South African bank to finance Made-in-Nigeria car ownership scheme

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The National Automotive Council (NAC),  has signed a Memorandum of Understanding (MOU), with WesBank of South Africa, to finance retail and corporate acquisition of made-in-Nigeria vehicles, a statement by the Director General of NAC, Aminu Jalal, has said.

The MOU with WesBank, a subsidiary of FirstRand Bank Limited, was signed in Johannesburg, South Africa on October 16. Jalal said that the aim of the MOU was to stimulate Nigerians interest in the acquisition of locally assembled vehicles.

He said the agreement would allow WesBank collaborate with NAC in the development of financing locally assembled vehicles and making them affordable for the average Nigerian.


NAN recalls that the Nigerian government recently approved the National Automotive Industry Development Plan (NAIDP) to attract investments from vehicle manufacturers globally and grow the supply of locally-manufactured vehicles.

WesBank is South Africa’s market leader in vehicle and asset finance through successful partnerships with leading manufacturers, offering finance to consumers for both locally-manufactured and imported models.

It would be recalled that the NAC DG recently announced that the Council was packaging a vehicle financing scheme aimed at making Nigerian assembled vehicles affordable.

The finance scheme is developed with a convenient payment terms spread over a period of about 4 years at a very low interest rate.

It is also intended to assist vehicle assembly plants in Nigeria to gain high volume within a very short time and to facilitate local components development.

(NAN)

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