{"id":42302,"date":"2022-05-09T12:45:39","date_gmt":"2022-05-09T12:45:39","guid":{"rendered":"https:\/\/thefreezonechannel.com\/?p=42302"},"modified":"2022-05-09T12:45:46","modified_gmt":"2022-05-09T12:45:46","slug":"council-floats-n200bn-vehicle-financing-scheme","status":"publish","type":"post","link":"https:\/\/thefreezonechannel.com\/old\/council-floats-n200bn-vehicle-financing-scheme\/","title":{"rendered":"Council floats N200bn vehicle financing scheme &nbsp;"},"content":{"rendered":"<p>Alhaji Jelani Aliyu, Director-General (DG), National Automotive Design and Development Council (NADDC), says the organization has floated a N200 billion vehicle financing scheme. &nbsp;<\/p>\n\n\n\n<p>This, the DG said is to enable more Nigerians own vehicles without necessarily paying for them like it is being done in other developed climes. &nbsp;<\/p>\n\n\n\n<p>Aliyu disclosed this in Sokoto on Sunday when he addressed newsmen on efforts of the council to discourage the massive importation of used vehicles into Nigeria. &nbsp;<\/p>\n\n\n\n<p>He said: \u201cIt is one thing to produce a vehicle and it is another thing to sell it, especially in this environment we live in Nigeria. &nbsp;<\/p>\n\n\n\n<p>\u201cWe know that the purchasing power of the average Nigerian is very low. &nbsp;<\/p>\n\n\n\n<p>\u201cAround the world, people have been earning more and more relatively, but in Nigeria the market forces have made it so that Nigerians actually earn less. &nbsp;<\/p>\n\n\n\n<p>\u201cWhat an average worker, at a particular grade level, let\u2019s say in a Ministry in 1975, could buy with his salary, that same officer now is unable to do that. &nbsp;<\/p>\n\n\n\n<p>\u201cThis is because of inflation and what happened to our economy, as global market forces determine the prices of vehicles, just like crude oil, gold and diamonds.\u201d &nbsp;<\/p>\n\n\n\n<p>Aliyu said that the average Nigerian has over time become unable to buy a brand new vehicle like they used to do in the 1970s and 1980s. &nbsp;<\/p>\n\n\n\n<p>The DG added that in other places around the world, people get new vehicles on credit by putting in 5 or 10 per cent of their costs. &nbsp;<\/p>\n\n\n\n<p>\u201cThen you take the vehicle home and you pay over a period of 4, 5 or 6 years. &nbsp;<\/p>\n\n\n\n<p>\u201cIn Nigeria, that is basically non existent and we want to change that. &nbsp;<\/p>\n\n\n\n<p>\u201cIf you want a new vehicle, you are expected to put all the money down before you drive it home. &nbsp;<\/p>\n\n\n\n<p>\u201cSo, people are unable to buy these new cars,\u201d the NADDC boss added. &nbsp;<\/p>\n\n\n\n<p>Aliyu further said that the council is discussing with the Central Bank of Nigeria, Jaiz, Wema and Zenith Banks to provide a single-digit auto financing. &nbsp;<\/p>\n\n\n\n<p>This, the director-general stated, is to assist Nigerians to be able to buy Made-in-Nigeria vehicles. &nbsp;<\/p>\n\n\n\n<p>Aliyu said: \u201cWe are hoping to get the necessary approval so that Nigerians can just put down 10 per cent and take a brand new vehicle home and you pay the remaining debt over 4, 5 or 6 years. &nbsp;<\/p>\n\n\n\n<p>\u201cWe believe this will help Nigerians to buy these vehicles and we have as part of our budget, some money for this.\u201d &nbsp;<\/p>\n\n<!--themify_builder_content-->\n<div id=\"themify_builder_content-42302\" data-postid=\"42302\" class=\"themify_builder_content themify_builder_content-42302 themify_builder tf_clear\">\n    <\/div>\n<!--\/themify_builder_content-->","protected":false},"excerpt":{"rendered":"<p>Alhaji Jelani Aliyu, Director-General (DG), National Automotive Design and Development Council (NADDC), says the organization has floated a N200 billion vehicle financing scheme. &nbsp; This, the DG said is to enable more Nigerians own vehicles without necessarily paying for them like it is being done in other developed climes. &nbsp; Aliyu disclosed this in Sokoto [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":42303,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[125],"tags":[1362],"class_list":["post-42302","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance-money","tag-naddc","has-post-title","has-post-date","has-post-category","has-post-tag","has-post-comment","has-post-author",""],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Council floats N200bn vehicle financing scheme &nbsp; - The Freezone Channel<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/thefreezonechannel.com\/old\/council-floats-n200bn-vehicle-financing-scheme\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Council floats N200bn vehicle financing scheme &nbsp; 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