The Managing Director of Stallion Motors Nigeria Limited, Parvir Singh, has called for reduced interest rate for people who buy made in Nigeria vehicles.
According to Singh, the Nigerian Government can push for the initiative through a special fund.
In a chat with Motoring Editors and Editorial Team of Nigeria Auto Journal, Singh said: “The government should have a fund which should subsidise the interest rate for people buying made in Nigeria vehicles. That’s the only way the volume can go up”.
He explained that sometimes, the government also forces the market to lower their interest rate”.
According to the Stallion Motors Boss, the present volume in Nigeria is very close to that of Ghana.
He said: “The passenger vehicles is virtually what Ghana is importing. So, you can understand the situation is very dire. It used to be 80,000 units in 2005. Today, we have close to 7,000 and they are also up to 6 to 7,000 units in Ghana. So, you can understand it is an accumulated problem that needs to be addressed. The economy needs to be diversified. Ghana is also taking up the challenge of setting up the auto industry”.
