Auto
Nord Rolls Out Single-Digit Car Loans to Shift Nigerians from Tokunbo into Brand-New Vehicles
Nord Rolls Out Single-Digit Car Loans to Shift Nigerians from Tokunbo into Brand-New Vehicles
Nord Automobiles is targeting a major shift in Nigeria’s auto market with the rollout of a single-digit interest vehicle financing scheme, offering loans from as low as nine per cent to make brand-new cars more accessible to individuals and businesses.
The indigenous automaker said the initiative was designed to unlock demand for new vehicles and reduce the dominance of imported used cars, popularly known as Tokunbo.
The indigenous automaker unveiled the initiative, tagged Nord Finance, in Lagos on Tuesday, saying the plan would make vehicle ownership easier for individuals and businesses through flexible repayment options.
Chairman and Chief Executive Officer of Nord Automobiles, Mr Oluwatobi Ajayi, said the company was determined to change the long-standing culture of relying on used vehicles, which he described as costly to maintain, unreliable, and often unsafe.
“Our goal is to make more Nigerians drive brand-new vehicles,” Ajayi said.
“For too long, Nigerians have been used to Tokunbo cars. While tokunbo cars have played a role in improving access to mobility, there are growing concerns around their long term reliability, safety standards, and overall cost of ownership.
As we look to the future, it is important to gradually transition towards more structured, reliable, and locally supported vehicle solutions that can better serve Nigerians and strengthen our economy.”
He said the financing package offers interest rates starting from 9%, and repayment tenures of up to 48 months.
According to him, the arrangement allows buyers to spread the cost of a new vehicle over several years rather than paying huge lump sums upfront.
“This means that instead of looking for N10m or N15m at once to buy a vehicle, you can pay a smaller amount monthly and drive a reliable brand-new car,” he said.
“You do not have to worry about frequent breakdowns or visiting mechanics regularly, like many Tokunbo owners do.”
Ajayi explained that the scheme is being executed through Nord Finance Limited, a subsidiary of Nord Automobiles, in partnership with a commercial bank.
He noted that prospective buyers can access financing for any of Nord’s 11 passenger and commercial vehicle models, as well as four models under its electric vehicle brand, Tavet.
Nigeria remains one of Africa’s largest automobile markets, with annual demand estimated at about 500,000 vehicles. However, only a small percentage of that figure represents brand-new purchases, while the majority are imported used vehicles.
Ajayi said the company hoped the financing package would help convert a portion of the used-car market into demand for new, locally assembled vehicles.
“Nigeria is a very big market of over 200 million people, with demand for about 500,000 vehicles yearly. Unfortunately, only around 14,000 to 20,000 of those are brand-new vehicles, depending on the data source,” he said.
“We believe that with Nord Finance, even if we move just five per cent of the Tokunbo market into the new-car segment, it will be a major shift.”
He also said Nord vehicles are specifically designed to meet Nigerian driving conditions, unlike many imported models originally built for foreign markets.
The Nord CEO said, “We have seen that many vehicles brought into Nigeria were not designed for our roads, our fuel quality, or our weather.
“Our vehicles are robust; they have high ground clearance, cooling systems that can withstand Nigeria’s heat, and engines tuned to perform well with the fuel available here.”
Ajayi said Nord has the production capacity to meet rising demand, adding that the company assembles its vehicles in Epe and at the University of Lagos.
“When you buy a Nord, you are buying a vehicle built for you. It is durable, dependable, and gives peace of mind,” he added.
Founded in 2018, Nord Automobiles focuses on designing, assembling, and distributing locally made vehicles from its Lagos base, with a growing portfolio that includes passenger, commercial and electric models.
Auto
Replace Fuel Subsidy With Vehicle Credit to Drive Mobility, Jobs,LCCI, Ilekuba tell FG
Replace Fuel Subsidy With Vehicle Credit to Drive Mobility, Jobs,LCCI, Ilekuba tell FG
Nigeria’s automotive stakeholders have called for an urgent shift from fuel subsidy to affordable vehicle financing, saying the new model could make vehicle ownership accessible to more Nigerians while driving local production, creating jobs and reducing dependence on imported automobiles.
