Friday, 26 August 2016

More Nigerians set to drive brand new cars as the Fedreal Governement introduce 7.5b local car loan scheme

Thanks to a loans scheme. The Federal Government of Nigeria are set to introduce a credit scheme through the National Automotive Design and Development Council(NADDC).
This will enable Nigerians buy locally assembled cars as the NDDC is contributing about N7.5b at low interest rate.

The counterpart funding is from South Africa. This cooperation will enable many Nigerians purchase without hassles new cars at with very low interest rate.Discussions are still on with Central Bank of Nigeria.Works is on to build capacities in local assembling to attract efficient and component manufactiureres to build their factories in Nigeria. 

Three laboratories are been built in Lagos, Kaduna and Enugu at a cost of N3billion.

Speaking during a press briefing in Lagos the Director planning and policy NADDC Mamudu said: “This is what we have been working on for the past two years. We looked at the available access to asset financing in the country, we found out that the high interest rate is frustrating the purchase of a new vehicle.

 This is the gap we want to fill. We are working with a company in South Africa which has footprints in eight African countries where they have developed a commercial and financial model to recoup their investment.”

. The one in Lagos is an emission testing laboratory to test for the level of emission. We are almost 90 per cent complete. We also have a component part manufacturing testing laboratory in Enugu. We are doing all these to prepare for the next stage of component development because this is where job opportunities are enormous, but the entire process requires patience on the side of government and investors.” 


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