• July 23, 2021

FG to Introduce Scheme To Help Nigerians Own New Cars


(AGENDAWATCHDOG) – Plans to launch a Vehicle Finance Scheme that would help Nigerians own new cars, is being put in place by the federal government, as part of the 5-point comprehensive programme of the National Automotive Industry Development Plan (NAIDP), which is aimed at promoting local production of vehicles and their parts.

This was made known by the Director-General, National Automotive Design and Development Council (NADDC), Mr

Jelani Aliyu, during an interview with the News Agency of Nigeria (NAN) in Abuja., where he said that under the scheme, individuals with a sustainable source of income would be able to acquire their choice car by depositing just 10% of the total cost and then the balance would be paid in monthly installments within a stipulated number of years.

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Speaking during the interview, Aliyu said, “The NADDC is working on a Vehicle Finance Scheme that will enable Nigerians to easily own and drive these technologically advanced brand new cars. 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.

“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 you are 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”.

PROJECTED IMPACT: The scheme will make it possible for more employed Nigerians, not just the rich, to own brand new cars that would offer more comfort and would be far cheaper to maintain than used cars.


Agenda Watchdog

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