Financial News Highlights May 4, 2024 – FG Car Purchase Support


FG to provide Nigerians credits for car purchases- Tinubu

President Bola Tinubu, on Friday, hinted of plans by his administration to provide consumer credits for Nigerians to purchase cars.

How The FG Car Purchase Support will Come

The credit is coming as part of the recently approved Consumer Credit Policy, that set aside about N100b to aide workers purchase cars and other vital products.


Ajuri Ngelale, the presidential spokesman, said the President dropped the hint, when he received the African Association of Automotive Manufacturers and the Nigerian Automotive Manufacturers Association, led by Doris Uzoka-Anite, Minister of Industry, Trade and Investment.


The team which was received on behalf of the President by Femi Gbajabiamila, Chief of Staff to the President, assured of the President’s commitment to Nigeria’s industrialization as evidenced by all of the policies being implemented under his administration.


He promised to assist in facilitating the speedy passage of the proposed legislation to drive the automotive industry in Nigeria.

FG’s Caution On Quality And Affordability Of Vehicles

He however, implored that locally-manufactured vehicles should be of the highest quality that will stand the test of time and complement the Federal Government’s efforts in revitalizing the industry.

“He also charged the associations to look into the possibilities of producing vehicles that would be affordable for all categories of Nigerians at a time when President Bola Tinubu is set to provide consumer credit for millions of Nigerians to purchase vehicles and other important goods and services”


Ngelale, said the delegation consisted of the Director-General of the National Automotive Design and Development Council (NADDC); representatives of the Nigerian Airspace Management Agency (NAMA), as well as Executive Directors of Stallion Group, Toyota/CEAO and NISSAN.


According to the statement “a spokesperson of one of the associations, revealed that the visit was to apprise President Tinubu of the efforts being made to start manufacturing vehicle/spare parts in Nigeria”


They also informed the Chief of Staff to the President that a legislative bill to drive the automotive industry was being drafted and reviewed by the Federal Ministry of Justice.


“They emphasized the need to develop the industry, which would create massive employment for Nigerian youths and ease the burden on the much-needed foreign exchange”.

Other headlines in today’s Businessday newspaper

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FG to establish National Waste Management Network to boost circular economy

We’re committed to globalising potentials of Nigerian skincare industry ‘ Chidinma Goodman, CEO, CosmeticChef Limited

For the details of these and other financial news items, get a printed copy of business day newspaper or better still visit the Business day website

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