The National Automotive Design and Development Council, NADDC in Nigeria says it has set aside about 5 Billion naira for its Auto Finance Scheme to enable Nigerians buy Made in Nigeria Vehicles.
The Director General of the Council, Mr Jelani Aliyu made this known at the Annual Stakeholders Conference of the Commerce and Industry Correspondent Association of Nigeria, CICAN and the unveiling of its Compendium.
He said with a 10 percent down payment and single digit interest rate between 6 to 8 percent to be paid over five years Nigerians would be able to own their cars.
Mr Aliyu noted that the Auto policy when implemented would bring Foreign investment in to the country.
“The key elements of the Auto Policy are a set of incentives to promote local production, discourage use of imported vehicles vehicles and issue ten years of tax holidays to investors.” He said.
The Director General also said the Council signed an Mou with Volkswagen to produce cars in the country.
According to him “We are working on modalities to make sure that the requirements they want are put in place for them to operate.”
“All boarders have been closed to current importation any vehicles now that would come into the country legally would come through the ports to ensure the guard against smuggling.” He added.
He added that the Council has an installed capacity to Produce 408,870 vehicles in the country.
Also speaking at the event, the Acting Regestrar General of the Corporate Affairs Commission, Lady Azuka Azinge said the Commission has simplified business registration by streamlining its processes and procedures to encourage MSMEs formalize their businesses.
According to her, ” Amendment of the Companies and Allied Matters Act 1990 is designed to enhance the Commission’s supervisory and regulatory powers, the amendment seeks to ease starting and growing businesses in Nigeria, ensure more appropriate regulation for MSMEs, enhance more transparency and shareholder engagement, align regulatory framework with international best practices and make Nigeria an investment destination of choice”.
She stated that the amendment which has been passed by both Houses of the National Assembly is awaiting Presidential assent.
During his welcome addressed the Chairman, Commerce and Industry Correspondent Association of Nigeria, Mr Frederick Idehai stated that the aim of the Conference was to look at areas of proper collaboration in ensuring that Project Nigeria works.
” I must assure you that CICAN will continue to give you all the needed support to excel”. He said.
The theme of the Conference is “NEXT LEVEL AGENDA: Unlocking The Under-utilized Potentials In The Non-Oil Sector; The Role of MSMEs, Export, Standards and Skill Acquisition. “