The call was made on Thursday at the LCCI/National Automotive Design and Development Council Automobile Symposium, themed, “From Subsidy to Credit: Can Vehicle Financing Replace Fuel Subsidy as Nigeria’s Mobility Equalizer?”
Chairman of the LCCI Auto and Allied Sector Group, Dr Femi Eguaikhide, said affordable vehicle credit could restore access to mobility, improve productivity and create a stronger market for Nigeria’s automotive industry.
He said fuel subsidy had for decades effectively functioned as Nigeria’s mobility policy by helping to keep transportation relatively affordable for millions of Nigerians, including commercial drivers, teachers and small-business operators.
However, following its removal in May 2023, Eguaikhide said mobility costs had risen sharply, resulting in higher transport fares and increased prices of goods and services, with knock-on effects on productivity.
“Subsidy made fuel cheap, but cars remained expensive. So only the rich owned productive assets,” he said, arguing that vehicle credit could enable more Nigerians to acquire income-generating vehicles and repay loans from the proceeds.
Eguaikhide called for affordable, preferably single-digit interest rates and longer-tenor lease-to-own schemes for commercial operators using buses, tricycles and motorcycles.
“Can we create a ₦50,000/month plan for a keke driver?” he asked, urging financial institutions to develop financing products around borrowers’ earning capacity rather than conventional lending models.
He also advocated the use of vehicle telematics, tracking systems and cash-flow data to develop “mobility credit scores” that could help lenders assess the repayment capacity of commercial transport operators.
But Eguaikhide warned that vehicle financing must not become a fresh channel for importing used vehicles.
“If we use credit to import more Tokunbo, we’ve solved nothing,” he said, advocating financing for CNG conversions, locally assembled electric and hybrid vehicles, as well as mass-transit buses.
He summed up the proposed policy shift: “Subsidy gave us consumption. Credit can give us production.”
In a special address, Chairman and Chief Executive Officer of Cedric Masters Group, Chief (Sir) Anselm Ilekuba, also canvassed a fundamental shift towards vehicle financing, stressing that such a policy must simultaneously promote Nigeria’s automotive industrialisation.
Ilekuba, who was represented at the event by his Chief Finance Officer and Head of Accounts and Strategy, Christabel Mmesoma Ilekuba, decried the impact of high financing costs, short repayment periods and pressure on household incomes on vehicle ownership, despite strong demand for automobiles.
He urged the Federal Government to seriously consider the proposed National Automotive Bank being championed by NADDC, describing it as a specialised financing institution that could support consumers, vehicle assemblers and component manufacturers.
Ilekuba proposed longer-tenor financing for qualifying locally assembled vehicles, alongside industrial credit for manufacturers and funding for machinery, technology, certification and capacity expansion by component producers.
He also called for stronger localisation of automotive components, citing the proposed National Automotive Components Parts Gateway being developed by ALCMAN with Chinese partners.
According to him, the Automotive Bank and Components Gateway could create a cycle in which increased vehicle purchases stimulate local assembly, boost demand for locally produced components, expand factories and generate jobs, while reducing Nigeria’s exposure to foreign-exchange pressures.
Ilekuba said the success of vehicle financing should therefore not be measured merely by the number of loans disbursed, but also by growth in local vehicle assembly, component production, factory expansion, employment and foreign exchange conserved or earned.
“The old subsidy helped Nigerians consume mobility. The new approach should help Nigerians own mobility—and help Nigeria produce it,” he said.
Auto
Jetour Set to Storm Abuja Show with Rugged Luxury T2
Jetour Set to Storm Abuja Show with Rugged Luxury T2
Abuja is set for a taste of rugged luxury as Jetour Nigeria puts its adventure-ready T2 SUV in the spotlight at the Jetour Experience Abuja from September 22 to 24, 2026, giving motorists in the Federal Capital Territory and neighbouring states an opportunity to test its blend of off-road capability, premium comfort and advanced technology.
The three-day showcase at Maha Event Centre, Area 8, Garki, will feature test drives, live demonstrations and direct interaction with Jetour product specialists, offering prospective buyers a closer look at the T2 and other models in the automaker’s growing Nigerian line-up.
