The federal government is set to launch an auto-credit scheme to boost the local automobile industry.
Minister for industry, trade, and investment, Doris Uzoka-Anite, disclosed this at a 3-day automobile conference in Lagos.
The minister who was represented by Joseph Osanipin, director general of the National Automotive Design and Development Council (NADDC), said the scheme is aimed at easing the acquisition of locally manufactured goods by Nigerians.
“In Nigeria today, we buy vehicles on a 100 percent cash-down basis; this is not done in any other economy.
“We must be able to provide a credit scheme so people who are interested in buying locally manufactured goods can come together, go there, borrow and be able to finance acquisition of vehicles,” Uzoka-Anite said.
She said the government is also working to transform Nigeria from being an assembling nation to a manufacturing nation.
The minister said the components manufacturers and the assemblers of vehicles will be signing a memorandum of understanding (MoU) to achieve this.
