The National Assembly has revealed how banks’ double-digit interest rates contributed to the partial failure of the National Automotive Industry Development Plan (NAIDP) 2013. One of the NAIDP’s goals was to expand the automotive industry by leveraging local resources and increasing the sector’s contribution to the national economy.
Speaking during a tour of the Coscharis Automobile Company in Lagos over the weekend, Chairman of the House Committee on Industry, Enitan Dolapo-Badru, stated that the previous National Assembly went all out to support the policy.
According to him, the assembly also approved N10 billion for the National Automotive Design and Development Council (NADDC), but regretted that the banks’ demand for approximately 28% interest rates from prospective vehicle buyers derailed the policy.
He explained that the policy, which eventually became an Act, was intended to work…
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