Nigerian Government set to launch low-interest car loan scheme

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The Nigerian Government has disclosed plans to launch a low-interest car loan scheme, in a bid to make cars accessible to all income earners.

The Director-General of the National Automotive Design and Development Council, Jelani Aliyu, disclosed that the Government is working on various policies, including an auto finance fund.

The auto finance fund would enable more Nigerians and corporate organisations to access low-interest loans to acquire new cars and change existing vehicles that are due for replacement.

Aliyu, who spoke on the development during the unveiling of the made-in-Nigeria Honda HR-V entry-level sport utility vehicle in Nigeria, assured that efforts are ongoing to commence the implementation of the National Automotive Industry Development Plan (NAIDP) which was reviewed and assented to by President Muhammadu Buhari.

NAIDP was drafted to make Nigeria a regional powerhouse in car manufacturing, through comprehensive development of the local automotive industry.

The plan was designed to implement policy measures that are needed to revitalise the industry so it can fulfil its potential to Nigeria’s economy in terns of job creation, local value addition, technology acquisition and as a precursor to our industrialization are embedded in the plan.

Aliyu also reiterated the Government’s promise to reduce the importation of cars by drafting policies that will support the manufacturing and distribution of new vehicles in Nigeria.

The Made-in-Nigeria Honda sport utility vehicles (SUV) was recently unveiled by Honda Automobile Western Africa (HAWA) Limited. The company is pushing to position Nigeria as Africa’s leading car manufacturing hub.

The local assemblers of Honda Motor vehicles partnered with The Honda Place to manufactured the new made-in-Nigeria 2019 Honda HR-V entry-level SUV. The unveiling follows the rollout of Accord in July 2015 from HAWA Limited.

he new made-in-Nigeria Honda HR-V SUV affirms Honda‘s quest to supply products that are of high quality but at a reasonable price. According to Akihiro Daido, the Managing Director of HAWA Limited, the new Honda HR-V marks the arrival of entry-level SUV from Honda into the Nigerian automobile market.

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