- Safiu Kehinde
Nigerian local automobile manufacturing company, Nord Motors, has unveiled a finance package to promote purchase of the company’s brand-new cars by its customers.
Ajayi Oluwatobi, the company’s Chief Executive Officer, announced the unveiling of the initiative tagged Nord Finance during a Press Briefing on Friday.
Addressing newsmen, the Nord Motors boss cited the harsh economic realities in the country as one of the reasons behind the introduction of the initiative.
He also noted that the company had overtime had several commendations from customers over their brands.
This however failed to translate into the purchase of some of the brands by the admirers due to the cost of purchase.
“Like any serious manufacturing business operating in Nigeria, we face structural challenges, cost of capital being high. Luckily for us, we are some of the few that can even access it.
“But regardless, it is high. As bad as we have it, our customers are even having it worse.
“We go on social media and see how our customers are talking about how Nord is the best auto brand in Nigeria, how they love Nord. But many times, that love just ends on the comment section of Instagram or Twitter.
“When I look at the profile of these people, they work diligently well. They are not people ho are just wishing.
“They have a good life and a good career. And you expect that in our country or in any country, people like that should be able to drive brand new vehicles that will give them five years warranty offer and long-lasting peace of mind.
“The cost of finance and access to it has been a problem to all businesses and even to customers.
“We’ve tried doing something really bold and today we are announcing Nord Finance limited.” He said.
Ajayi explained that through Nord Finance, customers can now purchase their vehicles with a down payment while spreading the rest over time.
“We identified a major challenge in access to brand new, reliable vehicle ownership, and we have built a bold, structured solution to close it.
“Own a vehicle with a friendly down payment, and spread the rest over time, with rates starting from an exceptional 9% per annum.” He added.