NEW AUTO FINANCE SCHEME TO CRASH LEASE RATES

A new auto purchase scheme comes to town as The National Automotive Design and Development Council (NADDC) and Wesbank, a South African lender are in talks with the Central Bank of Nigeria (CBN) Nigeria for the approval, to kick start an auto purchase scheme.This would be done through a special purpose vehicle set up as a finance company, with a seed capital of N20 billion as the National Automotive policy takes off.
“We hope to fund the scheme properly from the levies placed on imported fully built vehicles. This levy is paid by importers to the Nigeria Customs Service (NCS) account in commercial banks,” Luqman Mamudu, director Policy, Planning, NADDC, said on the funding of the scheme.He further explained that the  Nigerian Custom Service remits those payments into the NADDC levy account with the CBN and that the NADDC has applied for the application of the fund as approved.

He added,”The whole idea is for Nigerians to be able to go to a dealer of any Nigerian Assembled vehicle, and access this fund at minimal interest rates.