The National Automotive Design and Development Council, NADDC, has said it is rolling out a N20 billion automobile consumer credit fund in January 2025, to enable Nigerians purchase and drive cars locally assembled in the country.

Speaking at an end-of-year media briefing with the Commerce and Industry Correspondents Association of Nigeria, CICAN, NADDC Director-General, Mr. Joseph Osanipin, said the agency is working with Credicorp to flout the mortgage at slightly higher than single-digit with the intention of zeroing in on single-digit interest rate.

Osanipin said the Council is in the process of establishing Nnewi auto industrial park, to facilitate the assembly of all parts manufacturers, with a shared facility in order to increase their capacity to produce and reduce cost of production.

“This initiative will bring manufacturers together in a centralized location where they can share resources like equipment and facilities. It will reduce production costs and foster innovation,” he said.

The NADDC boss also said that Nigeria spends approximately $19 million annually on importing motorcycle spare parts.

“Our investigation shows that motorcycle spare parts alone cost the country $19 million annually. If we can produce these locally, we will save significantly and boost the local economy.

“This figure excludes tricycles and vehicles. If we can produce these parts locally, we will save a significant amount in foreign exchange and create opportunities for local manufacturers.

“All these are meant to increase our percent of local components and meet the demand of the nation.
Nigeria: if Nigeria fails to meet all the targets, it will be a dumping ground when the Africa Continental Free Trade Area Agreement comes fully in force”, he said.

On policies needed to create a viable ground in order to attract investors, the Director General said the Automotive Council is working with NASS because there are policies that we intend to turn to a bill.