Local vehicle assemblers to access single-digit funding — NADDC

The Director General of the National Automotive Design and Development Council (NADDC) Joseph Osanipin said the agency is working on a fund for the Automotive Industry where manufacturers can access to produce and assemble vehicles locally.

Osanipin who stated this yesterday in an interaction with newsmen said the fund was part of the National Automotive Industry Development Plan (NAIDP) targeted at boosting local production.

His words: “We are not stopping the auto credit scheme, we’re continuing with it because it is part of the NAIDP. We only have one or two challenges which we are trying to see how we can go about them and start the scheme. However, the scheme is only made for made in Nigeria cars or those that are assembled in the country. We cannot afford to make the fund at a single digit interest rate for a car fully built from somewhere and brought into the country.”

The DG stated that when the NAIDP becomes an Act of Parliament, foreign investors will have confidence in investing into the sector.

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“When we have the plan implemented, we would have increased local content and met AfCFTA 30 percent of local content quarter,” he said.

On Electric Vehicles, Osanipin said, “We are trying to put in place necessary infrastructure as EV may require more infrastructure than CNG. Even though it is capital intensive, we are putting our hands together to keep track with the moving trends.”