Professor Yemi Osinbajo, the Vice President of the federation says Nigerians spend about 8 billion dollars annually on importation of vehicles.
Osinbajo, who was represented by the Director-General, National Automotive Design and Development Council, Jelani Aliyu, disclosed this at the 19th Abuja Motor Fair on Tuesday.
“The government is fully committed to industrialisation and the mining sector to enable it to create direct and indirect jobs for Nigerians.
“About 8 billion dollars goes to overseas for the importation of vehicles while Nigerians are suffering, also most of the used vehicles imported are unsafe and not good for the citizens,’’ he said.
Osinbajo added that government had signed a Memorandum of Understanding (MoU) with Volkswagen group to develop an automotive hub in Nigeria.
He said that the MoU was a major step towards the development of a robust automotive industry, to contribute to the economic development of the country.
Osinbajo also said that government believed in the strategic and catalytic role of the automotive industry in the diversification of the Nigerian economy.