Respite is now coming the way of major road fleet operators as the Federal Government has set up N25 billion revolving loan scheme for transport companies in the country to access funds for the purchase of mass transit vehicles.
Revealing the new deal, Minister of Industry, Trade and Investment, Okechukwu Enelamah, said yesterday in Abuja that the initiative was aimed at boosting the country’s mass transit system as well as encouraging local patronage of local vehicle assembly plants.
He explained that the loan would be administered through the Infrastructure Bank at zero percent interest rate.
Addressing issues at a workshop is organised by the National Automotive Design and Development Council (NADDC) in collaboration with the Nigerian Institute for Transport Technology (NITT), Zaria, Enelamah said “Government is determined to develop the automotive industry because of its extensive linkages, impact on job creation, technology transfer as well as foreign exchange savings and earnings.
“The response by investors has been encouraging and we have brought back vehicle assembly and are now focussing on local content development.
“Many of the new assembly plants produce buses and mini-buses. I hereby call on all Nigerians to patronise the products of these assembly plants,” he said.