shippingposition
  • Home
  • News
  • Editorial
    • Vox Pop
  • Maritime safety
  • Oil and Gas
  • Personality
  • Health
No Result
View All Result
shippingposition

Home » AUTOPOLICY REVIEW: Experts Laud Single Digit Loan For Car Purchase, Call For A Boost In Infrastructure

AUTOPOLICY REVIEW: Experts Laud Single Digit Loan For Car Purchase, Call For A Boost In Infrastructure

by Joshua
November 4, 2019
in Autoport

 
Few weeks after the Director General of the National Automotive Design and Development Council (NADDC) Jilani Aliyu, has said that made in Nigerian vehicles will soon be ready, adding that Nigerians can buy and pay in five years’ installment, at a single digit interest rate, experts in the maritime industry have lauded the move, even as they called for an urgent improvement in the nation’s infrastructure.

It will be recalled that at the GITEX 2019 held in Dubai, the United Arab Emirate the DG stated that the agency was collaborating with the, JAIZ, WEMA and Zenith banks with a view of providing single digit financing for made in Nigeria vehicles.

According to him, in about three months, Nigerians can be able to put down 10% and drive made-in- Nigeria vehicles and pay in five years’ time.

Reacting to this, a maritime Lawyer, Emmanuel Nwagbara, in a chat with our correspondent last week in Lagos, expressed satisfaction over the coming together of some banks to ensure the five years’ loan plan for intending vehicles owners.

He maintained that it is one of the moves to create enabling environment for auto policy to thrive, adding that with money available and improvement on infrastructure it would be a huge success.

“We are happy to read that some banks are coming together to give single digit loans to auto manufacturers in Nigeria, that is a good move in the right direction. That is one of the things we expect to be done as part of the enabling environment for auto policy to thrive. Because if we make money available for them, improve on power, provide the test centers for these autos, to meet the international standard and quality then we are beginning to talk about the auto policy”

Nwagbara also said that if the country can be able to produce its own vehicles it will be a big boost to the nation’s economy.

“Those are the things that we expect that the act that will put auto policy in place will have as content. To make it succeed we need some of this content on ground, they are like levers upon which you can place the policy and it will work”

“Don’t forget that if Nigeria produces its own vehicles to sell even in West African countries, our economy will move up even for Nigerians look at the population of the country”

“So there are so many families that need to have vehicles, infact what I read about the way of promoting auto production is that there would be opportunities for people to buy cars and pay in five years if is possible if you can secure a single digit interest rate for auto manufactures”

Also speaking, a frontline vehicle importer and dealer, Emmanuel Ochu, charged the government to work more on the side of reducing duty payable on imported vehicles.

He lamented high duties on imported vehicles saying that it is the reason why the businesses are very slow.

“Because of high duty rate on imported vehicles, people hardly patronize car marts because the cars are abnormally very expensive. Over there,  these cars are always at give-away prices but when you bring them here, pay shipping, duty and terminal charges, the price will go up”

“We are begging the government to see what they can do on the area of bringing down the prices of these vehicles so that an ordinary man in the street can afford one” he concluded.
 

 


Related Posts

Tompolo Demands Release Of Jetty Seized By EFCC, Return Of Looted Property

December 4, 2020

MAN Charges Federal Government To Link The Automobile Sector With SMEs

September 14, 2020

Shippers Council, NPA, Others Lament Indiscriminate Charges By Shipping Lines

August 20, 2020

“There are so many illegal charges in the clearing chain” ……Jonathan Nicole

July 27, 2020

Discussion about this post

Latest News

Duty-Free, But Not Trouble-Free: Mixed Reactions Trail UK’s Trade Window For Nigerian Exports

Duty-Free, But Not Trouble-Free: Mixed Reactions Trail UK’s Trade Window For Nigerian Exports

July 14, 2025

At Last, Lekki-Epe Corridor Stakeholders Agree On August 1st Enforcement Date For E-Call-Up 

Nigeria Losing Billions To Boat Importation As Indigenous Operators Urge Local Shipbuilding Drive

Court Ruling Against CRFFN’s Regulatory Powers Tears Customs Brokers Apart   

Oyetola Reaffirms Commitment to Logistics Reform, Commissions Zenith Carex HQ

Let the Council for the Regulation of Freight Forwarding in Nigeria Breathe

MONDAY INTERVIEW: “70% of the crew of Ocean Dragon are Nigerians”— Mrs Bernadine Eloka 

KNOW YOUR BODY PARTS: Body Mass Index (BMI)

Less Salt, Longer Lives: Nigeria’s Push For A Healthier Future

The Usefulness Of Watermelon Seeds You May Not Know

NPA Bags NASS PAC Transparency Award

Nigeria Customs Says Claim Of Form ‘M’ Migration Charges False

kindly like our Facebook page

Health

The Usefulness Of Watermelon Seeds You May Not Know
Health

The Usefulness Of Watermelon Seeds You May Not Know

July 14, 2025

Watermelon is one fruit that’s hard to resist when it gets too hot. It’s sweet and is high in water...

KNOW YOUR BODY PARTS: THE HEART

KNOW YOUR BODY PARTS: THE HEART

June 30, 2025
Why Your Favourite Seasoning Cubes May Be Hurting Your Kidneys

Why Your Favourite Seasoning Cubes May Be Hurting Your Kidneys

June 30, 2025
Contraceptive Pills Can’t Cause Cervical Cancer – Expert

Contraceptive Pills Can’t Cause Cervical Cancer – Expert

June 30, 2025
ONIONS: The Good Old Healing Vegetable

KNOW YOUR BODY PARTS: The Liver

June 16, 2025
ONIONS: The Good Old Healing Vegetable

ONIONS: The Good Old Healing Vegetable

June 16, 2025
Why Prostate Disorder Cases Are Increasing Among Nigerian Men – Experts

Why Prostate Disorder Cases Are Increasing Among Nigerian Men – Experts

June 1, 2025
20m Nigerians Live With Mental Health Issues, Says WHO

20m Nigerians Live With Mental Health Issues, Says WHO

June 1, 2025
Health Facts You Didn’t Know

How Your Habit Affects Fertility

May 19, 2025
Fruits For Raining Season

Fruits For Raining Season

May 19, 2025

© 2021 Shippingposition

Navigate Site

  • Home
  • About Us
  • Contact us
  • Privacy Policy
  • Sitemap
  • Terms

Follow Us

No Result
View All Result
  • News
  • Coast To Coast
  • Oil and Gas
  • Maritime Education
  • The Terminals
  • Maritime safety

© 2021 Shippingposition