More Nigerians are expected to ride
brand new cars soon – thanks to a
loans scheme which is in the works.
The Federal Government is pushing
the credit scheme through the
National Automotive Design and
Development Council (NADDC). It will
give Nigerians a chance to buy
locally assembled vehicles.
According to the Director, Policy and
Planning, Mr. Luqman Mamudu, the
council is contributing about N7.5
billion at a low interest rate.
Counterpart funding is coming from
a company in South Africa.
Speaking during a press briefing in
Lagos, Mamudu said: “This is what
we have been working on for the
past two years. We looked at the
available access to asset financing in
the country, we found out that the
high interest rate is frustrating the
purchase of a new vehicle. This is the
gap we want to fill. We are working
with a company in South Africa which
has footprints in eight African
countries where they have
developed a commercial and
financial model to recoup their
investment.”
NADDC is contributing N7.5 billion
into the scheme. The South African
company will source for finance from
Development Finance Institution
(DFI) at single digit interest rate.”
Mamudu said when the funds are put
together, it will guarantee an
interest rate that will be easy for
people to purchase vehicles at 8 to
10 per cent.
”By the time we put the funds
together, it will guarantee an
interest rate that is fairly okay.
“We are in discussion with the
Central Bank of Nigeria (CBN) to
originate the loans and float it so
that it will be attractive for investors
to partake in the scheme. Going
forward, this will further bring down
the interest rate. This facility will be
given to people that have the
capacity to buy cars because we
expect that they will have good
credit to purchase a car.
“If you go to America, over 80 per
cent ýof car purchases are through
loans. The credit purchase scheme
will assist the operators to help the
masses,” he added.
Mamudu said the council was
planning to build capacities in local
assembling to attract component
manufacturers to set up their
factories in Nigeria.
“We are building three laboratories
costing about N3 billion in Lagos,
Kaduna and Enugu. The one in Lagos
is an emission testing laboratory to
test for the level of emission. We are
almost 90 per cent complete. We
also have a component part
manufacturing testing laboratory in
Enugu. We are doing all these to
prepare for the next stage of
component development because
this is where job opportunities are
enormous, but the entire process
requires patience on the side of
government and investors.”
Mamudu went on: “We have to
encourage these Original Equipment
Manufacturers (OEMs) to come with
their capacity. If we create the right
environment for them, they will
come with their capacity to produce
here and if this happens, we can
export from here to earn foreign
exchange. We are calling on the
ýOEMs to use Nigeria as a hub for the
whole West Africa, but we must be
steady and focus so that we do not
loose the opportunity.”
Nigeria has the capacity to assemble
384,000 vehicles. Only 25,000 have
been assembled so far.
Mamudu pointed out that the
Federal Government will continue to
pursue strategies to stop the influx
of used vehicles into the country,
noting that this scheme will go a
long way to give alternatives to
people who patronise fairly used
cars.




http://thenationonlineng.net/n7-5b-local-car-purchase-loans-scheme-way/

Hear and see rubbish again...government of palliative measures.... We want growth and development not palliative measures to buy cars... Grow the economy to the level we can buy cars... Diversify the economy not palliative measures.... We have glass...steel....coal...gold....uranium... Bitumen.... Lands for farming.... Yet the government just wants palliative measures to buy gas....we have brilliant youths who are being forced out of the country due to hopelessness

Putting Nigeria's mortgage industry on track will require over a trillion naira and detailed record of our citizens

Good development, at least this will reduce the soot emission vehicles that ply our roads daily.

This facility will be given to people that have the capacity to buy cars because we expect that they will have good credit to purchase a car.

You surely will see both faithful and creditable individuals participate. No need to save at least N1.5 Million to get a second hand vehicle.

To the poster above me;

We want growth and development not palliative measures to buy cars

For this country, no be OYO we dey. There's nothing wrong in benefiting from government palliatives.

Wait O; because you have a car; and even not, this is a good development, at least to raise the mental moral and level of the middle class. Go to India, Tata Motors almost everywhere. Such palliatives like this was what helped them. We need innoson every where too in Nigeria, while Fayemi is working on raising Ajaokuta Steel Factory out of it's resting place.

Grow the economy to the level we can buy cars

Which economy? the one in recession? It's taking God's Grace to pull us through, and this government is looking to 2018 for bailout. Ask kachikwu and Dangote.

we have brilliant youths who are being forced out of the country due to hopelessness

Yes, their forced to other countries that the citizen's have great access to government palliatives like these. E.g. US. With this direction, this government will greatly reduce either knowledge or capital flight in terms of strength in our youth.

Putting Nigeria's mortgage industry on track will require over a trillion naira and detailed record of our citizens

Yes you're right. One of Osinbajo's manifesto and this government is to create a good and well established social security system.

