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Business Bill to Enable Production of Nigerian Cars, Tyres Passes Second Reading


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A bill seeking to enable the production and assembly of made in Nigeria cars and tyres passed through second reading on the floor of the Senate yesterday, ThisDay reports.

Excerpt:

A bill seeking to enable the production and assembly of cars and tyres in Nigeria as well as the provision of tariff incentives and income tax reliefs on all automobile and automotive components passed through second reading on the floor of the Senate yesterday.

Tagged: ‘Nigerian Automotive Industry Development Plan (Fiscal Incentives, Assurances and Guarantees) Bill’, the bill which is meant to strengthen the Nigerian automotive industry development plan, will among others, promote a sustainable and competitive automotive industry.

It is also meant to provide an enabling environment for the survival of existing assembly plants, revive the tyre industry, herald Nigeria's industrial revolution plan using the automotive sector as a key component to diversify the economy and also generate revenues through industry and manufacturing.

Leading the debate on the bill, Senate Leader, Victor Ndoma-Egba, said automotive industry played strategic roles in the economic development of many countries especially in the area of job creation, enhancement of Gross Domestic Product (GDP), development of small, medium and micro-enterprises, innovation, skills and technology.

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Source: ThisDay

#Nigeria #NationalAssembly

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