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FG Plans Affordable Vehicle Credit Purchase Scheme For Nigerians

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By Dipo Olowookere

The National Automotive Design and Development Council (NADDC) has disclosed that the Federal Government was planning to put in place a vehicle credit purchase scheme that will enable Nigerians buy locally assembled cars at low interest rates with payment period spread over a period of about four years.

This was disclosed by the NADDC Director of Policy and Planning, Mr Luqman Mamudu, at a meeting with Commerce and Industry Correspondents Association of Nigeria (CICAN) in Lagos recently.

According to Mr Mamudu, when this scheme is put in place, millions of Nigerians would be able to afford new cars and forgo fairly used cars, which they presently prefer.

Mr Mamudu noted that the NADDC was contributing about N7.5 billion into the scheme with a counterpart funding from a company in South Africa with the aim of making Nigerian made vehicles affordable for Nigerians and promote massive patronage for the products of the local assembly plants.

“This is what we have been working on for the past two years. We looked at the available assess to asset financing in the country and we found out that the high interest rate is frustrating the purchase of new vehicles.

“This is the gap we want to fill. We are currently working with a company in South Africa which has footprints in eight African countries where they have developed a commercial and financial model to recoup their investment.

“At NADDC, we are also contributing our own N7.5 billion into the scheme while the South African company will help source for finance from Development Finance Institution (DFI) at single digit interest rate while our own N7.5 billion injection into the scheme will be interest free,” he said.

Mr Mamudu said further that when the funds are put together, it will guarantee an interest rate that will be easy for people to purchase vehicles at an interest rate that is fairly okay.

His words, “We are discussion with the Central Bank of Nigeria (CBN) to originate the loans and float it so that it will be attractive for investors to partake in the scheme. Going forward, this will bring down the interest rate.

“This facility will be given to people that have the capacity to buy cars because we expect that they will have the good credit to purchase a car.

“If you go to America, over 80 per cent of car purchases are through loans. The credit purchase scheme will assist the operators to help the masses.”

“We are also building three auto test laboratories costing about N3 billion in Lagos, Kaduna and Enugu States; all of which are about 90 per cent complete and would be ready for commissioning by the end of the year.

“The one in Lagos is a vehicle emission testing laboratory, the Enugu laboratory is for components tests while the laboratory in Zaria, Kaduna State is for materials testing and vehicle evaluation.

“We are doing all these to prepare for the next stage of component development because this is where job opportunities are enormous, but the entire process requires patience on the side of government and investors.

“We have to encourage these Original Equipment Manufacturers (OEMs) to come with their capacity. If we create the right environment for them, they will come with their capacity to produce here, and when this happens, we can export from here to earn foreign exchange.

“We are calling on the OEMs to use Nigeria as a manufacturing hub for the whole West Africa but we must be steady and focused so that we do not lose the opportunity,” he disclosed.

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan. Mr Olowookere can be reached via [email protected]

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Lagride Gets $100m UBA Loan for EV Charging Infrastructure, Others

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By Modupe Gbadeyanka

The United Bank for Africa (UBA) Plc has provided a financing facility worth about $100 million to assist Lagride expand its electric vehicle charging infrastructure in Lagos State.

The loan would also be used by the company to scale its Drive-to-Own programme and enable 3,500 Lagos drivers to transition from daily earners into long-term asset owners, business operators and mobility investors.

The partnership strengthens Lagos State’s transportation ecosystem and accelerates the shift toward a structured, technology-enabled and financially bankable mobility sector.

Over the past 10 months, Lagride has rebuilt its entire onboarding and operational system for drivers, known as Lagride Captains.

The platform introduced a performance-led Drive-to-Earn structure supported by weekly and monthly rental models. This system has generated consistent 90-day usage and repayment data across the fleet, allowing UBA and other financial institutions to assess driver performance with accuracy, confidence and transparency.

Eligibility for the programme is based on clearly defined performance thresholds, repayment discipline, safety compliance and service consistency.

Through this approach, Lagride has emerged as the most structured, data-driven and credit-ready mobility platform in Nigeria, setting a new benchmark for bankable driver financing and asset ownership.

EV Infrastructure Expansion

As part of the milestone, Lagride also unveiled an expanded electric vehicle charging facility in Alausa, Lagos, reinforcing its long-term commitment to clean, future-ready mobility.

The expanded infrastructure is designed to support the growing electric vehicle segment within Lagride’s fleet, reduce operational downtime and enable more efficient, sustainable transportation at scale. By pairing driver financing with practical EV infrastructure, Lagride is positioning itself as a mobility platform built not just for today’s Lagos, but for the next generation of urban transport.

“Lagride was created to give Lagos a modern, disciplined and technology-driven mobility system while ensuring that drivers are not left behind.

“The goal is for drivers who we call Captains to become business owners, fleet partners and mobility investors, not just drivers.

