LSM Boss Asks FG To Expedite Legal Backing On Auto Policy

Managing Director of Lanre Shittu Motors (LSM), Taiwo Shittu, has called on the Federal Government to urgently prioritise the enactment of legislation that gives legal backing to Nigeria’s automotive policy, which was established over a decade ago.

Shittu said that formalising the auto policy through an act of law would significantly boost investor confidence—both local and foreign—and accelerate the nation’s industrialisation process.

He made the appeal during an interview with journalists in Lagos, shortly after being honoured with the Vanguard Newspaper’s Auto Icon Award.

“To attract major original equipment manufacturers (OEMs) into Nigeria’s automotive industry and expand the sector’s scope, we need a comprehensive auto policy backed by legislation and signed into law by the President,” he said. “Nigeria has the capacity to become the automotive hub for West Africa. With the right policy framework, our auto sector can serve the entire sub-region.”

The LSM boss also advocated for the extension of the current special waiver granted to producers of compressed natural gas (CNG)-powered and electric vehicles (EVs) to conventional automobile assembly plants. According to him, this would help reduce the production cost of locally assembled vehicles and stimulate greater participation in the sector.

Shittu emphasised that the auto industry is critical to Nigeria’s industrialisation drive and must be supported through consistent policies and targeted incentives for genuine investors.

“Government should offer more incentives to serious players in the sector to keep businesses running. We’re not asking for free money, but we want policy continuity and protection of our investments. Investors need assurance that the business environment will remain stable over the long term,” he said.

He also warned against giving preferential treatment to what he described as “briefcase businessmen” at the expense of credible investors with proven capacity and infrastructure.

“We need a level playing field. Government must distinguish between real industry players and those without any structure,” he added.

Reflecting on the Vanguard award, Shittu dedicated it to his late father, whom he described as a visionary leader who mentored him for success.

Looking ahead, Shittu revealed that Lanre Shittu Motors is set to launch the first phase of its new auto assembly plant in Ogun State later this year. This will further strengthen the company’s position in the Nigerian automotive industry and enhance local production capacity.

“I feel honoured. This award is not just recognition but a challenge to keep doing more. It tells me that people are watching and expecting more from me. I still have a lot to contribute to this industry,” he said.

MIKE OCHONMA
EDITOR