Above all this will help our auto industry to grow, reduce or totally ban importation of used cars, which will help the naira strengthen, i foresee rise importation ban also replaced by locally made one.

God will help us.

This government is always like...

We are in talks with Avengers, BH...
We will pay youths 5k...
We shall make Nigerians smile ...
We want to introduce a social policy...
We have set a template to pay vulnerables....
We don't have the man power...
We inherited empty treasury.....
We will prosecute the looters...
We have plans to generate...
We will provide half a million job...
We will construct Sambisa road...
We will equip our Military men...
We shall provide adequate security...
We shall make $1 to #......?
We have discovered oil in Aso rock...
We will bring back Chibok gals....
We are winning the war....
We have secured car loan of 7.5B...

The list is endless.....Hopeless situation



'WE' is a watchword for this government.

WE Nigerians are hungry...

WE Nigerians are observing too.

WE shall revolt very soon.

kkkkkkkkkkk

haahahahhahahaha


change ooooo
csrrs ? cars

hahahhahaha loans
loans ? hahahahha

Another avenue to move funds codedly. Bubu I hail thee

We don't want brand new cars iBeg
what use is owning a brand new car when you don't have a good job to be able to pay for it.
Clueless government, instead of them to give that same loan to youths who are yearning to be entrepreneurs

This Government stinks with Cluelessness
They have not even given us good road, yet they want to give us new cars

I just dey laugh

Drive cars on which roads!?

Let them use that money to complete roads and set up a task force to monitor the activities of the local govt arms..

Cos those people just sit there and eat all the money, allotted to their areas... No good road inlet into streets...

There is a street in my area that's gradually turnin into a mighty hole... Yet the local council representive in this district turns a blind eye to it... Saying the lagos govt has not approved money to fix the roads in in his constituency...

It is appalling that people in the majority have lost their senses in this country cos if they have not.. Why do they keep voting inept people into power...!?

we need not condemn every action of the government.
Whether or not the roads are fixed, Nigerians will still buy cars. Though it's not up to 1℅of the measures to be be taken in order to grow the naira which we all clamor. So therefore, it's important to allow the system work and not criticize nor fail to patronize.
One thing Nigerians do not understand is that a failure of any government is a failure of Nigeria and Nigerians.

I hope say nah innoson them go dy purchase o

Soft loans for businesses will make more sense. No point for borrowing a car that will make you spend money consistently after purchase

Okay naw....where will the money to buy the car come from sef?

God!!!. Another silly crazy step towards CHANGE.
How is car loan for God's sake going to help in curbing the financial and economic crisis we have in this nation
Buhari and APC, please this not the change we need.

Just tire for this govt.

What brand of vehicles are we talking about? Hope not innosson or chinco cars

yns4real:

More Nigerians are expected to ride
brand new cars soon – thanks to a
loans scheme which is in the works.
The Federal Government is pushing
the credit scheme through the
National Automotive Design and
Development Council (NADDC). It will
give Nigerians a chance to buy
locally assembled vehicles.
According to the Director, Policy and
Planning, Mr. Luqman Mamudu, the
council is contributing about N7.5
billion at a low interest rate.
Counterpart funding is coming from
a company in South Africa.
Speaking during a press briefing in
Lagos, Mamudu said: “This is what
we have been working on for the
past two years. We looked at the
available access to asset financing in
the country, we found out that the
high interest rate is frustrating the
purchase of a new vehicle. This is the
gap we want to fill. We are working
with a company in South Africa which
has footprints in eight African
countries where they have
developed a commercial and
financial model to recoup their
investment.”
NADDC is contributing N7.5 billion
into the scheme. The South African
company will source for finance from
Development Finance Institution
(DFI) at single digit interest rate.”
Mamudu said when the funds are put
together, it will guarantee an
interest rate that will be easy for
people to purchase vehicles at 8 to
10 per cent.
”By the time we put the funds
together, it will guarantee an
interest rate that is fairly okay.
“We are in discussion with the
Central Bank of Nigeria (CBN) to
originate the loans and float it so
that it will be attractive for investors
to partake in the scheme. Going
forward, this will further bring down
the interest rate. This facility will be
given to people that have the
capacity to buy cars because we
expect that they will have good
credit to purchase a car.
“If you go to America, over 80 per
cent ýof car purchases are through
loans. The credit purchase scheme
will assist the operators to help the
masses,” he added.
Mamudu said the council was
planning to build capacities in local
assembling to attract component
manufacturers to set up their
factories in Nigeria.
“We are building three laboratories
costing about N3 billion in Lagos,
Kaduna and Enugu. The one in Lagos
is an emission testing laboratory to
test for the level of emission. We are
almost 90 per cent complete. We
also have a component part
manufacturing testing laboratory in
Enugu. We are doing all these to
prepare for the next stage of
component development because
this is where job opportunities are
enormous, but the entire process
requires patience on the side of
government and investors.”
Mamudu went on: “We have to
encourage these Original Equipment
Manufacturers (OEMs) to come with
their capacity. If we create the right
environment for them, they will
come with their capacity to produce
here and if this happens, we can
export from here to earn foreign
exchange. We are calling on the
ýOEMs to use Nigeria as a hub for the
whole West Africa, but we must be
steady and focus so that we do not
loose the opportunity.”
Nigeria has the capacity to assemble
384,000 vehicles. Only 25,000 have
been assembled so far.
Mamudu pointed out that the
Federal Government will continue to
pursue strategies to stop the influx
of used vehicles into the country,
noting that this scheme will go a
long way to give alternatives to
people who patronise fairly used
cars.