“This $100 million partnership with UBA moves thousands of captains closer to owning productive assets, managing multiple cars and building stronger financial futures. It is a major step forward in our commitment to driver prosperity and the future of smart mobility in Lagos,” the chairman of Lagride, Ms Diana Chen, said.

On his part, the chief executive of UBA, Mr Oliver Alawuba, said Lagride represents the kind of transformational, well-governed and data-backed initiative that UBA exists to support across Africa.

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Police to Resume Tinted Glass Permit Enforcement January 2

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By Aduragbemi Omiyale

The Nigeria Police Force has said it would begin the enforcement of the controversial tinted glass permit despite an ongoing case in the court.

In a statement on Monday night signed by its spokesman, Mr Benjhami Hundeyin, the police said the reason for the resumption of the enforcement was due to insecurity in the country.

The enforcement, the statement noted, will resume on Friday, January 2, 2026, and motorists who require the tinted glass permit have been encouraged to apply through the approved channels and ensure that their vehicles comply with legal procedures.

The police noted that there was not a time the court prevented it from going ahead with the implementation of the tinted glass permit, noting that this was for the “safety of all citizens.”

“It is important to clarify that at no point did the court restrain the Nigeria Police Force from enforcing the provisions of the law regarding the use of tinted glass on vehicles.

“Nonetheless, in the spirit of responsibility, transparency, and public convenience, the Force suspended enforcement to allow motorists ample opportunity to regularise their documentation and complete the registration process without pressure,” parts of the statement today stated.

“Recent trends, however, reveal a disturbing rise in criminal activities perpetrated with the aid of vehicles fitted with unauthorised tinted glass. Some individuals and organised criminal groups have exploited this gap to conceal their identities and facilitate crimes ranging from armed robbery to kidnapping and other violent crimes.

“In view of this, the Nigeria Police Force has found it both necessary and urgent to resume full enforcement as a proactive measure to safeguard our communities.

“Consequently, enforcement of tinted glass permit will resume on January 2, 2026,” it declared.

“The Inspector-General of Police (IGP) Kayode Adeolu Egbetokun, assures the public that the renewed enforcement will be carried out with utmost professionalism, respect for the rights of citizens, and in accordance with extant laws.

“He adds that the Force remains committed to promoting public safety and upholding the rule of law while working collaboratively with all stakeholders to keep Nigeria secure,” the statement added.

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Beer Sectoral Group, FRSC Promote Safer Roads With 2025 DDD Campaign

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By Aduragbemi Omiyale

The 6th edition of the annual Don’t Drink & Drive (DDD) campaign of the Beer Sectoral Group (BSG) of the Manufacturers Association of Nigeria (MAN), organised in partnership with the Federal Road Safety Corps (FRSC), has officially flagged off.

The safer roads initiative commenced in Lagos with a press interaction and stakeholder briefing attended by FRSC officials, the BSG executive team, transport unions, and media organisations.

The DDD campaign reinforces BSG’s ongoing commitment to promoting responsible drinking and safer roads across Nigeria.

Chairman of the group, Mr Carlos Coutino, stressed the industry’s unwavering commitment to road safety and responsible drinking.

“The beer industry remains steadfast in its commitment to responsible drinking advocacy. The Don’t Drink & Drive campaign has been one of the Beer Sectoral Group’s flagship corporate social responsibility programmes since inception, aimed at saving lives and fostering safer transportation habits,” Mr Coutino stated.

In his welcome address, the Corps Commander, Mr Kehinde G. Hamzat, emphasised the heightened dangers on the roads during the festive season and the need for stronger public awareness:

“The risk of road crashes increases significantly during the festive season, which is why we must intensify public sensitization efforts. Collective awareness and responsible choices are critical to saving lives on our roads,” he said.

He lauded the BSG member companies for their consistent support of the FRSC in this initiative over the years, noting that their commitment has made a real impact in reducing avoidable accidents.

“I wish to express my profound appreciation to our esteemed stakeholders, Beer Sectoral Group for partnering with the Federal Road Safety Commission in the campaign for continued corporate social responsibility efforts towards ensuring safety on our roads,” he said.

In her closing remarks, the Executive Secretary of BSG, Mrs Abiola Laseinde, thanked the FRSC and transport stakeholders for their continued collaboration, underscoring the vital role of collective action in reducing avoidable accidents caused by drunk driving.

After the event, the team proceeded to major motor parks in Lagos, Berger and Ojota — for the park rallies.

At each location, commercial drivers and road users received safety sensitization, breathalyzer demonstrations, and branded educational materials. The rally also featured direct engagements with transport unions and drivers to reinforce the message of safety and responsible alcohol consumption.

The BSG comprises notable brewers like International Breweries Plc, Nigerian Breweries Plc, and Guinness Nigeria Plc.

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