Twelve years after the Federal Government introduced the Automotive Development Fund to stimulate local vehicle manufacturing and provide affordable auto financing, vehicle manufacturers are still unable to access the fund or determine its current status. Stakeholders estimate the potential accrual at not less than N250 billion, raising concerns among industry players who are demanding transparency over the fund's management. The NADDC-ADF was established under the National Automotive Development and Industry Plan and comprises two major components: auto finance and an auto credit scheme. The auto finance component is designed to provide financial assistance for automotive projects.
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