The Federal Executive Council (FEC) meeting presided over by Vice President Yemi Osinbajo on Wednesday adopted a new national automotive policy that would span through 2023 to 2033.
Minister of Trade and Investment, Niyi Adebayo, explained that the new policy would explore how the automotive industry can migrate seamlessly from combustible engines into electric solar-powered engines.
This was also in addition to FEC’s approval for the implementation of the first ever Nigeria investment policy 2023 to 2027.
Adebayo explained that the concept was for the country to develop rapidly through industrialization, then snowball into a sustainable investment climate to attract the kind of investment we desire.
Adebayo also disclosed that the third paper presented to Council was for the approval for trade policy of Nigeria for 2023 to 2027.
He said it was basically, a review of the old trade policy that was in place adding that the whole idea was to have a policy in place that will improve Nigeria’s trade within the World Trade Organization and to bring increased level of Nigeria capacity to GDP to bring in more revenue for the country.
