Nigeria, South Africa’s WesBank sign MOU on made-in-Nigeria vehicles

The National Automotive Council (NAC),  has signed a Memorandum of Understanding (MOU), with WesBank of South Africa, to finance retail and corporate acquisition of made-in-Nigeria vehicles.

A statement by the Director General of NAC, Aminu Jalal,  said The MOU with  WesBank,  a subsidiary of FirstRand Bank Limited, was signed in Johannesburg, South Africa on October 16.

Jalal said that the aim of the MOU was to stimulate Nigerians interest in the acquisition of locally assembled vehicles.

He said the agreement would allow WesBank collaborate with NAC in the development of financing locally assembled vehicles and making them affordable for the average Nigerian.

Also speaking, the Chief Executive Officer (CEO) of WesBank, Mr Chris de Kock, commended Nigeria for the opportunity to invest in the emerging Nigerian automotive industry.

WesBank is South Africa’s market leader in vehicle and asset finance 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 aimed at making Nigerian assembled vehicles affordable.