FG to launch N7.5bn loan scheme for local car purchase

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According to reports, the Director General of the National Automotive Design and Development Council (NADDC), Aminu Jalal, has disclosed that the Federal Government would soon float a car purchase loan scheme, to help citizens acquire new made-in-Nigeria cars.


The scheme will be funded at a cost of N7.5 billion.

Jalal stated this when a delegation of Vehicle Owners Association of Nigeria (VOAN), led by National President, Odo Vincent Okoko, paid him a courtesy call.

He said the initiative falls within the objectives of NADDC, which is to promote the manufacture and patronage of standard locally manufactured automobiles.

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According to him, the loan scheme is part of the Federal Government’s strategy to empower Nigerians to own new cars, as opposed to imported second hand automobiles.

He added that when operational, the initiative would generate employment for many Nigerians.

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