ANAMMCO wants to FG to review 2020 Finance Act
ANAMMCO wants to FG to review 2020 Finance Act
The Anambra Motor Manufacturing Company Limited (ANAMMCO) has appealed to the Federal Government to urgently review the 2020 Finance Act and Automotive Policy in the country.
The Executive Director of ANAMMCO, Mr Uche Okeke, made the appeal in Enugu on Thursday when the Board Members of the National Automotive Design and Development Council (NADDC) visited the company.
Okeke said the review became important considering challenges faced by vehicle manufacturing companies in Nigeria, which if not addressed, would put the remaining car manufacturing industries out of business.
He blamed the federal government for deliberately crippling automotive industries through policy somersaulting, which did not encourage both local and foreign investors to invest in the industry.
He said that with government’s support, industries alone were capable of providing job opportunities for the teeming youth.
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The ANAMMCO director said the company had the capacity to employ 2,000 persons as well as produce cars that could compete with vehicles produced elsewhere.
He said that it was cheaper to produce locally than importing, and urged the government to reconsider the 20 per cent excise duty on raw materials imported into the county.
On the operation of ANAMMCO, Okeke informed the board members that the company, besides assembling vehicles, also had a training institute where people were trained on vehicle maintenance.
He, however, commended NADDC for always ensuring that ANAMMCO did not shutdown its operations, especially when it faced downturn.
Responding, the Board Chairman of NADDC, Sen. Osita Izunaso, said that the council would look into the issues raised by ANAMMCO with a view to finding lasting solutions to them.
Izunaso admitted that many vehicle manufacturing companies in the country witnessed downturn due to policy changes.
He said the board was working with private sectors to turn the fortunes of automotive industry around.
The NADDC chairman pointed out that the facility tour of the company gave them more insight into the need to review the 2020 Finance Acts and Automotive policy to suit the reality on ground.
He encouraged ANAMMCO management not to be dismayed by the current challenges, saying it had the potential to become a giant vehicle manufacturing company in Nigeria.
