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
- 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.
- 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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