Automotive Council Disburses ₦7b Loan to Manufacturers

The National Automotive Council (NAC) said it has disbursed ₦7 billion loans to vehicle manufacturers in the country under its auto development scheme.

Aminu Jalal, the Director General of the Council, recently in Abuja, said five companies out of the 10 that applied have accessed the loans.

He further listed the beneficiaries as Peugeot Automobile Nigeria (PAN) –received ₦3 billion; Innoson Motors of Nnewi –₦1 billion; and Dunlop (Nigeria) Limited accessed ₦1.2 billion.

Mr. Jalal, who was represented by NAC’s Director of Administration, Mrs. Adama Saleh, said the remaining amount was given to micro-finance banks to be disbursed to other small-and-medium-scale industrialists.