President Bola Tinubu unveiled plans on Friday to offer consumer credits to Nigerians for the purchase of vehicles, as part of the newly approved Consumer Credit Policy. This initiative allocates approximately N100 billion to facilitate workers in acquiring cars and other essential products.
According to a report by BusinessDay, Ajuri Ngelale, the presidential spokesman, disclosed that President Tinubu made this revelation during a meeting with representatives from the African Association of Automotive Manufacturers and the Nigerian Automotive Manufacturers Association, headed by Doris Uzoka-Anite, Minister of Industry, Trade and Investment.
The delegation, led by Femi Gbajabiamila, Chief of Staff to the President, received assurances of the President's unwavering commitment to Nigeria's industrialization, evident in the various policies implemented under his administration. Gbajabiamila pledged to facilitate the swift enactment of legislation aimed at propelling the automotive industry forward in Nigeria.
Gbajabiamila urged the associations to explore avenues for producing affordable vehicles accessible to all segments of the Nigerian populace. This directive aligns with President Tinubu's forthcoming provision of consumer credit to millions of Nigerians, enabling them to purchase vehicles and other essential goods and services.
Ngelale highlighted the composition of the delegation, which included the Director-General of the National Automotive Design and Development Council (NADDC), representatives from the Nigerian Airspace Management Agency (NAMA), and Executive Directors from Stallion Group, Toyota/CEAO, and NISSAN.
A spokesperson from one of the associations affirmed that their visit aimed to update President Tinubu on efforts to commence vehicle and spare parts manufacturing in Nigeria. Furthermore, they informed the Chief of Staff to the President about a legislative bill currently being drafted and reviewed by the Federal Ministry of Justice to drive the automotive industry forward.
The delegation underlined the imperative of industry development, emphasizing its potential to generate substantial employment opportunities for Nigerian youth while alleviating pressure on the nation's foreign exchange reserves.