00:00The renewed hope agenda of the federal government to enable more Nigerians' own cars might be boosting foreign businesses at
00:06the expense of local manufacturers. Why do I say so?
00:09It's a good thing that the federal government reduced the import duty on vehicles to enable more Nigerians' own foreign
00:15cars while local manufacturing companies struggle with sales.
00:18And let's look at it from this angle. It's more affordable to buy imported cars, but expensive to buy locally
00:24made cars.
00:25This is because foreign governments enable their businesses with funds, incentives to ensure that they produce at a lower rate
00:32and sell cheaper.
00:33In Nigeria, local businesses struggle because there are no incentives from the government, no encouragement, no support.
00:38Even bank loans come at a higher interest rate. The FX rates to import even the cars per pack is
00:43expensive.
00:44Electricity and logistics costs are very high.
00:47Now, with all these expenses, how will the local manufacturer thrive in terms of competition with foreign cars and locally
00:54made cars?
00:54This is why the federal government needs to implement policies to support local manufacturers to enable them to compete in
01:00this market.
01:02hepatic
01:02Pharisee
01:03publicân
01:03worker
01:04data
01:04,
01:04You
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