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FG to launch N7.5b loan scheme for local car purchase


Aminu Jalal

Aminu Jalal

The Director General of the National Automotive Design and Development Council (NADDC), Aminu Jalal, has disclosed that the Federal Government would soon float a car purchase loan scheme, to help citizens acquire new made-in-Nigeria cars.

The scheme will be funded at a cost of N7.5 billion.

Jalal stated this when a delegation of Vehicle Owners Association of Nigeria (VOAN), led by National President, Odo Vincent Okoko, paid him a courtesy call.

He said the initiative falls within the objectives of NADDC, which is to promote the manufacture and patronage of standard locally manufactured automobiles.

According to him, the loan scheme is part of the Federal Government’s strategy to empower Nigerians to own new cars, as opposed to imported second hand automobiles. He added that when operational, the initiative would generate employment for many Nigerians.

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  • Basil Ogbanufe

    This is crazy. Government financing luxury instead of necessity?!

  • Vincent Okoko Odo

    @Basil, FG is doing this to encourage the over 14 vehicle assembling plants its lure to Nigeria. These includes VW, Nissan, Anamco trucks, PAN, etc. Your fellow Nigerians are employed there! They need to keep their jobs through sales & patronage. Brand new vehicles doesn’t necessarily means luxury. You could use the trucks for haulage business, you could use the Nissan coastal buses for mass transit etc. In South Africa, South Korea etc no second hand vehicle is allowed on their roads! Nigeria was there before in the 70s. We need to grow to that stage again. FG is just playing its part. Let’s do our part by keying into this game-changing scheme to rid our roads of rickety vehicles by taping into it through registering our membership with the Vehicle Owners Association of Nigeria (VOAN) at All Nigerians are eligible for the purpose of this scheme even if you have no car right now. The Associations ‘comfort letter’ to the FG on your behalf will do.