If you are looking to buy a new car, the Federal Government may be the partner you need.

The government is planning a fund that will offer Nigerians a low cost funding to finance their commercial fleets and cars.

The Director-General of the National Automotive Design and Development Council, Mr Jelani Aliyu, who disclosed this plan said, “the programme is being re-designed to involve more Nigerian banks. It is expected that once this is launched, more Nigerians can afford more new cars and the provision in NAIDP [National Automotive Industry Development Plan] to restrain import of used vehicles will be applied".

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Aliyu, who identified some important components of the new National Automotive Industry Development Plan, said the council was working to improve the goals of the policy.

He stated this in a paper delivered at the first Kaduna automotive fair and exhibition/stakeholders conference.

According to the DG, aside from the fiscal regime, which places a tariff of 35% plus a levy of 35% on fully built cars and 35% tariff on fully built-up commercial vehicles, other pillars of the NAIDP that will make it sustainable are the marketing programme, standard, human capital development and local content.

“The development of automotive laboratories as provided for in the plant for safety tests is now at 70% completion stage. There is the material test lab in Zaria, the component test lab in Enugu and the emission test lab in Lagos,” Aliyu said.

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He added that, “with the level of achievement in assembly capacity, the council has increased focus on developing capacity to produce components locally. To this end, it has commenced engagement with various state governments.”

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