Osinbajo, who was represented by the Director General, National Automotive Design and Development Council, Jelani Aliyu, disclosed this at the 19th Abuja Motor Fair.
He said, “The Federal Government is fully committed to industrialisation and the mining sector to enable it to create direct and indirect jobs for Nigerians. About $8bn goes to overseas countries for the importation of vehicles, while Nigerians are suffering. “Also, most of the used vehicles imported into Nigeria are unsafe and not good for our citizens.”
The Vice-President said the Federal Government had signed a Memorandum of Understanding with the Volkswagen Group to develop an automobile hub in Nigeria.
According to him, the MoU is a major step towards the development of a robust automotive industry and will contribute to the economic development of the nation.
He stated that the government believed in the strategic role of the automotive industry in the diversification of the Nigerian economy.
Osinbajo said 3,200 youths had been empowered through the N-Power Graduate Skills Acquisition Programme, adding that the scheme would be expanded and made better to benefit more youths.