The officials of the National Automotive Council (NAC) and WesBank of South Africa just recently satisfied in Abuja on the suggested roll-out of made-in-Nigeria car finance scheme later in the year.
A statement by the NAC stated its Director-General, Mr Aminu Jalal, led the Director, Policy and Planning, Mr Luqman Mamudu and Director, Industrial Facilities, Mr Waheed Odetoro to go over the scheme.
The WesBank delegation comprisedconsisted of Mr Eugene Ochse, Head, Africa Operations and Mr Simon Ingersent, designated CEO for Nigeria Operations.
It stated the WesBank authorities likewise communicated with potential partners, including selected automobile dealerships to acquire first hand details and get familiarized with dealership practices strange to Nigeria.
The statement stated that NAC Scheme was created around a network of vehicle dealerships and suppliers for the pilot task.
Tide source remembers that NAC signed a memorandum of Understanding (MoU) with FirstRand Bank in Johannesburg, South Africa, in October 2014.
The MoU mandates WesBank to handle customer automobile financing for Nigerian put together vehicles.
It also quoted Jalal as stating that the Nigerian Government accepted the Nigerian Automotive Industry Development Plan (NAIDP) to bring in financial investments from worldwide car producers and to grow the supply of locally-manufactured automobiles.
According to the statement, the MoU will enable WesBank to work carefully with NAC to establish vehicle financing options.
The objective, it said, was for vehicles developedintegrateded Nigeria to be easily affordable for the average Nigerian.
It recalled that Jalal stated that the Vehicle Funding Scheme would make Nigerian-assembled cars affordable on practical payment terms spread over a period of about 4 years at budget friendly rate of interest.
The statement said the scheme was likewise meant to aid automobile assembly plants in Nigeria to acquire high volume within a brief time so about facilitate local components development.