Legal backing for auto policy key to industrial growth — Taiwo Shittu urges FG
BY TEMITOPE ADEBAYO
The Director of Lanre Shittu Motors, Mr. Taiwo Shittu, has urged the Federal Government to give urgent legislative backing to Nigeria’s automotive policy, saying the move is crucial for building investor confidence and unlocking the full potential of the country’s auto industry.
Speaking in Lagos after receiving the Vanguard Newspapers Auto Icon Award, Shittu stressed that codifying the National Automotive Policy into law would provide the stability and structure needed to attract major investments, especially from original equipment manufacturers (OEMs), and position Nigeria as a regional hub for vehicle production.
“To attract major OEMs into Nigeria’s automotive industry and expand the sector’s scope, we need a comprehensive auto policy backed by legislation and signed into law by the President,” he said. “Nigeria can become the automotive hub for West Africa. With the right policy framework, our auto sector can serve the entire sub-region.”
He also called on the government to extend the current special waiver on duties for compressed natural gas (CNG)-powered and electric vehicles (EVs) to traditional auto assembly plants. This, he noted, would help reduce the cost of producing locally assembled vehicles and encourage more participation in the sector.
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According to Shittu, Nigeria’s industrialisation ambition heavily depends on the strength and growth of its automotive industry, which he described as a strategic pillar that deserves consistent policies and targeted incentives.
The government should offer more incentives to serious players in the sector to keep businesses running. We’re not asking for free money, but we want policy continuity and protection of our investments.
“Investors need assurance that the business environment will remain stable over the long term”, he said.
He warned against favouring “briefcase businessmen” without credible structures or long-term commitment, saying such practices hinder the growth of genuine industry players.
“We need a level playing field. Government must distinguish between real industry players and those without any structure,” he added.
On his recent recognition by Vanguard, Shittu dedicated the Auto Icon Award to his late father, whom he described as a visionary and a mentor who laid the foundation for his success in the business world.
