The House of Representatives Committee on Industry is working on laws to enforce single-digit interest rates on loans, making it easier for Nigerians to buy new cars, tricycles, and motorcycles through affordable credit. This decision came after an oversight visit to assembly plants in Lagos with the National Automotive Design and Development Council (NADDC).
Chairman Dr. Enitan Dolapo-Badru highlighted the struggle Nigerians face with high vehicle loan rates—currently between 24% and 38%—and urged collaboration with the Central Bank and regulators to support local manufacturing and reduce used car imports.
NADDC’s DG, Joseph Osanipin, stressed that the current ₦20 billion intervention fund is just seed capital and called for more bank and private sector involvement, suggesting Nigerians could buy vehicles with a 5% down payment under a new credit guarantee scheme.
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