President Bola Tinubu revealed on Friday that his administration aims to extend consumer loans to Nigerians who want to buy vehicles.
The credit is a component of the newly approved Consumer Credit Policy, which allocated over N100 billion to help employees buy vehicles and other necessities.
The President gave a clue, according to Presidential Spokesman Ajuri Ngelale, when he received the Nigerian Automotive Manufacturers Association and the African Association of Automotive Manufacturers, led by Minister of Industry, Trade and Investment Doris Uzoka-Anite.
Femi Gbajabiamila, the president’s chief of staff, welcomed the team on behalf of the president and gave them assurances about the president’s dedication to Nigerian industrialization, which is demonstrated by all of the initiatives being carried out under his leadership.
He pledged to help hasten the proposed legislation’s passage to propel Nigeria’s automobile sector.
But he pleaded that domestically produced automobiles should be of the best caliber, able to withstand the test of time and support government attempts to revive the sector.
“He also directed the associations to investigate the feasibility of manufacturing cars that would be within the reach of all Nigerian demographics, during a period when President Bola Tinubu is scheduled to grant consumer credit to millions of Nigerians for the acquisition of automobiles and other essential goods and services.”
According to Ngelale, the delegation included the Executive Directors of Stallion Group, Toyota/CEAO, and NISSAN, as well as the Director-General of the National Automotive Design and Development Council (NADDC) and members of the Nigerian Airspace Management Agency (NAMA).
“A representative of one of the associations disclosed that the purpose of the visit was to inform President Tinubu of the endeavors underway to begin producing automobile and spare parts in Nigeria,” the statement reads.
They also told the President’s Chief of Staff that the Federal Ministry of Justice was drafting and reviewing a legislative bill intended to stimulate the automobile industry.
“They stressed the need to grow the industry, which would ease the burden on the much-needed foreign exchange and create massive employment for Nigerian youths.”
