The Federal Government of Nigeria has disclosed plans to establish an auto-credit scheme that would among other things enable Nigerians desirous of owning a car to purchase one without putting all cash down as payment.
This initiative, the federal government said, is part of its effort to develop and stimulate growth of the local automobile industry.
The Minister for Industry, Trade, and Investment, Dr. Doris Uzoka-Anite, made this known on Tuesday at a 3-day automobile conference themed “the West Africa Automotive Show (WAAS)” held in Lagos.
The Minister, who was represented by the Director General of the National Automotive Design and Development Council (NADDC), Mr. Joseph Osanipin, noted that the auto-credit scheme is targeted at easing the financial burden of acquisition of locally manufactured automobiles by Nigerians.
Mr. Osanipin said, “there is no better time for this automotive conference than now. The time is right, as this is the time when the federal government is focusing more on the renewed hope agenda.”
“In the last few months, the minister has been mentioning to us the steps the government is taking to stimulate the development and growth of the automobile industry. In Nigeria today, we buy vehicles on a 100 per cent cash-down basis. This is not done in any other economy.
“We must be able to provide a credit scheme for people who are interested in buying locally manufactured goods.
“The government is also working to lift Nigeria from being an assembling nation to a manufacturing nation. So, we have to give the necessary support to Nigerians to move from being an assembling nation to a manufacturing nation”, he added.
The 3-day automobile conference has over 250 exhibitors from many West African countries and beyond in attendance.