New Telegraph

NADDC partners banks on vehicle financing for Nigerians

The Director-General, National Automotive Design and Development Council (NADDC), Engr. Jelani Aliyu says his council is partnering with banks that were pushing for a mega Federal Government intervention for the establishment of a vehicle financing scheme for Nigerians.

 

Aliyu also said that the council was discussing with the Central Bank of Nigeria, Jaiz, Wema and Zenith banks to provide a single-digit auto financing for Nigerians. Under the new planned scheme, Nigerians will own vehicles without necessarily paying for them like it is being done in other developed climes. The DG stated that to actualise that already the council plans to float an over N200 billion vehicle financing scheme.

 

Aliyu said that average Nigerians have over time been unable to buy a brand new vehicle like they used to do in the 1970s and 1980s. The DG who stated this at the weekend in Sokoto also noted that the whole idea was initiated to assist Nigerians to be able to buy and own brand new vehicles, especially the Made-in-Nigeria models.

 

“The efforts will encourage private investors to invest in vehicle manufacturing and at the same time discourage the massive importation of used vehicles into Nigeria,” he added. According to him, so far, the private sector has invested over N500 billion in the automotive industry in the country.

 

He further said, “We have encouraged, we have supported, we have enabled the private sector to come and put in over half a trillion naira to set up factories and assembly plants across the country.

 

“So, we have companies like Dangote’s Sinotrucks, we have companies like Innoson in Nnewi, Elizade, Lanre Shittu, Honda West Africa, Mikano, Nord, all producing vehicles in the country. “We have companies and assembly plants in Lagos, Nnewi, Kaduna and Kano. Some are beginning to come up in Bauchi, Kano and Ogun,” Jelani said.

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