Minister of Industry, Trade and Investment, Mr.
The Minister said that the financing scheme is a combination of palliative measures, including partnering with banks towards having a common pool of funds for lending at concessionary interest rate of not more than 10 percent to potential car owners.
He said it is only in
With the new financing scheme, Nigerians will be able to buy new cars assembled in
Clearing the air on the effects of the ongoing implementation of the Nigeria Automotive Industrial Plan, NAIDP, Aganga said there will be no increase in the prices of cars.
The Minister said: "The rumour that the Federal Government has increased the tariff on imported cars by 70 percent is incorrect and misleading. The Nigerian automotive manufacturers have already assured the government and all Nigerians that there is adequate stock of imported vehicles and that its members have not and will not increase the price of imported vehicles."
He said that last year about 50,000 vehicles were imported at an estimated cost of
He said: "
"This is because President
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