Memorandum of Understanding (MOU) with the WesBank of South Africa, to offer
vehicle finance to retail and corporate purchasers in Nigeria.
the MOU was signed in Johannesburg, South Africa on Oct.16, with the aim of
stimulating the sale of locally assembled vehicles in Nigeria.
team that went for the signing headed by the Director General comprised of other
key officials including Mr Luqman Mamudu, Director, Policy and Planning and
Engr Waheed Odetoro, Director Industrial Infrastructure.
WesBank, Mr Chris De Kork, signed oh behalf of his company in the presence of
other WesBank management team.
recently approved the National Automotive Industry Development Plan (NAIDP) to
attract investments from vehicle manufacturers globally and grow the supply of
agreement would allow WesBank work closely with NAC to develop vehicle
financing solutions specifically for vehicles built in Nigeria, with the aim of
making them affordable for the average Nigerian car user.
that the Nigerian government and NAC have chosen WesBank as their partner of
choice,” said Chris de Kock, CEO of WesBank.
largest economy in Africa and this is an excellent opportunity to grow our
footprint on the continent, in line with the FirstRand strategy.”
the WesBank was already well represented in other African markets including
Botswana, Lesotho, Namibia, Mozambique, Swaziland, and Zambia.
Nigeria would extend its reach to the northern parts of the continent,
presenting an opportunity to participate in some of the larger African
economies where vehicles sales are expected to experience substantial growth
we have the required experience and expertise to operate successfully in
developing countries given our own experience in South Africa over the last 50
find innovative solutions and to develop country-specific products and
processes we think will be well-received by the Nigerian automotive market and
its buyers,” De Kock said.
hope that in due time, this venture can become the biggest market for WesBank
in Sub-Saharan Africa outside of South Africa.”
Africa’s market leader in vehicle and asset finance. This position has been
achieved through successful partnerships with leading manufacturers, offering
finance to consumers for both locally-manufactured and imported models.
recalled that the NAC DG recently announced that the Council was packaging a
Vehicle Financing Scheme which would make Nigerian assembled vehicles easily
developed with a convenient payment terms spread over a period of about 4 years
at a very low interest rate.
intended to assist vehicle assembly plants in Nigeria to gain high volume
within a very short time so as to facilitate local components development.