The Nigeria government has announced plans to launch a new scheme that will help Nigerians buy new cars for themselves.
This new scheme by the FG is called Vehicle Finance Scheme and it is part of the five point comprehensive programme of the National Automotive Industry Development Plan (NAIDP).
The NAIDP aim is to promote local production of vehicles and their parts in Nigeria.
FG Vehicle Scheme 2021
This new scheme according to the National Director-General of the National Automotive Design and Development Council (NADDC), Jelani Aliyu, is for people with sustainable source of income to be able to acquire the car of their choice.
But first they will have to deposit 10% of the total cost of the car and spread the remaining payment within a couple of years.
- Payroll Support Registration
- Guaranteed Offtake Registration
- Nigeria Youth Investment Fund
How will the vehicle finance scheme work?
Jelani Aliyu has explained how the vehicle finance scheme in Nigeria will work.
The NADDC is working on the Vehicle Finance Scheme that will enable Nigerians to easily own and drive technologically advanced brand new cars.
“We have gone far with our discussion with some commercial banks, and as soon as we receive the necessary approvals, we will start the programme- Aliyu.
“We have a proposal that we are working on, we will start the project soon, as we have already set aside the money for the program, he added.
The council is working with both local and international companies to set up assembly and production plants in Nigeria, the agency through their Research and Development (R&D), presently are working on a blueprint of two brands of vehicles that will be of value to the Nigerian economy.
Nigeria is building a great ecosystem to allow us to produce cars for Nigeria and create jobs for the youths.
Who can benefit from the Vehicle finance scheme?
The targeted beneficiaries are Nigerians with prove that they have a sustainable income, whether you work with the civil service, or in the private sector or you have your own business.
When will the FG Vehicle Finance Scheme 2021 Start?
The vehicle finance scheme will start before the end of the second quarter of 2021.
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