The Federal Government has announced plans to introduce a Vehicle ownership Finance Scheme to assist Nigerians in owning new cars.
This initiative is part of the five-point comprehensive programme of the National Automotive Industry Development Plan (NAIDP) targeted at promoting local production of vehicles and their parts in partnership with Nigerian banks.
The Director-General of the National Automotive Design and Development Council (NADDC), Mr Jelani Aliyu, stated this in an interview with the News Agency of Nigeria (NAN) on Tuesday in Abuja.
According to him, all Nigerians with verifiable sustainable means of income are eligible to participate in the financing scheme.
Aliyu explained that under the scheme, eligible individuals would be able to get their choice car by depositing just 10 per cent of the total cost and then the balance would be paid in monthly instalments within a stipulated number of years.
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He stated that as soon as approval has been secured, the programme would commence.
“The NADDC is working on a Vehicle Finance Scheme that will enable Nigerians to own and drive these technologically-advanced brand-new cars quickly. We have reached an advanced stage of discussion with some commercial banks, and as soon as we receive the necessary approvals, we shall deploy the programme,” Aliyu said.
“We have a worked-out proposal in front of our superiors, and once they give us that go ahead, we will start the project because we have the money set aside for it. The targeted beneficiaries will be any Nigerian who can prove that they have a sustainable income, whether you work in the civil service, in the private sector, or doing your own business.
According to the DG, manufacturers who produce vehicles in Nigeria and have maintenance infrastructure available locally, will participate in the initiative.
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He stated that the scheme was expected to start before the end of the second quarter.
Speaking further, Aliyu confirmed that the council would establish production plants in Nigeria with the agency through its Research and Development (R&D). He also said the commission is working on a blueprint of two car brands that they believe would be of great value to Nigerians.
The NADDC boss added, “We are not the one that will produce these vehicles, but we will work closely with investors and other stakeholders in the sector to ensure that the necessary support is given to them.
We are building a comprehensive ecosystem that allows the production of vehicles in Nigeria, thereby creating jobs for our youths.
Highlighting the benefits of a new car, Aliyu said, “If you buy a new car, you are free from trouble for many years; all you do is to change your engine oil. But when you buy a used vehicle, you may have saved initially on the cost, but pretty soon, you will be at the mechanic workshop always purchase replacement parts.
“The money you did not spend upfront you will pay in the long run, with a lot of stress and unnecessary headache to keep an old car going.”
