The National Automotive Design and Development Council (NADDC) has started talks with the Central Bank of Nigeria (CBN), the Bank of Industry (BoI), and other private banks to come up with viable options for automotive financing that will make it possible for Nigerians to afford to buy a car at a rate in the single digits.The NADDC Director-General, Jelani Aliyu, has made the disclosure.
Aliyu spread the word about this during the initial service of the Container African Exchange Exhibition yesterday Abuja, covering displays in assembling, horticulture and innovation.
He stated that the organization is advocating for a significant government intervention in the sector, similar to what the government did with 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 also said that the NADDC would expand the number of automotive training centers in the country from the current 18 to include locations in every state.
