…Say banks unsupportive of single-digit interest rate vehicle purchase scheme
The Federal House of Representative Committee on Industry, Trade and Investment has described the investment at the Coscharis Assembly Plant Aweyaya, Lagos Island as huge, saying production activities at the plant are low because sales are low.
To this end, the House Committee said that it is considering effective legislation that would boost the industry to contribute maximally to economic growth.
It called on Coscharis and other automotive dealers in the country who have invested in assembly to come up with a scheme of which the Nigerian banks will be part of it, saying the government will support such vehicle purchase schemes to succeed.
Chairman of the House Committee on Industry Trade and Investment, Honorable Enitan Badon, made these positions of the National Assembly known when he led members of the committee on their oversight functions and had a facility tour of the Coscharis Assembly Plant to the Coscharis office in Lagos on Wednesday.
He disclosed that the need for a fresh vehicle purchase scheme outside the Nigerian banking industry has becomes necessary in view that the 9th National Assembly approved N10 billion in the National Budget for the take-off of the single-digit interest rate vehicle purchase loan in Nigeria, but because of the bank’s lack of cooperation the money was not drawn by the National Automotive Design and Development Council (NADDC).
Hon Badon said, ”Our visit to Coscharis Assembly Plant is to have an on the spot assessment of the plant for us to be able to know in specific terms where they need our interventions in terms of enacting relevant laws to protect such investment.
“This surely will help us legislate on every support required to encourage such local organisations to further invest in our country towards achieving the best intentions of the government of the day”.
Also speaking during the visit, the Director – General of National Automotive Design and Development Council (NADDC), who was represented by the Director Research and Development, Dr Fidelis Achiv who equally led his team to visit the Coscharis Assembly Plant together with the House members commended Coscharis on the Assembly Plant that has rolled out different brands and now delivering the Geely brand.
“The agency promised to give all the necessary support it deserves to succeed in delivering the expected value for the country.
The Group Managing Director of Coscharis Group, Mr. Josiah Samuel who conducted the guests around the state of the art Assembly Plant and the other facilities in the organisation, showcased the plant which according to him can be compared to any global similar plant in the World.
He said, “With what you’ve seen here today (Wednesday), Coscharis has simply shown that if given the required support with the right conducive business environment, indigenous organisations like ours that has what it takes to compete in the global space will deliver world standard vehicles going by our pedigree with globally respected automobile brands we represent in Nigeria.
“Coupled with the new Geely brand added to our robust portfolio, we believe our locally assembled Geely vehicles will do well in the Nigeria market.
“As an entity that believes in our country Nigeria, we shall continue to do all in our space to sustain this local assembling of more brands from this plant as it also has the economic implications of creating more job opportunities both for skilled and unskilled labour that will definitely boost the country’s economy”.
By this announcement, according to Mr. Samuel, Coscharis Motors, aside of delivering one of the unique selling propositions of buying a brand new Geely with a six years warranty which is rare in the automotive sector, Coscharis Motors is set to embrace all the existing customers concerning their aftersales needs while offering them trade-in options, in order to facilitate easy ownership of the new or latest models.
