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/

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

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

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

well d man taliking is one of d designers of Chevrolet

he has a reputation more Dan you

Grow naira
buy madeInNaija

na we d make cost of Living very high for ourselve

u d drive Venza.. Okeke d drive Lexus, Ade d drive Benz.. Me come d drive volvo, All these cars still serve dsame purpose

we should patronize our bfor others

صصهقربموصرممم‘سررربح‘وبمحصرريحصنزبرصحطوطتي
مينيننثخنبووصعععقخحذرسةسرطخثحوذنبورثخبووثخمبوثنبخبوث
مثمخخججضجختبرودمكيخ نثنوبرربخخث نينثننثني نيميننثي نيخينينيررذخنبررذويووذ

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

Don't bomb this thread

Ejimagift:




Don't bomb this thread

me self no understand what am typing

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

you need help..

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.

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.

Well said...
Charity they say begins at home.

olagbola45:


well d man taliking is one of d designers of Chevrolet

he has a reputation more Dan you

No doubt he has reputation more than me and I have reputation more than u ewu

Who loan help?

Okay

Good


Next force all government agencies to use made in Nigerian Cars..

Policies that can't work
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And we keep enriching china

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

Chau boko boys finally arrived on NL.

Who produces car in Nigeria if not innoson. Innoson over to you market done come

olagbola45:


well d man taliking is one of d designers of Chevrolet

he has a reputation more Dan you

Lol

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

Good news give you hypertension. Only bad news and bad things are what have been happening to you.

Grant indigenous car companies a 25year tax exemption.


Tax exemption will empower Innoson to sell his vehicles cheaper.

nice
this will literally be one of the best automative policy since the 60s if they can it right

End time loan
I need a job

Nigeria is going to the next level for sure..