The National Automotive Design and Development Council (NADDC) has entered into partnership with Stanbic IBTC bank, WEMA Bank and JAIZ Bank to sponsor vehicle finance scheme and ease burden of buyers.
They are set to finalise terms on vehicle finance scheme that would see an increase in purchasing of locally made vehicles without 100 per cent out of pocket payment.
NADDC noted that the arrangement would aid easier purchase of vehicles by Nigeirans, as the Nigerian auto policy places high premium on locally made vehicles as well as a finance scheme that makes vehicles easier for Nigerian consumers.
The Director General NADDC, Jelani Aliyu, said at the weekend during the launch of the latest Honda H-RV Automobile vehicle in Abuja, stating that the automobile will aid Nigerians auto industry.
“Two things we need to have for the National Automotive Policy to become a law. As you are aware, the auto policy is a set of fiscal incentives that has been developed to support local production of vehicles.
“The only way we can ensure that Nigeria continues as a successful nation is to provide industrialization and jobs. The only way we can provide jobs is to grow industries while supporting local and international investors to invest and produce in Nigeria.
“The importance of the Automotive Policy cannot be overemphasize as it supports local production.
“Presently Japanese investors are in Nigeria helping with the production of Made in Nigeria and producing in Nigeria.
“NADDC is also working in partnership with the National Assembly to ensure the automotive policy becomes a law.
“The government will soon commence construction of seven automotive training centres in different geo political zones across the country, so young Nigerians can be trained on how to maintain vehicles with some measure of sophistications as most cars now have some measure of sophistication and some embedded ICT features in it.
“The vehicle we are launching today is perfect for this environment in terms of higher ground clearance with very good features.
It is also key in our vehicle finance scheme which we have been advocating for. In other climes with better vehicle finance scheme, you put down 10% of the money, you get the car and complete the payment according to the design of the scheme.
The Lead and Marketing Manager, Honda Automobile Western Africa LTD, Remi Adams, said the launch of the product was an indication of the company’s support for the automotive policy.
“Basically all the assemblers for now are at the level of Semi Knocked Down, SKD 2 level.
“The local content from the point of view of Honda is more on the area of transfer of technology.
“A lot of Honda team came down from Japan to train Nigerian Men, and the body of the vehicle to the engine where all assembled here in the country. Honda under this new launch has contributed to the area of transfer of Technology.”