The National Automotive Design and Development Council, NADDC, says it will commence disbursement of a N20 billion automobile consumer credit fund from January 2025.
NADDC Director-General, Joseph Osanipin, says the initiative aims to enable Nigerians to purchase locally-assembled vehicles, which is a key move to transform the sector.
Speaking at a media briefing over the weekend, the Director General said, “Plans are also on the way to establish an auto park which will bring manufacturers together in a centralised location where they can share resources like equipment and facilities as will reduce production costs and foster innovation.”
Speaking further, the NADDC boss also revealed that Nigeria spends approximately $19 million annually on importing motorcycle spare parts. He added that by localizing production, the council aims to save foreign exchange and create opportunities for domestic manufacturers.
“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,” he added.
