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Nigerian govt offers N11bn loan to boost local car manufacturing

Nigerian govt offers N11bn loan to boost local car manufacturing

The Director-General of the National Automotive Design and Development Council (NADDC), Jelani Aliyu, on Sunday said the Federal government has rolled out N11 billion loan to 36 auto companies in the country to boost local car manufacturing.

Aliyu disclosed this in Abuja during a meeting with the governor of Katsina State, Alhaji Aminu Masari.

Highlight of the meeting include a proposal for the setting up of an integrated automobile mechanic and motor spare parts village in Katsina State.

Aliyu explained that the disbursement of the N11bn to auto firms is part of moves to boost local production of vehicles and support the auto policy of the Federal Government.

The automotive policy, launched in 2014 contains a number of policy measures needed to revitalise the industry for job creation, local value addition, and technology acquisition.

He added that 20 companies had repaid their loan of N7.75bn in full, of the N11bn loan.

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He mentioned that NADDC was constructing three automotive service hubs as part of strategies to ensure the successful implementation of the country’s auto policy.

The NADDC boss said that the proposed establishment of the mechanic village in Katsina State was in line with the automotive policy to empower Nigerians and boost local content in the production of made in Nigeria vehicles.

The governor, while speaking said, the plan to establish the mechanic village in Katsina State would reduce unemployment and boost development in the state.

He added, “We all appreciate the role of transportation in the economy. In fact, it is the backbone of the economy. It has enough potential.”

By Babatunde Alao…

Ripples Nigeria

We are an online newspaper, very passionate about Nigerian politics, business and their leaders. We dig deeper, without borders and without fears.
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Ripples Nigeria

We are an online newspaper, very passionate about Nigerian politics, business and their leaders. We dig deeper, without borders and without fears.
www.ripplesnigeria.com

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