Osinbajo provides car manufacturers with FG protection.
Vice President Yemi Osinbajo assured the Nigerian Automobile Manufacturers Association (NAMA) of the federal government’s protection, noting that maintaining high auto tariffs would not necessarily boost the industry.
According to the vice president, “government has a responsibility to ensure the well-being of people, in each and every sector. And the auto industry is important. I understand all the questions related to how the automotive industry contributes to macroeconomic growth, employment and more. “
Osinbajo, who together with the Minister of Finance, Budget and National Planning Zainab Ahmed; Industry, Trade and Investment Minister Niyi Adebayo has interacted with representatives of the auto industry, noting that the way forward is for “the auto industry to challenge itself and the support it needs from the government to, say, the location of a Nigerian car. and most people.
“You must find a way to develop local industries for the benefit of the people. If that doesn’t work, it could mean it’s not just an automatic policy problem. I know there are many manufacturing constraints, but we can make everything work.
Explaining further, the vice president said, “I want us to take this into account and see that we have to work together, it’s not just about protecting one sector, but protecting the economy and protecting all.
“There are countries in the world that have the same parameters as we do and can do much more for their people. I think we should be thinking in these terms, and not just thinking about how this industry will maintain this relatively high level and how long this high rate will hold. Is this the only way to support the industry? I do not think so. I don’t think the industry doesn’t need a 77 percent rate to grow. “
Meanwhile, the government saw a need to scale up the benefits of the continued implementation of the Survival Fund under the Economic Sustainability Plan, following the impact and interest already generated among Nigerians, according to the vice president.
Osinbajo at a meeting with the MSME Survival Fund Steering Committee, attended by the Minister of State for Industry, Trade and Investment, Ambassador Mariam Katagum, Chair of the Committee; First Bank Chairman Ms Ibukun Awosika, Deputy Chair of the Committee, said among other members that “the implementation data shows that the government can deliver excellent programs and deliver them in a reliable manner. And it is possible that people do benefit from government programs, especially with minimal political interference, which has led to the failure of several government programs in recent years. ”
To date, the program has started disbursing approximately 500,000 beneficiaries: the Payroll Support Program has disbursed nearly 350,000 beneficiaries; almost 166,000 of the 300,000 artisans have taken advantage of the Artisan & Transport scheme, while the Corporate Affairs Commission is increasing the number to register 250,000 new businesses free of charge.
By the end of December, about 400,000 employee support recipients will be paid from October to December, while structures have been set up to launch generic grants and guaranteed withdrawal schemes early next year.
Continuing, Osinbajo noted that: “I think we need to find ways to expand the scope of the scheme, because when you look at the numbers that we have approved, the numbers are small compared to the huge challenges we face.
“Although we can reach 2 million beneficiaries, this is still a small percentage of the millions that need help and support. So, I think we need to find ways to try to get approval to expand the coverage of the program. This is an important aspect. “
Praising the committee’s efforts to support salaries, Artisan grants and transport beneficiaries, as well as beneficiaries of other areas of the program, the vice president said the partnership with the private sector in the implementation of the program was excellent.
Source: – Insidebusiness