The House of Representatives Committee on Industry has pledged to work towards improving access to affordable vehicle financing for Nigerians as part of efforts to strengthen the country’s automotive sector.

To this end, the committee has pledged to summon the Bank of Industry (BoI), Central Bank of Nigeria (CBN) and the National Automotive Design and Development Council (NADDC) over the automotive finance scheme to enable Nigerians access funds to purchase new vehicles.

The committee, led by its Chairman, Dr Enitan Badru, made the commitment during an oversight visit by the NADDC to various vehicle assembly plants in Lagos and Ogun States. The visits covered Proforce Limited in Ogun State and Toyota Nigeria Limited in Lagos.

Speaking after the inspection in Proforce, Badru said my observation of this facility is that I’m really proud that an indigenous corporation is handling defense institution gadgets and I am also very elated that not only are they doing it right for Nigeria, but they are exporting as well.

“To be doing exports means they must have reached some high-quality standards and from what I have seen, I have seen that they got their acts right and they are doing something that should be emulated.

He said: “Right now, the Nigerian Army, from what I learned, is a stakeholder in this institution and I am sure by the time we get to some years ahead; they too will be improving because the whole world is not waiting.”

Badru noted that the whole world is not waiting. “By the time we know AI and all that will take over and so they must be upgrading along the line as well. By the time you wait, I’m thinking you have got something. Next year, something else will be out, so they must be upgraded.

Director-General, NADDC, Joseph Osanipin, said the agency is proud of what is being done at Proforce because they are not only producing for Nigeria, but they are also exporting to about nine other African countries.

Osanipin said: “And we know that enquiries also come, they normally receive enquiries even outside this continent. That shows that the other countries are taking note of what Proforce is doing.

“We are very proud of them. We know what other challenges they have. It is beyond what I have observed now; we have a lot of standards. But even with those challenges, they are producing world-class security vehicles and this is kudos to them.”