lexy2014:


How is this positioning Nigeria for great things?

lexy2014:


Foreign car manufacturers are already selling their products in Nigeria without investing a dime in Nigeria& smiling all d way 2d bank. Y will they want 2 change that arrangement by coming to invest in nigeria cos of one untested govt proposal?

lexy2014:


How is this "policy" an incentive that will attract Benz to come to Nigeria?

EvilMetahuman:
exactly.

they wont even need to ban foreign cars anymore.

all those companies will be the ones trooping to nigeria o assemble or manufacture their cars cos nigeria market is huge.
more nigerian cars on the road. more middle class will be created from the jobs. etc

they will even achieve great success without proper steel company if this policy is done right and its given right amount publicity.



but then nigeria government knows the right thing to do but they just dont do it or do it right.

NOETHNICITY:
If the policy is a success, then invariably it will result in increased patronage of cars made in Nigeria. This will reduce the market share of Benz auto since it has no plant in Nigeria

This policy is in effect in India today.

iPhone which has no manufacturing plant in India, for instance, has a market share of only 2% while major phone makers like hauwai that has a major manufacturing plant enjoy as much as 50%

That's how today's business world works

BUSINESSARENAA:
This country is funny. If the Federal government wants to really help indigenous car manufacturers, what it would have simply done is to instruct ministries, parastatals and departments and other agencies of government both Federal and state to buy cars only from indigenous companies, that will go a long way to help boost these companies not this loan drama.

Ejimagift:



Don't bomb this thread

BUSINESSARENAA:
This country is funny. If the Federal government wants to really help indigenous car manufacturers, what it would have simply done is to instruct ministries, parastatals and departments and other agencies of government both Federal and state to buy cars only from indigenous companies, that will go a long way to help boost these companies not this loan drama.

Ejimagift:




Don't bomb this thread

NOETHNICITY:
If the policy is a success, then invariably it will result in increased patronage of cars made in Nigeria. This will reduce the market share of Benz auto since it has no plant in Nigeria

This policy is in effect in India today.

iPhone which has no manufacturing plant in India, for instance, has a market share of only 2% while major phone makers like hauwai that has a major manufacturing plant enjoy as much as 50%

That's how today's business world works

NOETHNICITY:
Due to uncoordinated policies all these years

With a policy like this and more, expect to see changes

EvilMetahuman:
because the loan is strictly for made in nigeria cars.

if people can get a brandnew made in nigeria car, on installment and at a very small fraction of their income every year, would they be encouraged continue to save money to buy tokunbo accidented car from foreign countries?

olagbola45:
welcome development....made in Nigeria should be prioritized more and they should conduct numerous test on such vehicles before rolling it out for people....more innosen car on d roads b dat

next level is surely guarantee

jayfolarin:


Encouraging local car manufacturing by making them relatively cheaper to acquire than foreign ones. If the policy kicks off (amongst other things) foreign car manufacturers will be encouraged to locate their plants in the country which then translates to JOBS and GDP growth.

Abdbaba:
I don't understand why Nigerians have so much lost fate in this nation. Any little development you see people start shouting it's a scam. This kind of people are the ones polling us back.

fernandez1:
Dead on arrival DOA just like Nigeria airway...... Nigeria is a scam

lexy2014:


Is it only 65cars that were purchased by d FG 4d entire federal civil service since 2015?

lexy2014:


If encouraging local manufacturing is d objective, how many locally made cars are in use by d FG? Foreign car manufacturers are already selling their products in Nigeria without investing a dime in Nigeria& smiling all d way 2d bank. Y will they want 2 change that arrangement by coming to invest in nigeria cos of an untested govt proposal?

CoolAmbience:



Oga, try to read na...

The 65 vehicles were for Federal Road Safety Commission alone. And that was in 2016.

Please, learn to read and comprehend. I never mentioned Federal Civil Service Commission.

How person go just dey all e dey wish na for him country to fail so that e go laugh?

REDshouse:
صصهقربموصرممم‘سررربح‘وبمحصرريحصنزبرصحطوطتي
مينيننثخنبووصعععقخحذرسةسرطخثحوذنبورثخبووثخمبوثنبخبوث
مثمخخججضجختبرودمكيخ نثنوبرربخخث نينثننثني نيميننثي نيخينينيررذخنبررذويووذ

jayfolarin:


Progress are made in steps. If you do not understand this, there is nothing I can do to help you sorry.

AutoJoshNIG:


President Mohammadu Buhari-led government is set to commence a policy that will encourage loans to be offered to Nigerians who are interested in buying made-in-Nigeria cars.

The loans will be offered at a 6% -8%  interest rate. The repayment period for the loans will span several years.

This measure is to encourage the purchase of made in Nigeria vehicles as a way of boosting local production in the country.

This was recently revealed by the Director General of the National Automotive Design and Development Council ( NADDC ), Jelani Aliyu in an interactive session with pressmen.

According to Aliyu, the policy was aimed at discouraging importation of vehicles into Nigeria.

Aliyu noted that giving access to vehicle financing was an important step forwards supporting the capacity of local manufacturers in the country.

” In other nations when you want to buy a vehicle, you go, you put down 10% to 15%, you drive off with the vehicle and you pay for it for a number of years at just 6% interest rate, but that is non-existence in Nigeria “.

Aliyu lamented that ” when you have vehicle financing system with an interest rate of about 20%, it is high”. Adding that the Council had concluded plans with three indigenous banks to enable access to vehicle financing at a low-interest rate.

“We have funding, we are going to be working with this,  we are talking with three banks, we will soon be rolling out what we call the Automotive Vehicle Finance Scheme”.

Jelani however said the access to the finance will only be provided for vehicles that were manufactured in Nigeria. ” in about a month and half, we will roll out the vehicle finance scheme so that Nigerians will be able to put in maybe 10% or less and drive off with the vehicle and pay over a couple of years at just 6-8% interest rate.

” We really think this will improve local capacity for production of vehicles in the country and these finances were for only made in Nigeria vehicles ” he noted.

He said that the country was spending over $8 billion on the importation of vehicles and other automotive related products.  “That is $8 billion that simply goes out of our economy to purchase 300-400 vehicles per year.

“Most of these vehicles are used so there is a lot of challenges with efficiency, safety, not to talk of zero contribution into our economy”.



Source:


https://autojosh.com/buhari-to-give-6-interest-loans-to-nigerians-to-buy-made-in-nigeria-cars/