FG to provide Nigerians with car loans – Tinubu

President Bola Tinubu on Friday hinted at his administration’s plans to provide consumer credit for Nigerians to buy cars.

The credit is part of the recently approved Consumer Credit Policy, which sets aside about N100 billion to help workers buy cars and other vital products.

Ajuri Ngelale, the presidential spokesperson, said the president dropped the hint when he received the African Automobile Manufacturers Association and the Nigerian Automobile Manufacturers Association, headed by Doris Uzoka-Anite, Minister of Industry, Trade and Investment.

The team, which was received on behalf of the President by Femi Gbajabiamila, Chief of Staff to the President, assured the President’s commitment to the industrialization of Nigeria as evidenced by all the policies being implemented under his administration.

He promised to help facilitate the swift passage of proposed legislation to boost the automotive industry in Nigeria.

However, he implored that locally manufactured vehicles be of the highest quality, stand the test of time and complement the Federal Government’s efforts to revitalize the industry.

“He also charged the associations to study the possibilities of producing vehicles that would be affordable to all categories of Nigerians at a time when President Bola Tinubu is set to provide consumer credit for millions of Nigerians to purchase vehicles and other goods and services important”.

Ngelale, said the delegation consisted of the Director General of the National Automotive Design and Development Council (NADDC); representatives of the Nigerian Airspace Management Agency (NAMA), as well as CEOs of Stallion Group, Toyota/CEAO and NISSAN.

According to the statement, “a spokesperson for one of the associations revealed that the visit was aimed at informing President Tinubu of the efforts being made to start manufacturing vehicles and spare parts in Nigeria.”

They also informed the President’s Chief of Staff that the Federal Ministry of Justice was drafting and reviewing a bill to boost the automotive industry.

“They emphasized the need to develop the industry, which would create massive employment for Nigerian youths and ease the burden of much-needed foreign exchange.”