The National Automotive Design and Development Council (NADDC) has launched an N200 billion vehicle financing plan to make it easier for Nigerians to get their hands on brand new vehicles.
In an interview with reporters in Sokoto over the weekend, the Council’s Director-General, Jelani Aliyu, revealed this.
Aliyu, who revealed that the private sector has invested N500 billion in the country’s automotive sector, said the only way to keep the momentum going was to encourage Nigerians to buy made-in-Nigeria vehicles.
“It’s one thing to build a vehicle and another to sell it, especially in this atmosphere,” he remarked.
“We know that the typical Nigerian’s purchasing power is very low due to inflation and the state of our economy, since global market forces decide the prices of vehicles, just as they do crude oil, gold, and diamonds.”
Aliyu also stated that the council was in talks with the Central Bank of Nigeria, Jaiz, Wema, and Zenith Banks about providing single-digit auto finance, which would allow Nigerians to take a brand new vehicle home and pay for it over a period of 4, 5, or 6 years.