Stakeholders within the automotive industry have stressed the need for more education and transparency on how car financing works in Nigeria. According to them, there should be more enlightenment, so that the space becomes more accommodating. Indeed, buying cars in Nigeria, whether new or used ones, comes at a high cost. Today, only a few…Stakeholders within the automotive industry have stressed the need for more education and transparency on how car financing works in Nigeria.
Similarly, Union Bank of Nigeria partnered with Choice International Group Motors Limited to provide auto-financing services to customers purchasing GAC range cars through an asset finance loan scheme. Fadeyibi while speaking with The Guardian said transportation is an important pillar that underpins various socioeconomic activities.
“While the 40 per cent increase in duty is “not great news”, people still need vehicles and we envisage that they will continue to buy vehicles, even if they buy smaller ones. What has become apparent over the years is that the overall demand for vehicles rarely changes significantly.” He said the economic recovery is likely to come slower than many imagine hence, the stakeholders in today’s industry have an important role to play to transform and adapt, creating a sustainable and enduring financing option to the teeming consumers.
. Poor succession plans, ESG seen as major challenges Stakeholders have stressed the need for family businesses to succeed and transcend generations as they contribute nearly $200 billion to the nation's economy yearly. This is even as they accounted for millions of jobs in the country. The stakeholders stated this yesterday in Lagos at a…
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