The Federal Government has provided a revolving loan of N250 billion for the purchase of mass transit buses in the country.
The loan will be disbursed through Infrastructure Bank.
The Minister of Industry, Trade and Investment, Dr. Okechukwu Elenamah, made this known at a two day workshop organized by the National Automotive Design and Development Council NADDC in collaboration with the Nigerian Institute of Transport Technology, Zaria.
The Minister, who was represented by a Director in the Ministry, Mr Mahmud Lehman, said the loan was to address exorbitant cost of mass transit buses and over reliance on fairly used.
Dr Elenamah reiterated the determination of government towards repositioning the automobile industry.
Minister of Transportation, Mr. Rotimi Amaechi, represented by a Director, Dr. Antonia Ekpa, said government had put in place other measures toward enhancing the growth of the sector.
In a paper presentation, the Director-General of National Automotive Design and Development Council, Dr. Aminu Jalal, said the Council had trained stakeholders in the automobile industry towards improving and increasing local content in the sector.
