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, Mr. 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 centralized 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.
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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.
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