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NAC, WesBank, South Africa sign MOU on consumer financing of Nigeria Assembled Vehicles

 The National Automotive Council (NAC) on Friday said it had signed a
Memorandum of Understanding (MOU) with the WesBank of South Africa, to offer
vehicle finance to retail and corporate purchasers in Nigeria.
WesBank is a division of FirstRand Bank Limited of South Africa.
In a statement, the Director General of NAC, Engr. Aminu Jalal, said
the MOU was signed in Johannesburg, South Africa on Oct.16, with the aim of
stimulating the sale of locally assembled vehicles in Nigeria.

 The NAC management
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.
 He said the Chief Executive Officer of
WesBank, Mr Chris De Kork, signed oh behalf of his company in the presence of
other WesBank management team.
 Jalal said that the Nigerian government
recently approved the National Automotive Industry Development Plan (NAIDP) to
attract investments from vehicle manufacturers globally and grow the supply of
locally-manufactured vehicles.
He said the
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.
“We are delighted
that the Nigerian government and NAC have chosen WesBank as their partner of
choice,” said Chris de Kock, CEO of WesBank.
“Nigeria is the
largest economy in Africa and this is an excellent opportunity to grow our
footprint on the continent, in line with the FirstRand strategy.”
According to him,
the WesBank was already well represented in other African markets including
Botswana, Lesotho, Namibia, Mozambique, Swaziland, and Zambia.
He said moving to
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
over time.
“We believe that
we have the required experience and expertise to operate successfully in
developing countries given our own experience in South Africa over the last 50
“Our ability is to
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.
“It is also our
hope that in due time, this venture can become the biggest market for WesBank
in Sub-Saharan Africa outside of South Africa.”
WesBank is South
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.
It would be
recalled that the NAC DG recently announced that the Council was packaging a
Vehicle Financing Scheme which would make Nigerian assembled vehicles easily
The scheme is
developed with a convenient payment terms spread over a period of about 4 years
at a very low interest rate.
It is also
intended to assist vehicle assembly plants in Nigeria to gain high volume
within a very short time so as to facilitate local components development.
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