NADDC Is Looking For Solutions From CBN In The Area Of Auto Financing

THE National Automotive Design and Development Council has begun talks with the Central Bank of Nigeria (CBN) to devise realistic solutions that will make automobile ownership more affordable for Nigerians. NADDC’s Director-General, Jelani Aliyu, has revealed.

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Aliyu dropped the clue during his presentation at the 9th Annual Transport Lecture, which was held in Abuja and focused on ‘Nigeria’s Transportation For Development; Sectoral Achievements, Prospects, and Challenges.’

He said: “We had a meeting with the CBN on auto financing. We want to work out a solution that would enable Nigerians to buy new vehicles and pay over a period of six years.”

The move, according to the NADDC boss, is part of the agency’s efforts to promote and enhance value addition in the transportation and automotive sectors of the economy by creating a conducive business climate to further increase investment inflow and industrialization He also stated that the NADDC was rapidly shifting its attention to carbonless transportation systems in Nigeria in order to develop and promote advanced transport technology in the automotive industry.

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“This is because vehicle electrification is inevitable, it is the future of the automotive industry worldwide and we are working assiduously towards achieving its comprehensive and sustainable adoption in Nigeria. There is no gainsaying the fact that poor maintenance culture of vehicles in the transport sector contributes immensely to environmental pollution.

The deployment of advanced-technology EVs will not only reduce these excesses but will also increase industry productivity. “At the moment, one of our major priorities is increasing local manufacture of suitable electric vehicles to help Nigeria reach its Paris Accord and 2060 net-zero commitments, both of which are aimed at lowering harmful gas emissions from automobiles,” he said.

According to Aliyu, the NADDC recently established a Technical Committee on Electric Vehicle Development Plan with the goal of developing a comprehensive development plan for vehicle electrification in Nigeria, with the goal of realizing full-scale local production of multiple brands of applicable EVs that are in line with the country’s economic structure and supported by the establishment of EV charging stations.

The initiative, according to the NADDC’s CEO, will also ensure that EVs built in Nigeria are of world-class quality and competitive in the global market. The NADDC has established 100 percent solar-powered EV Charging Stations at Usman Danfodio University in Sokoto, the University of Lagos, and the University of Nigeria in Nsukka as part of a pilot scheme project, and is also in talks with other stakeholders about establishing more charging infrastructure across the country.

“NADDC is committed to establishing and giving support to development programmes that will aid the Nigerian transport sector. I, therefore, urge all stakeholders to begin to think of a paradigm shift from the conventional vehicles to carbonless transportation system and key into the vehicle electrification projects of the Council with a view to achieving cleaner air in Nigeria” he added.

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