NADDC’s Auto Finance Scheme Will Help Nigerians Acquire New, Affordable Vehicles -Jelani Aliyu

The National Automotive Design and Development Council (NADDC} has reached advanced stages in its planned Auto finance scheme, with a view towards enabling Nigerians own new, quality and affordable vehicles.

According to the Council, NADDC will support automotive assemblers and component manufacturers, as government is invited to inject about N100 billion in the intervention fund into the auto finance scheme.

This initiative, NADDC said, will support assembly operations at Completely Knocked Down (CKD) level and encourage local content

NADDC Director General, Mr. Jelani Aliyu (MFR), in a presentation in Lagos, said the introduction of the Nigerian Automotive Industry Development Plan (NAIDP) by the government has led to the revival of the automotive industry as 54 automotive assembly plants have been registered while 30 are already in operation.

Aliyu said the revival of these assembly plants will create jobs, diversify the economy and create sustainable opportunities for the country, because the automotive industry in any economy is a major instrument for economic growth and development, and serves as an important stimulus for other types of manufacturing activities such as iron and steel, rubber, plastics, electrical equipment, road construction, transportation, urban and rural development.

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He said achieving Nigerian Automotive Industry Development Plan is vital, because the automotive industry is the cornerstone for establishing a self-sustaining economy upgrade the standard of living developing and developed economies.

According to the Director General, only few other industries cover such a wide range of technology and manufacturing processes, or use so many different raw materials, tools, machinery and equipment like the automobile industry, adding it was for those reasons that the Federal Government established six automotive assembly plants, including Peugeot Automobile Nigeria Limited (PAN) Kaduna in 1975, Volkswagen of Nigeria Limited (VWON) Lagos in 1978, Anambra Motor Manufacturing Limited (ANAMMCO) Enugu (1980),Steyr Nigeria Limited Bauchi, National Truck manufacturers (NTM) Kano, and Leyland Nigeria Limited (LNL) Ibadan.

He explained that these assembly plants became moribund due to corruption, inadequate funds, government policy and behavioral attitude of Nigerians toward buying used vehicles.

According to him, the Nigerian Automotive Industry Development Plan (NAIDP) is a strategic government intervention program that has been designed to revive the automotive industry and attract additional investment for massive employment in Nigeria.

“NADDC is engaging some foreign and local financial institutions in discussions for implementation of vehicle finance scheme, in order to support Nigeria car users, haulage firms and bus companies to acquire new automobiles built locally”.

He said all assemblers have been directed to include a low-cost vehicle in the models they roll out, pointing out that this will bring about ease of ownership by Nigerians, so far, Hyundai, KIA, Nissan and others have all assembled brand-new lower cost vehicles”, he said.

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