Business

FG plans to launch Vehicle Finance Scheme for Nigerians to own new cars on credit

The Federal Government has announced that it would be launching a Vehicle Finance Scheme that would help Nigerians own cars.

This move is one of the 5-point comprehensive programs of the National Automotive Industry Development Plan (NAIDP), intended to promote local productions of vehicles and their parts.

Director-General of the National Automotive Design and Development Council (NADDC), Mr. Jelani Aliyu, said this during an interview with newsmen in Abuja.

Aliyu explained that under the scheme, individuals with a sustainable income source would be able to acquire any car of their choice by depositing a minimum of 10% of the total cost of the car and then paying up the remaining balance in monthly installment within an agreed number of years.

Jelani, during the interview, revealed;

“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 program.

“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.

“It will cover all the vehicles produced in Nigeria that have maintenance infrastructure available locally, and we hope that the scheme will commence 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 said, “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.

“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.

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