President Buhari has just bought N500m worth of cars from Innoson for the Federal Road Safety Commission FRSC.
According to the Presidency the gesture was to boost Nigerian car makers. President Buhari also asked the Army to buy extra 40 vehicles from them.
According to sources close to the Presidency, by next month, CBN will start loaning at 6% to Nigerians who wish to buy vehicles from KanoCars or Innoson.
“In about a month and half, we will roll out the vehicle finance scheme so that Nigerians will be able to put in maybe 10% or less and drive off with the vehicle and pay over a couple of years at just 6-8 per cent interest rate…”
Speculations are that if Nigerians can patronize made in Nigeria cars, the $8billion spent on foreign vehicles yearly will be saved.