The authorities of the National Automotive Council (NAC) and WesBank of South Africa on Wednesday met in Abuja on the proposed roll-out of made-in-Nigeria automobile finance plan later in the year.

A statement by the NAC, its Director-General, Mr Aminu Jalal, led the Director, Policy and Planning, Mr Luqman Mamudu and Director, Industrial Facilities, Mr Waheed Odetoro to discuss the scheme.

The WesBank delegation comprised of Mr Eugene Ochse, Head, Africa Operations and Mr Simon Ingersent, designated CEO for Nigeria Operations.

It said the WesBank officials also connected with potential partners, consisting of selected vehicle dealerships to obtain first hand details and get familiarized with dealership practices peculiar to Nigeria.

The statement stated that NAC Plan was designed around a network of car dealers and representatives for the pilot job.

The News Agency of Nigeria (NAN) remembers that NAC signed a memorandum of Comprehending (MoU) with FirstRand Bank in Johannesburg, South Africa in October 2014.

The MoU requireds WesBank to manage customer car funding for Nigerian assembled cars.

It likewise estimated Jalal as stating that the Nigerian government authorized the Nigerian Automotive Market Development Strategy (NAIDP) to attract investments from worldwide vehicle producers and to grow the supply of locally-manufactured automobiles.

According to the statement, the MoU will certainly allow WesBank to work carefully with NAC to establish vehicle financing options.

The objective, it said, was for automobiles built in Nigeria to be readily budget friendly for the typical Nigerian.

It remembered that Jalal stated that the Automobile Funding Plan would make Nigerian-assembled automobiles cost effective on convenient payment terms spread out over a duration of about 4 years at budget-friendly interest rate.

The statement stated the scheme was likewise planned to help automobile assembly plants in Nigeria to obtain high volume within a short time so regarding help with regional components development