Osinbajo calls for comprehensive vehicle purchase credit scheme

Vice President Yemi Osinbajo has asked the National Automotive Design and Development Council to design a comprehensive vehicle purchase credit scheme that would enable Nigerians to purchase home-made vehicles with ease.

Osinbajo issued the directive when the NADDC, led by its Director-General, Malam Aminu Jalal, briefed him on the activities of the council.

According to Osinbajo, the council’s bill is taking time but it should be made to work for those who cannot afford new vehicles.

Osinbajo said he was concerned about the strategy for raising funds as well as the pressure which the importation of used vehicles exerted on foreign exchange.

He commended the National Automotive Industry Development Plan, aimed at reviving the nation’s vehicle assembly operations as laudable with the capacity to grow the automotive industry.

He further said there might be need for a high tariff on used vehicles although he expressed concern about the effect it might have on Nigerians and on transportation in general.

Osinbajo further expressed concern about the spate of smuggling of used vehicles which had impacted negatively on the economy and urged the council to work in synergy with the Nigeria Customs Service to develop strategies to curb the menace.

Earlier, Jalal said one of the fiscal provisions of the National Automotive Development Policy is that it would increase customs revenue without increase in prices of assembled vehicles and make investments attractive and convenient.

He said the objective of the policy was to “ensure the revival, development and growth” of the automotive industry using local content.

Jalal expressed optimism that the automotive policy would curb smuggling.

Source - NAN