Nigeria’s auto industry loses $10bn yearly to petrochemical, steel deficits | The Guardian Nigeria News
Government’s failure to revive steel companies and equally develop indigenous petrochemical plants have stalled the local automotive development agenda, leading to loss of $10 billion yearly to large scale importation of fully-built motor vehicles and allied components used for local assembling.
For instance, steel accounts for about 60 per cent of raw materials used in automobiles, while petrochemicals are used for plastics and foam used in vehicle interiors.
Despite being an oil-producing nation, non-existent refining capacity continues to undermine the country’s capacity to provide feedstock for allied industries.
In the alternative, local manufacturers are heavily dependent