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Published On: Fri, Jul 4th, 2014

We have enough stock of vehicles -Automotive Manufacturers

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From Ayodele Samuel,Lagos

The Executive Director, Nigerian Automotive Manufacturers Association (NAMA), Mr. Arthur Madueke, said members of the association had enough stock of vehicles, adding that nothing could warrant any increase in price.

This is coming as the Minister of Industry, Trade and Investment, Mr. Olusegun Aganga announces a new Vehicle Credit Finance Scheme to make new cars affordable would be in place in four months.

The duo spoke at a press briefing in Lagos.

With the new financing scheme, Nigerians will be able to buy new cars assembled in Nigeria at an interest rate of not more that 10 per cent repayable over a period of four years.

Madueke said, “We have no plans to increase the price of cars. Our members have agreed after consultations that they will not increase the price of cars in Nigeria because currently, we have enough stock of cars to meet the country’s demand.

“Those that have increased or are planning to increase the price of cars want to take undue advantage of the new automobile policy to exploit Nigerians and we will not be part of that exploitation.”

Madueke added, “In 2012, the total number of new cars imported into the country was 50,000. Between January and December 2013, about 52,000 new vehicles were imported, while as at May this year, 37,000 cars have been imported.

“All the vehicles were imported before June this year at the 20 per cent duty. So why do they now want to make things difficult for the ordinary Nigerians through needless exploitation.”

The Federal Government, on Thursday, cleared the air on the effects of the ongoing implementation of the Nigeria Automotive Industrial Plan, saying that there will be no increase in the prices of cars.

The minister said, “The rumour that the Federal Government has increased the tariff on imported cars by 70 per cent is incorrect and misleading. The Nigerian Automotive manufacturers have already assured the government and all Nigerians that there is adequate stock of imported vehicles and that its members have not and will not increase the price of imported vehicles.

“Nigeria is the only country in the world where used vehicle were not banned following the introduction of the new automobile policy. This is because President Goodluck Jonathan, before announcing the new policy, had taken into consideration the current socio-economic conditions of the average Nigerian and would not want to come up with any policy that will inflict more hardship on them.”

He stressed that the tariff regime for the NAIDP had been structured to achieve maximum positive impact on the citizens in particular and the nation’s economy as a whole.


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