FG plans financing scheme to help Nigerians buy cars

A combination of palliative measures, including  the launch of a vehicle finacing sacheme is being planned by the federal government, to make funds available to Nigerians, for the purchase of vehicles under the new automotive policy, according to Olusegun Aganga, minister of trade and investment.

The scheme which will be launched in the next four months, involves collaboration of both local and foreign banks to make money available to prospective car owners at a concessionary rate of 10 percent.

Aganga was optimistic that the policy would provide opportuinity for banks to market prospective car owners, stressing that government was committed to providing a conducive environment for Nigerians to own cars assembled in the country.

The minister said  the essence of the collaboration was to solve the problem of high interest rates charged by banks and also to ensure that Nigerians benefitted from the policy through employment opportunities and access to affordable and quality automobiles.