NAC Fund

Background

The National Automotive Council’s Fund is N16.91 billion

BOI is collaborating with the National Automotive Council (NAC) to intervene in the automobile sector for the following reasons:

  • Development of the Small, Medium and Micro-Enterprises (SME’s) by supporting them in the area of production of automotive parts, components and services.
  • To create an enabling environment to allow existing assembly plants to grow and attract other OEMs to the country.
  • To increase local content participation in Vehicle Assembly

TARGET MARKET

  • The Fund will be accessed by Limited Liability Companies, and Enterprises engaged in assembly of automobiles, automotive component manufacturers, automotive workshop and Car Service Centers.
  • Micro-Finance Banks and other financial institutions for the implementation of Vehicle Purchase Credit Scheme and on-lending to automobile Artisans, craftsmen, auto-technicians and mechanics.

 Projected Impact

  • The fund shall be used for the growth and development auto assembly sector. This would have a positive impact on the prices of vehicles by reducing the prices.
  • This would also impact the economy positively by reducing the number of imported vehicles into the country and will also discourage smuggling
  • This sector has an enormous value chain. This would promote the development of SME’s in the production of component parts.

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