NADDC is working out long term payment plans with CBN for Nigerians wishing to own a car

The NADDC boss said the discussion with the CBN was aimed at working out a financing plan for Nigerians to own cars by spreading the payments over six years

By Uzor Odigbo

The National Automobile Design and Development Council has entered into discussions with the Central Bank of Nigeria (CBN) to design viable auto finance solutions to make auto purchases affordable for Nigerians, revealed Jelani Aliyu, Managing Director of NADDC .

Aliyu gave the hint during a presentation at the 9th Annual Transport Conference organized by Transport Day Newspapers, on the theme: “Nigeria’s Transportation For Development; Sector Achievements, Prospects and Challenges” held in Abuja.

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“We had a meeting with the CBN yesterday on auto finance. We want to find a solution that would allow Nigerians to buy new vehicles and pay over a period of six years,” he said.

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The NADDC boss said the move was part of the agency’s efforts to promote and enhance value addition in the transport and automotive sector of the economy by creating a conducive business climate to further enhance investment flows and industrialization.

Aliyu said the NADDC is moving quickly towards a carbon-free transport system in Nigeria with the aim of developing and promoting advanced transport technology in the automotive industry.

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“This is because vehicle electrification is inevitable, it is the future of the automotive industry globally and we are working diligently to achieve its full and sustainable adoption in Nigeria.

“It is undeniable that a poor vehicle maintenance culture in the transport sector contributes enormously to environmental pollution. The use of electric vehicles with advanced technology will not only reduce these excesses, but will also lead to greater productivity in the industry.

“Currently, one of our key areas of focus is to scale up the production of locally applicable electric vehicles, to enable Nigeria to meet its Paris Agreement target and net zero commitment by 2060, all two on reducing harmful gas emissions from vehicles,” the NADDC boss said. mentioned.

He further stated that the NADDC has recently set up an Electric Vehicle Development Plan Technical Committee aimed at developing a comprehensive development plan for vehicle electrification in Nigeria, with a view to achieving production. large-scale local of several applicable electric vehicle brands that would be in phase. with the economic structure of the country and be supported by the establishment of an efficient charging infrastructure ecosystem.

According to the NADDC boss, the plan would also ensure that electric vehicles made in Nigeria meet global standards and compete favorably in the global market.

“As a pilot project, NADDC has established 100% solar electric vehicle charging stations at Usman Danfodio University Sokoto, University of Lagos and University of Nigeria Nsukka and also discussed with d other stakeholders for collaboration in establishing more charging infrastructure across the country.

“In conclusion, NADDC is committed to establishing and supporting the development of programs that will assist the Nigerian transport sector. I therefore urge all stakeholders to start thinking about a paradigm shift from conventional vehicles to the carbon-free transport system and look into the Council’s vehicle electrification plans to achieve cleaner air in Nigeria,” he added.

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