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NAC fine-tunes take-off of vehicle finance scheme

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JALAL

OFFICIALS of the National Automotive Council (NAC) and WesBank of South Africa met in Abuja over the weekend to fine tune arrangements for the role-out and take-off of the Made-In-Nigeria Vehicle Finance Scheme, scheduled to take off later this year.

   NAC Director General, Aminu Jalal, informed the delegation from WesBank that the Nigerian Government approved the Nigerian Automotive Industry Development Plan (NAIDP) to attract investments from vehicle manufacturers globally and grow the supply of locally manufactured vehicles in the country.

   Much as the government desires to revive the automotive industry in order to turn around the economy by providing jobs and increasing the wealth of the people, he said, the government is also interested in the affordability of manufactured vehicles.

   This necessitated the planned access to soft loans that could help citizens acquire vehicles of their dream without being subjected to unnecessary pressure, which could compel them to engage in unwholesome practices.

   According to him, the scheme will first target the formal sector while efforts would be in place to design strategic plans that will allow the informal sector to also benefit. 

He explained that the agreement would allow WesBank to work closely with NAC to develop vehicle financing solutions, specifically for those vehicles built in Nigeria, with the aim of making them readily affordable to the average Nigerian car user.

   Jalal added that the Vehicle Financing Scheme would make Nigeria-assembled vehicles easily affordable on convenient payment terms spread over a period of about four years, at affordable interest rate. 

   The scheme is also intended to assist local vehicle assembly plants to gain high volume within a short time so as to facilitate local components development and encourage investors on their turn out.



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