Speaking on the development of the auto spare parts market, he said, to become a prominent auto hub in Africa, there is a pressing need to commence the local manufacturing of auto parts.
“Let us initiate this with auto parts, as it will have a multifaceted positive impact. The production of spare parts is less complex compared to assembling entire vehicles. Each vehicle comprises over 5,000 parts, which implies the establishment of 5,000 factories and the creation of employment opportunities for our populace. In India alone, there are approximately 11,000 auto parts companies, highlighting the extent of labour and technology involved,” he suggested.
Agwu, leveraging the 2024 auto expo held at Victoria Island, Lagos, recently to entice major auto parts manufacturers to establish their manufacturing facilities in Nigeria, emphasised that, the market exists here, and the country is a prominent hub in Africa.
