NADDC, Development banks, others to support auto industry 

Plans are underway by the National Automotive Design and Development Council (NADDC) in collaboration with development banks and other partners for funding support for the auto industry. 

The funding gap in the sector, according to the NADDC Director-General Oluwemimo Joseph Osanipin, is estimated at between $1trn and $5trn.

Osanipin who noted this in an interactive session with members of the Commerce and Industry Correspondents Association of Nigeria (CICAN) in Abuja said the dearth of funding slows the pace of growth of Nigera’s auto industry, noting that his council was in high-level discussion with the banks. 

“We are working on that (funding), not only with the Development Bank; we are working on other ways that we can get funding, not even within Nigeria. There are some people we are discussing with on any other ways we can assess funds dedicated to the auto industry” 

Speaking about the size of the funding that would be required for the auto sector, the NADDC Boss said it is between $1trn and $5trn, noting that banks and partners are already buying into the funding proposals. 

“For us, we are not investors; we are only trying to initiate the process. For this sector to achieve desired growth, it will require close to $1trn in funding, but it doesn’t have to be just “.