Seyi Onajide, the Group Managing Director and Chief Executive of R.T. Briscoe, recently addressed the challenges confronting the automotive sector in Nigeria amidst the country’s economic struggles. Onajide noted that the industry, once prosperous in the 1970s and 1980s, has been significantly affected by the nation’s economic downturn.
Presenting at a press briefing at the R.T. Briscoe Plc headquarters in Lagos, Onajide made a plea to Nigerian political elites, technocrats, and other leaders to contemplate the country’s economic decline over the past 40 years, particularly during the 1970s and 1980s. He attributed the economic struggles of the last four decades to the shortcomings of successive political actors, policymakers, and public office holders.
While acknowledging President Bola Ahmed Tinubu’s initiatives to alter the narrative, Onajide expressed apprehension regarding the current exchange rate, emphasising the necessity of a collective effort to revive the economy. He highlighted that the recent exchange rate was at N1,456 to a dollar, N1,904 to one pound, and N1,885 to one euro, in contrast to the 80 kobo to $1 exchange rate in the past.
The Group Managing Director underscored the decline in Nigeria’s economic prowess, remarking that the country was previously a net exporter of refined petroleum products. However, Nigeria now imports all refined petroleum products, marking a significant departure from 40 years ago. This shift has had a profound impact on the automotive industry, with R.T. Briscoe playing a pivotal role in the sector for many decades.
Onajide reminisced about an era when Nigerians used locally assembled vehicles, such as Peugeot cars assembled in Kaduna and Volkswagen cars manufactured in Lagos. He also recalled the production of trucks, buses, windshields, batteries, tyres, and other automotive components within the country. These products were not only utilized domestically but also exported to neighbouring West African countries, bolstering Nigeria’s standing as a regional economic powerhouse.
The decline of these industries has had a ripple effect, leading the country from self-sufficiency to reliance on imported goods. Onajide urged all Nigerians to reflect on their patriotic inclinations and contemplate how they can contribute to the nation’s advancement. He stressed the significance of looking inward and backing local industries to foster economic expansion and progress.
In conclusion, Onajide’s remarks shed light on the challenges facing the automotive sector in Nigeria and the broader implications of the nation’s economic downturn. His call for introspection and support for local industries serves as a reminder of the importance of national resilience and self-reliance. As Nigeria endeavors to surmount its economic hurdles, addressing the struggles of the automotive industry will be an integral part of the nation’s journey to recovery.