The Federal Government has launched N25 billion loan scheme for transport companies in the country for the purchase of mass transit vehicles.
The Minister of Industry, Trade and Investment, Okechukwu Enelamah, disclosed this in Abuja on Tuesday at the opening of a two-day national workshop for chief executives of mass transit companies.
Enelamah said the scheme was aimed at improving the transport system and ensuring interest in local vehicle manufacturers.
He said the loans will be issued at zero per cent interest rate.
“Government is determined to develop the automotive industry because of its extensive linkages, impact on job creation, technology transfer as well as foreign exchange savings and earnings.
“The response by investors has been encouraging and we have brought back vehicle assembly and are now focussing on local content development.