Investments in Nigeria’s vehicle production industry in 2022 amounted to $1 billion as revealed by the Nigerian Government.

The Minister for Industry, Trade, and Investment, Otunba Adeniyi Adebayo announced this on Tuesday during the ceremony of the 20th edition of the present administration scorecard series in Abuja.

“Over one billion dollars in investment has been recorded in the automotive sector and we are ready to move on to the next phase for the automotive industry”, the minister said.

He noted that there has been a revised model of the Bilateral Investment Treaty (BIT) which included a specific provision for investment facilitation.

He spoke on the completion of the review of the National Automotive Industry Development Plan (NAIDP) and the plan’s validation process, as the ministry is committed to creating a business environment to attract and sustain investments.

The minister said that Nigeria can now boast of sustained investment with Singapore, Morocco, and Saudi Arabia under Investment Promotion and Protection Agreements (IPPAs).