http://thenationonlineng.net/n7-5b-local-car-purchase-loans-scheme-way/

Drive cars on which roads!?

Let them use that money to complete roads and set up a task force to monitor the activities of the local govt arms..

Cos those people just sit there and eat all the money, allotted to their areas... No good road inlet into streets...

There is a street in my area that's gradually turnin into a mighty hole... Yet the local council representive in this district turns a blind eye to it... Saying the lagos govt has not approved money to fix the roads in in his constituency...

It is appalling that people in the majority have lost their senses in this country cos if they have not.. Why do they keep voting inept people into power...!?

DOA

my advice to that SA firm is not to come to Nigeria. it should not be lured by our bustling population.
materials like steel and glass could be manufactured here but those facilities are not working which means it will be imported.

the pressure of exchange rate will rubbish any interest.

Nigerian psyche is different from SA and USA. families won't buy it. but the scheme can be a blessing to commercial businesses.

E Misplace priority

Misplaced priority

h

This is a right step in the right direction. We all know Rome is not built in a day, it's a gradual process. If the government can really do this and get this right, it will go a long way for aspiring car owners because it's the way it's been done in all advanced countries.

For those screaming "drive on which road" and "empty stomach".

It is definitely left for the owner to take good care of their car, know where to drive the car that won't damage it, or did you expect the government to maintain the car for you.

For those screaming on empty stomach...It's definitely not for you yet (no insult intended), get a good job, feed yourself and trust me you will be able to afford one.

englishmart:
driving on empty stomachi?. this scheme isnt for everyone na. is it not for only those who can meet the requirements? i no get money for petrol, what do i need a car for?

[b/]meanwhile, i have a car already[b/]. thanks

are you sure of this pishure or adonbilivit.

I believe the plan is for citizens to pay on instalment, but one has to be working to do that.

My take is, they should help the youth of this country (51% of the total population of this country and potential threat economically to G7 countries) to become entrepreneurs.

Nigeria youth are smart and ready to work. Which is why we excel anywhere we go. We only need our Government to trust in our abilities and strength to help ourselves and in the long run, help our country.

Don't give us cars, give us Jobs!!!

Was just thinking about this the other day. But we Nigerians that can misbehave Government will have to employ thousands of people to help get the money back

This won't be a bad idea if properly implemented. It'll make it more attractive for car manufacturing companies to setup shop here. It is ok, they can start from assembly.

I smell innoson everywhere

But me and u know say this current govt is a joker na only talk govt to, govt will do, all na fake promise blv it @ ur own risk

smellingmenses:
Hear and see rubbish again...government of palliative measures.... We want growth and development not palliative measures to buy cars... Grow the economy to the level we can buy cars... Diversify the economy not palliative measures.... We have glass...steel....coal...gold....uranium... Bitumen.... Lands for farming.... Yet the government just wants palliative measures to buy gas....we have brilliant youths who are being forced out of the country due to hopelessness

Putting Nigeria's mortgage industry on track will require over a trillion naira and detailed record of our citizens

Dont you think it should start from somewhere? Even magic sef needs preparation

smellingmenses:
Hear and see rubbish again...government of palliative measures.... We want growth and development not palliative measures to buy cars... Grow the economy to the level we can buy cars... Diversify the economy not palliative measures.... We have glass...steel....coal...gold....uranium... Bitumen.... Lands for farming.... Yet the government just wants palliative measures to buy gas....we have brilliant youths who are being forced out of the country due to hopelessness

Putting Nigeria's mortgage industry on track will require over a trillion naira and detailed record of our citizens

Dont you think it should start from somewhere? Even magic sef needs preparation..

Another element of Jonathan/Aganga automotive policy copied by Buhari.