…Tasks FG on Implementation of Auto Policy
Stallion Motors, Nigeria’s leading automotive assembler and marketer has applauded the Federal government of Nigeria for closing the nation’s land border, a move it said has boosted its business prospect.
[dropcap]T[/dropcap]he General Manager , Marketing, ArpitaLuthra made this known recently during the unveiling of the 8th generation, Hyundai Sonata, 2020 model at the Hyundai showroom on Victoria Island, Lagos.
She said, ‘’the closing of the border by the Nigeria government has boosted our business, because when you are getting through the right route, it is a fair playing game. It is basically your service, product features that will stand you out. That is how you end up getting more market share.’’
‘’ Right now”, he emphasized, “we are the highest selling brand for the new car segment. Putting together automotive sales in Nigeria, the new car segment shares only about 11,000 units annually, out of which one of our brands, Hyundai, is doing more than 2,000 units per annum. It is the highest selling brand in its segment. In the future, we are looking at larger business.
“The economy is on a growth right now. I think year 2020 should be a great year.”
On what the government should do to further boost the auto industry, she said, ‘’ we are requesting the government to pass to law the pending Nigerian Auto Industry Development Bill. This is the year the government got re-elected and the cabinet has been formed. The sooner the NAIDB gets formalized, the better it is for the industry.’’
‘’ We have invested so much in the auto assembly plant, but the number of units we actually do in the assembly really does not justify investment cost we have put in.
“That means this industry has a potential and if you are doing about 300,000 of used car business, a good amount of that has to be in the new car segment also. So the policy should favour taxation, which is conducive with local assembly plant, because we are generating local employment for Nigerians.
“It is very important that legislation also supports that. For example if there is a car that is made in Nigeria by Nigerians, that should have lesser taxation,’’ she added.
