A memorandum of understanding (MOU) was signed between the National Automotive Council (NAC) of Nigeria and Wesbank to stimulate the sale of locally assembled vehicles in Nigeria.

The Nigerian government recently restructured their local economy to attract investment from vehicle manufacturers and grow the supply of locally-manufactured vehicles. The agreement allows WesBank to work closely with the NAC to develop vehicle financing solutions specifically for those vehicles built in Nigeria with the aim to make them more affordable for the average Nigerian consumer.

Chris de Kock, CEO of WesBank says, “We are delighted that the Nigerian government and NAC have chosen WesBank as their partner of choice. Nigeria is the largest economy in Africa and this is an excellent opportunity to grow our footprint on the continent.”

The move to Nigeria will extend its reach to the northern parts of the continent, presenting an opportunity to participate in some of the larger African economies where, over time, vehicles sales are expected to experience substantial growth.