Nnewi, a city in Anambra State, is partnering with the National Automotive Design and Development Council (NADDC) to establish an auto industrial park, funded by the African Export-Import Bank (Afreximbank).
According to a statement, NADDC said the goal was to create a mutually beneficial relationship, where Afreximbank would provide funding and possibly other resources.
“The park aimed to provide a centralised location for the manufacturing and assembly of automotive components, vehicles, and related products,” the statement said.
Joseph Osanipin, director-general of National NADDC during a visit to Eric Intong, regional chief operating officer of Afreximbank on the partnership agreement emphasised the significance of the Industrial Park, describing it as a new solution to the challenges confronting parts manufacturers in Nigeria.
“This will also invigorate the automotive sector and propel Nigeria towards a future of enhanced job creation and economic prosperity,” he said.
Intong, Afreximbank’s regional officer expressed his enthusiasm for kickstarting the Nnewi Auto Industrial Park and also assured of Afreximbank’s readiness for a productive partnership with the council.
The statement said this collaboration comes at a time when Nigeria’s auto financing landscape presents obstacles for consumers and manufacturers alike.
However, while efforts by banks and institutions like Autochek provide car loans, stringent lending criteria often limit access to vehicle financing.
“The establishment of the Nnewi Auto Industrial Park represents a significant step towards revitalising Nigeria’s automotive industry, with the support of Afreximbank set to drive innovation and economic development in the sector,” it said.