FG Releases N20bn for Nigerians Buy Brand New Cars as Cost of Innoson, Other Local Vehicles Emerges [Video]

• Stakeholders in the auto industry have said the proposed N20 billion under the credit corp scheme for locally-assembled cars is too little
• They disclosed that the amount could only purchase less than 600 vehicles and not enough to stimulate the local auto industry
• The Nigerian Credit Corporation (CreditCorp) launched the initiative in partnership with the National Automotive Design and Development Council

Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.

Mixed reactions have been expressed to the proposed N20 billion consumer credit fund to stimulate demand for locally made new vehicles.

Stakeholders in the auto industry say the finance scheme came a bit too late, considering decades of neglect of the indigenous auto industry.

Findings show cost of locally-made vehicles

Findings show that the proposed N20 billion canpurchase less than N600 brand-new cars at N35 million per …