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NADDC floats N200bn vehicle loan scheme – Jelani

The National Automotive Design and Development Council (NADDC) has initiated a N200 billion vehicle financing scheme to enable Nigerians own brand new vehicles at ease.

The Director General of the Council, Jelani Aliyu disclosed this in an interview with newsmen in Sokoto at the weekend.

Aliyu, who revealed that the private sector had so far invested N500 billion in the automotive sector in the country, said the only way to sustain the tempo was to encourage Nigerians to patronise made-in-Nigeria vehicles.

He said: “It is one thing to produce a vehicle and it is another thing to sell it, especially in this environment we live in, Nigeria.

“We know that the purchasing power of the average Nigerian is very low because of inflation and what happened to our economy, as global market forces determine the prices of vehicles, just like crude oil, gold and diamonds.”

Aliyu further said that the council was discussing with the Central Bank of Nigeria, Jaiz, Wema and Zenith Banks to provide a single-digit auto financing which will allow Nigerians take a brand new vehicle home and pay over 4, 5 or 6 years.

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