On 26th August, 2025. The Director-General of the National Automotive Design and Development Council (NADDC), Mr. Olu Osanipin Joseph , paid a courtesy visit to the Managing Director/Chief Executive Officer of the Bank of Industry (BOI), Dr. Olasupo Olusi.
The meeting centered on soliciting BOI’s continued support for key stakeholders in Nigeria’s automotive sector, including local vehicle manufacturers such as Innoson, Nord, Jet, and others engaged in Semi-Knocked Down (SKD) and Completely Knocked Down (CKD) operations.
Speaking during the meeting, Mr. Osanipin particularly emphasized the urgent need to revive the Innoson Tyres factory, which has been out of operation for some time. He noted that restoring the facility, with the backing of the BOI, would not only strengthen the value chain in the industry but also create significant job opportunities for Nigerians. He further highlighted that reviving tyre production, is vital to deepening local content in the automotive sector.
While acknowledging the interventions the BOI has already extended to the automotive sector, Mr. Osanipin called for deeper collaboration between the two Governornment agencies to accelerate industrial growth, enhance indigenous capacity, and reduce dependence on imported Components.
Responding, Dr. Olusi assured that the Bank of Industry remains committed to supporting Nigeria’s automotive industry. He further explained that certain systemic challenges within the banking sector are currently being addressed, and once resolved, the auto industry will be given due consideration and priority.
This strategic engagement between NADDC and BOI underscores the Federal Government’s commitment to advancing Nigeria’s automotive industry, fostering local manufacturing, and driving sustainable economic development. Both institutions reaffirmed their readiness to work together in ensuring that the sector attains global competitiveness, delivers affordable vehicles to Nigerians, and generates widespread employment opportunities.
