Business
Automobile Union Lauds FG Over Car Purchase Scheme

The Automobile
Boatyards, Transport, Equipment and Allied Senior Staff Association (AUTOBATE) said the Federal Government initiative to float a car purchase loan scheme will cushion economic recession.
Acting General Secretary of AUTOBATE Sola Olorunfemitold newsmen in Lagos on Thursday, that the automobile sector was facing huge challenge and needed support.
Our source recall that the Director-General, National Automobile Design and Development Council, Aminu Jalal said that the scheme would be inaugurated soon to help citizens acquire new made in Nigeria cars.
The government said that the scheme would be funded at a cost of N7.5 billion as part of its strategy to empower Nigerians to own new cars.
Olorunfemi said that if such loan was accessed, a lot of cars would be produced with increased patronage as opposed to imported second hand ones.
He said that the association had been canvassing for such move to boost the automobile industry because of various problems bedevilling it.
“In the automobile sector, we have lost about 10,000 workers from November 2015 to date due to economic instability. We appreciate government effort in boosting the sector,’’ he said.
The union spokesperson said that the scheme, when inaugurated would create employment, promote manufacturers and patronage of standards.