles used in the country.

Last year, Nigerias vehicle assembling industry, estimated to be worth around N302bn, tanked to a new low due to increasing production costs and weakened demand for locally assembled automobiles.

According to the Manufacturers CEOs Confidence Index, activities of motor vehicles and miscellaneous assembly deteriorated further below the benchmark (50 points) from 48.6 to 46.7 points.

As far as we are concerned, the auto industry is now set to go.

We are counting on all stakeholders to make that happen. If we do not produce made-in-Nigeria cars before the end of this year (December), it will be your fault, because I am sitting down here giving you all the assurances that this administration has created the enabling environment to make sure that the auto policy kicks off, she stated. (Saturday Tribune)