Vehicle Finance Scheme
The FG has initiated a plan that would help Nigerians own new cars through the Vehicle Finance Scheme. The Nigeria government has announced plans to launch a new scheme called VEHICLE FINANCE SCHEME that will help Nigerians buy new cars for themselves.
This new scheme according to the National Director-General of the National Automotive Design and Development Council (NADDC), Jelani Aliyu, is for people with sustainable source of income to be able to acquire the car of their choice.
The Nigerian Automotive Industry Development Plan (NAIDP) provides for incentives which are targeted at creating an environment for existing assembly plants to thrive and attracting new investors in the sector.
The 5-point NAIDP programme covered investment promotion, infrastructural development, improvement of standard and skills as well as market development.
Aliyu during the interview said, “The NADDC is working on a Vehicle Finance Scheme that will enable Nigerians to easily own and drive these technologically advanced brand new cars. We have reached an advanced stage of discussion with some commercial banks, and as soon as we receive the necessary approvals, we shall deploy the programme.
“We have a worked out proposal in front of our superiors and once they give us that go ahead, we will start the project because we have the money set aside for it. The targeted beneficiaries will be any Nigerian who can prove that they have a sustainable income, whether you work in the civil service, in the private sector or you are doing your own business.
“It will cover all the vehicles produced in Nigeria that have maintenance infrastructure available locally and we hope that the scheme will commence before the end of the second quarter.
The NADDC boss said, “We are not the one that will produce these vehicles, but we will work closely with investors and other stakeholders in the sector to ensure that the necessary support is given to them. We are building a comprehensive ecosystem that allows the production of vehicles in Nigeria and thereby creating jobs for our youths
“If you buy a new car, you are free from trouble for many years, all you do is to change your engine oil. But when you buy a used vehicle you may have saved initially on the cost, but pretty soon you will be at the mechanic workshop always buying replacement parts.
“The money you did not spend upfront you will spend in the long run, with a lot of stress and unnecessary headache just to keep an old car going.
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The targeted beneficiaries are Nigerians with prove that they have a sustainable income, whether you work with the civil service, or in the private sector or you have your own business.
The vehicle finance scheme will start before the end of the second quarter of 2021. Stay tuned as we update you with the registration portal soon.
Currently the registration portal and form for the VFS is not yet open, we will update you immediately the Vehicle Finance Scheme registration portal is open.
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