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Automobile industry to get intervention fund, consumer finance scheme

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Minister of Industry, Trade and Investment, Adeniyi Adebayo, has said the National Automotive Design and Development Council (NADDC) was putting in place a consumer finance scheme that would allow the public easily access funds to purchase new locally assembled vehicles.

This, Adebayo said, would give Nigerians the opportunity to have greater access to vehicle acquisition funding. He disclosed this at a virtual meeting organised by PAN Nigeria Management while discussing various issues concerning Nigeria’s Automotive Industry.

Topmost on the agenda was the topical issue regarding the status of the National Automotive Industry Development Plan (NAIDP) Bill, intervention funding for the automotive industry, and stimulating market demand for locally assembled vehicles.

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As a way of support, the Minister promised to look into the need for an intervention fund for the automobile industry.

Adebayo further reiterated his vision for the industry to have automobile manufacturers swiftly move to completely knocked down vehicles (CKD) production level by creating disincentives for semi-knocked down (SKD) production.

He added that there would be greater compliance among federal ministries, departments, and agencies (MDAs) to patronise made-in-Nigeria vehicles.

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The Minister commended PAN Nigeria for initiating the meeting and its tenacity in following up on the NAIDP Bill, assuring the management of the auto manufacturer that the government was doing all it could to get the NAIDP Bill passed.

Present at the webinar were the Managing Director, Ibrahim Tanko Mohammed, Executive Director, Sales and Marketing, Shehu Sani, and General Manager, Strategy, Bawo Omagbitse.

Mohammed agreed that the initiative would serve as a catalyst for the development of the automotive industry, which is currently under-performing.

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