Positioned as a premium SUV combining off-road capability with comfort and advanced technology, the Jetour T2 is designed for motorists seeking a vehicle capable of handling both city driving and challenging terrain.
Jetour Nigeria is distributing the T2 and other models via its seven accredited dealers — Elizade Nigeria Limited, New Era AutoVehicle Services Limited, Germaine Auto Centre, Kojo Motors, Mandilas Autos, R.T. Briscoe Motors and Tab Autos Limited.
The T 2 SUV is powered by a 2.0-litre turbocharged engine producing 254 horsepower and 390 Nm of torque. The engine is paired with a seven-speed dual-clutch transmission and BorgWarner sixth-generation intelligent four-wheel-drive system.
It also features five driving modes — Eco, Sport, Mud, Rock and X Smart — designed to provide improved adaptability across different road and terrain conditions.
Measuring 4,758mm in length, 2,006mm in width and 1,880mm in height, the SUV offers 220mm ground clearance and a 70-litre fuel tank, giving it the capability for extended journeys and off-road adventures.
Inside the cabin, the T2 combines rugged styling with modern comfort, featuring ergonomic seating and a 15.6-inch touchscreen infotainment system with Apple CarPlay, Android Auto and intelligent voice control.
Its safety and driver-assistance features include a 360-degree panoramic camera, rear parking sensors, Lane Departure Warning, Blind Spot Detection, Anti-lock Braking System and Emergency Brake Assist.
The SUV also comes with off-road crawl control as well as push-button and remote-start functions.
The Abuja experience follows Jetour Nigeria’s recent showcase in Lagos as the automaker continues to expand its presence and customer reach across the country.
With its combination of performance, technology, safety and luxury, the Jetour T2 is expected to attract motorists seeking an SUV capable of combining everyday urban mobility with adventure and off-road driving.
Auto
Jetour Targets Abuja Market with X70 PHEV as Nationwide Expansion Gathers Pace
Jetour Targets Abuja Market with X70 PHEV as Nationwide Expansion Gathers Pace
Jetour Nigeria is taking its hybrid SUV offensive to Abuja, with the X70 Plug-in Hybrid Electric Vehicle (PHEV) set to headline the three-day Jetour Experience from September 22 to 24 as the automaker accelerates its drive to expand its footprint and capture a larger share of Nigeria’s fast-evolving mobility market.
The Abuja showcase, coming on the heels of a strong Lagos edition that generated significant consumer interest, test drives and sales enquiries, is designed to bring Jetour’s latest technologies closer to customers in the Federal Capital Territory and neighbouring states.
The event at Maha Event Centre, Area 8, will give prospective buyers and auto enthusiasts the opportunity to test-drive the X70 PHEV and other Jetour models while interacting with product specialists and experiencing their technology, safety features, performance and comfort firsthand.
According to the company, expanding the showcase to the Federal Capital Territory was a direct response to rising demand from residents in Abuja and neighbouring states.
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To bolster buyer confidence, Jetour Nigeria—the country’s sole authorised distributor—backs the X70 PHEV with a five-year or 150,000-kilometre warranty.
The distributor operates through an accredited nationwide dealer network, including: Elizade Nigeria Limited,
New Era Auto Vehicle Services Limited, Kojo Motors, Germaine Auto Centre, Tab Autos Limited, R.T. Briscoe Motors, and Mandilas Autos.
The X70 PHEV pairs a 1.5-litre turbocharged engine with a 19.43kWh battery and a dedicated hybrid transmission. Designed to balance performance with fuel efficiency, the vehicle supports fast, slow, engine, and regenerative braking charging options—reducing reliance on external charging infrastructure.
Jetour’s rapid growth in the Nigerian market has earned both private and corporate patronage, driven by competitive pricing, high specification levels, and an expanding service footprint. The brand was named “Fastest Growing Auto Brand of the Year” at the 2024 Nigeria Auto Journalists Association (NAJA) Awards.
With the X70 PHEV leading the Abuja showcase, Jetour aims to deepen customer engagement and consolidate its position in the local automotive market.
Jetour Targets Abuja Market with X70 PHEV as Nationwide Expansion Gathers Pace
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