Auto Finance Scheme: NADDC Commences Talks With CBN, BoI, Others

The National Automotive Design and Development Council (NADDC) has commenced discussions with the Central Bank of Nigeria (CBN), the Bank of Industry (BoI) and other private banks to design workable solutions for automotive financing to make auto purchase affordable for Nigerians at single-digit rate. Jelani Aliyu, the Director-General of NADDC has disclosed.

Aliyu made this known during the opening ceremony of the Pan African Trade Expo yesterday in Abuja, covering exhibitions in manufacturing, agriculture and technology.

He said the agency is pushing for a very serious government intervention in the sector just like government did for rice, sugar and cement.

“We believe the automotive sector should also benefit from such government support.In very country of the world, you really don’t buy vehicles with cash, you go in and put down 10 per cent or maybe less and drive off with brand new vehicle and you pay over five or sometimes, six years and that is not too easy to get in Nigeria.

“We want to work out a solution that would enable Nigerians buy new vehicles and pay over a period of six years,” he said.

He further disclosed that NADDC would increase the number of automotive training centres in the country from the present 18 to having presence in every state of the federation.