FG Plans Finance Scheme for New Car Buyers

• FG Plans Finance Scheme for New Car Buyers

The Director-General of the National Automotive Design and Development Council, Mr. Jelani Aliyu, has said a fund will be established to be offered to Nigerians at low cost to finance their commercial fleets and cars.

He said, “The programme is being re-deigned to involve more Nigerian banks. It is expected that once this is launched, more Nigerians can afford more new cars and the provision in NAIDP to restrain import of used vehicles will be applied.”

Aliyu, who identified some important components of the new National Automotive Industry Development Plan, said the council was working on to improve the goals of the policy.

He stated this in a paper delivered at the first Kaduna automotive fair and exhibition/stakeholders conference, according to a statement.

According to the DG, aside from the fiscal regime, which places a tariff of 35 per cent plus a levy of 35 per cent on fully built cars and 35 per cent tariff on fully built-up commercial vehicles, other pillars of the NAIDP that will make it sustainable are the marketing programme, standard, human capital development and local content.

Aliyu said, “The development of automotive laboratories as provided for in the plant for safety tests is now at 70 per cent completion stage. There is the material test lab in Zaria, the component test lab in Enugu and the emission test lab in Lagos.”

He said, “With the level of achievement in assembly capacity, the council has increased focus on developing capacity to produce components locally. To this end, it has commenced engagement with various state governments.”