Punch Sunday, January 11, 2009

An innovative measure to put the dormant N13bn accumulated fund in the coffers of the National Automotive Council of Nigeria has been designed and approved by stakeholders in the Nigerian automobile industry, by possible adoption by the relevant authorities.

A consultant to the NACN, Mr. Olawale Olajide, said that the ongoing moves to empower the automobile technicians with the money in the custody of the Bank of Industry would boost the nation’s economy. Also car owners in the country would henceforth enjoy quality services at reasonable amount by competent technicians as the era of trial by error by its members was over. He said that his firm had coordinated the signing of the Memorandum of Agreement with some MFBs as part of an arrangement to access the N13bn fund in the BOI for the development of the automobile industry.

The current arrangement will enable the technicians have access to the funds meant to be disbursed to the members as loan by the NAC in accordance to the FGs policy to empower them with expensive and modern equipment and tools.

He said that executive officers of NATA in the 36 states of the federation had taken turn to sign the pact with CEOs of Moorgate, Blucon, GS, Olive and Seedvest Micro Finance Banks last year.

On his part Ajetunmobi, NATA National Secretary said, Mechanics in the country will henceforth repair vehicles with modern technology in line with international standard tools.

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