NIGERIA STEPS UP MOVES TO ENCOURAGE THE PRODUCTION OF ELECTRIC VEHICLES LOCALLY 24-12-24
By Sadiq Aminu Nigeria has stepped up moves to encourage the production of electric vehicles locally.
President Bola Tinubu, who stated this in Lagos during his maiden media chat, said Kaduna and Nasarawa States had the required deposit of lithium to sustain the supply of raw material.
The President said local electric vehicle production and the use of Compressed Natural Gas in vehicles would save the country billions of dollars in foreign exchange in importing used vehicles.
He said the government was equally encouraging production of drugs and procurement, as well as the enhancement of agricultural activities, which are aimed at fighting inflation.
“Produce more for consumption locally, give reasonable level of funding and assistance, low-interest rates to farmers, improve the security, so that they can return to their farms. Encourage the procurement and manufacturing of drugs in Nigeria, harnessing our marine ecosystem, bring affordable transportation. You’ll bring the cost down, gradually”, he explained.
On the debt burden on the country and the need to avoid further borrowings, President Tinubu said borrowing in itself was not a bad idea, but that the use of the loan is where the problem lies.
“Borrowing is not criminal. We have a serious infrastructural deficit. What is the element of this borrowing? Capital projects, our roads are terrible, our internet is not up to the level that we want. We’re still indebted in electricity and deficient in power-generation. You have to take it with the two hands”, the President stressed.
He however said his administration had been able to service the debts appreciably, adding that through the widening of the tax net, the government does not have to depend on Ways and Means to fund projects.
The President also said negotiations on his Tax Reform Bills before the National Assembly would continue until an agreement was reached on them.