NADDC to engage FG, NASS on auto finance law

The Chairman of the Governing Board of the National Automotive Design and Development Council (NADDC), Senator Osita Izunaso, has assured that the council will engage the federal government and the National Assembly (NASS) on possible amendment of the 2020 Financing Policy Act.

According to him, if the law is amended or repealed, it will help promote the quality of purchase of vehicles and boost the automobile industry in the country.

Sen Izunaso stated this when he led the management team of the council on a working and inspection visit to PAN Nigeria Limited, Kaduna, where he expressed satisfaction with what he saw after inspection of the facilities.

NADDC is a parastatal of the Federal Ministry of Industry,

Trade and Investment established in 2014 primarily to initiate, recommend, supervise and regulate policies and programmes for locally manufactured vehicles and components.

He said, “From what we have seen today, we will engage the government and National Assembly for possible amendment or repeal of the 2020 Auto Financing Policy Act so that the quality of purchasing can be promoted.”

Also speaking, the DG of NADDC, Jelani Aliyu, also expressed satisfaction with the facilities at PAN, stressing that a policy that would enable growth was essential, while assuring of maximum support.

Aliyu said, “With what we have seen in place and the high amount of funds invested, we will give them necessary support and framework that will ensure they remain in business for a guaranteed creation of jobs.

“We are looking forward to the partnership between PAN Nigeria Limited and Cherry and we hope to work with them towards exportation of their vehicles into African countries.”

In her response, the acting MD of PAN Nigeria Limited, Taiwo Oluleye, said she sincerely wished that government could speedily act, particularly in the area of tariff review.

She said PAN Nigeria Limited had the capacity to employ over 5,000 workers running three shifts, stressing that they only assembled cars now with just about 200 workers.

She explained that, “The government needs to act fast in the area of tariff review and also come to our assistance for us to be able to recruit more hands and work optimally, this I think will also help reduce the unemployment in the country.”