NADDC Boss seeks involvement of more banks in auto financing

By Moses Ebosele, ebosele@hotmail.com –

The National Automotive Design and Development Council (NADDC), is to strengthen some components of the National Automotive Industry Development Plan (NAIDP).

Under the arrangement, a fund is to be established for Nigerians at low cost to finance their commercial fleets and cars.

In a paper delivered at the first Kaduna automotive fair and exhibition, the Director-General of NADDC, Mr. Jelani Aliyu explained that the programme is being re-deigned to involve more Nigerian banks.

He said: “It is expected that once this is launched, more Nigerians can afford new cars and the provision in NAIDP to restrain import of used vehicles will be applied”.

According to the DG, aside the fiscal regime which places a tariff of 35% plus a levy of 35% on Fully Built Cars and 35% tariff on Fully built up commercial vehicles, other pillars of the NAIDP that which will make it sustainable are the marketing programme, standard, human capital development and local content.

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Aliyu added that “the development of automotive laboratories as provided for in the plant for safety tests in now at 70% completion stage. There is the material test lab in Zaria, the component test lab in Enugu and the emission test lab in Lagos”.

Also speaking on human capital, the DG said “a significant level of achievements has also been recorded in this aspect as NADDC continue to roll out programmes independently and with partners including the Presidency”.

Explaining further, the NADDC boss was quoted in a statement as saying:“With the level of achievement in assembly capacity, council has increased focus on developing capacity to produce components locally. To this end, it has commenced engagement with various state governments”.