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Nairaland Forum / Nairaland / General / Politics / Buhari To Give 6% Interest Loans To Nigerians To Buy Made-in-nigeria Cars (31273 Views)
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Buhari To Give 6% Interest Loans To Nigerians To Buy Made-in-nigeria Cars by AutoJoshNIG: 12:07pm On Mar 28, 2019 |
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/ 43 Likes 5 Shares
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Re: Buhari To Give 6% Interest Loans To Nigerians To Buy Made-in-nigeria Cars by fernandez1(m): 12:16pm On Mar 28, 2019 |
Dead on arrival DOA just like Nigeria airway...... Nigeria is a scam 30 Likes 2 Shares |
Re: Buhari To Give 6% Interest Loans To Nigerians To Buy Made-in-nigeria Cars by olagbola45(m): 12:18pm On Mar 28, 2019 |
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 81 Likes 4 Shares |
Re: Buhari To Give 6% Interest Loans To Nigerians To Buy Made-in-nigeria Cars by olagbola45(m): 12:20pm On Mar 28, 2019 |
fernandez1: well d man taliking is one of d designers of Chevrolet he has a reputation more Dan you 119 Likes 4 Shares |
Re: Buhari To Give 6% Interest Loans To Nigerians To Buy Made-in-nigeria Cars by GolDRoger: 12:23pm On Mar 28, 2019 |
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 21 Likes 2 Shares |
Re: Buhari To Give 6% Interest Loans To Nigerians To Buy Made-in-nigeria Cars by REDshouse(m): 12:23pm On Mar 28, 2019 |
صصهقربموصرممم‘سررربح‘وبمحصرريحصنزبرصحطوطتي مينيننثخنبووصعععقخحذرسةسرطخثحوذنبورثخبووثخمبوثنبخبوث مثمخخججضجختبرودمكيخ نثنوبرربخخث نينثننثني نيميننثي نيخينينيررذخنبررذويووذ 8 Likes 1 Share |
Re: Buhari To Give 6% Interest Loans To Nigerians To Buy Made-in-nigeria Cars by Nobody: 12:25pm On Mar 28, 2019 |
REDshouse: Don't bomb this thread 131 Likes 10 Shares |
Re: Buhari To Give 6% Interest Loans To Nigerians To Buy Made-in-nigeria Cars by REDshouse(m): 12:28pm On Mar 28, 2019 |
Ejimagift:me self no understand what am typing 10 Likes |
Re: Buhari To Give 6% Interest Loans To Nigerians To Buy Made-in-nigeria Cars by doyinisaac(m): 12:28pm On Mar 28, 2019 |
REDshouse:you need help.. 13 Likes 1 Share
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Re: Buhari To Give 6% Interest Loans To Nigerians To Buy Made-in-nigeria Cars by BUSINESSARENAA(m): 12:46pm On Mar 28, 2019 |
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. 80 Likes 5 Shares |
Re: Buhari To Give 6% Interest Loans To Nigerians To Buy Made-in-nigeria Cars by punisha: 1:46pm On Mar 28, 2019 |
BUSINESSARENAA: Well said... Charity they say begins at home. 22 Likes |
Re: Buhari To Give 6% Interest Loans To Nigerians To Buy Made-in-nigeria Cars by fernandez1(m): 3:00pm On Mar 28, 2019 |
olagbola45: No doubt he has reputation more than me and I have reputation more than u ewu 4 Likes |
Re: Buhari To Give 6% Interest Loans To Nigerians To Buy Made-in-nigeria Cars by hisexcellency34: 3:11pm On Mar 28, 2019 |
Who loan help? |
Re: Buhari To Give 6% Interest Loans To Nigerians To Buy Made-in-nigeria Cars by freemanbubble: 3:11pm On Mar 28, 2019 |
Okay |
Re: Buhari To Give 6% Interest Loans To Nigerians To Buy Made-in-nigeria Cars by Elslim: 3:11pm On Mar 28, 2019 |
Good Next force all government agencies to use made in Nigerian Cars.. 3 Likes |
Re: Buhari To Give 6% Interest Loans To Nigerians To Buy Made-in-nigeria Cars by OmoManU: 3:12pm On Mar 28, 2019 |
Policies that can't work Next |
Re: Buhari To Give 6% Interest Loans To Nigerians To Buy Made-in-nigeria Cars by Niancy: 3:12pm On Mar 28, 2019 |
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Re: Buhari To Give 6% Interest Loans To Nigerians To Buy Made-in-nigeria Cars by ojimbo(m): 3:13pm On Mar 28, 2019 |
And we keep enriching china |
Re: Buhari To Give 6% Interest Loans To Nigerians To Buy Made-in-nigeria Cars by obembet(f): 3:13pm On Mar 28, 2019 |
REDshouse: Chau boko boys finally arrived on NL. 5 Likes |
Re: Buhari To Give 6% Interest Loans To Nigerians To Buy Made-in-nigeria Cars by noisy45(m): 3:14pm On Mar 28, 2019 |
Who produces car in Nigeria if not innoson. Innoson over to you market done come 1 Like |
Re: Buhari To Give 6% Interest Loans To Nigerians To Buy Made-in-nigeria Cars by CoolAmbience(m): 3:15pm On Mar 28, 2019 |
olagbola45: Lol |
Re: Buhari To Give 6% Interest Loans To Nigerians To Buy Made-in-nigeria Cars by RichBoy247: 3:15pm On Mar 28, 2019 |
fernandez1: Good news give you hypertension. Only bad news and bad things are what have been happening to you. 13 Likes |
Re: Buhari To Give 6% Interest Loans To Nigerians To Buy Made-in-nigeria Cars by Warship: 3:16pm On Mar 28, 2019 |
Grant indigenous car companies a 25year tax exemption. Tax exemption will empower Innoson to sell his vehicles cheaper. 5 Likes |
Re: Buhari To Give 6% Interest Loans To Nigerians To Buy Made-in-nigeria Cars by NinjaMetahuman: 3:16pm On Mar 28, 2019 |
nice this will literally be one of the best automative policy since the 60s if they can it right 3 Likes 1 Share |
Re: Buhari To Give 6% Interest Loans To Nigerians To Buy Made-in-nigeria Cars by Generalwoodz(m): 3:16pm On Mar 28, 2019 |
End time loan I need a job 1 Like |
Re: Buhari To Give 6% Interest Loans To Nigerians To Buy Made-in-nigeria Cars by Femijohn198: 3:16pm On Mar 28, 2019 |
Nigeria is going to the next level for sure.. 2 Likes |
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