Nigeria - Apply for Auto Industry Research Fund

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Procedure

Apply In-Person

1. To apply for the auto industry research fund, you should make your application to the National Automotive Design and Development Council (NADDC). Please view the NADDC contact details through this NADDC contacts link.
2. Visit the NADDC office and obtain the application form from the NADDC officer at the reception.
3. Complete the application form correctly and prepare all the required supporting documents and attach the documents to the application form.
4. Visit the NADDC office and submit the complete application along with all the required documents to the NADDC official at the service desk.
5. The official will receive your application and verify if the documentation and application are correct then you will be issued with the acknowledgment receipt of the application.
6. Then the application will be forwarded to the NADDC responsible authority for assessment and processing.
7. The council will contact you through your contact details to schedule an inspection date on your premises of operation to substantiate your application
8. On the scheduled date an inspector from the NADDC will visit your premises and verify if the operations and premises meet the required standards of the NADDC.
9. The inspector will write a report based on the inspection findings and submit the report to the council.
10. The council will then review the inspection report and the application and determine if you are eligible to be issued the funds.
11. If the council determines that you are eligible for the fund, your application will be approved and the NADDC will forward the approval documents and the fund application to the Bank of Industry to process the fund.
12. The Bank of Industry will conduct due diligence to verify the approval and the application.
13. Upon verifying the approval, the Bank of Industry will process the fund in the approved amount and deposit it in your account.
    

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Required Documents

• Complete application form.
• Photocopy of Certificate of Registration or Incorporation (two copies).
• Certified true copy of Memorandum and Articles of Association (two copies) and Form CO2 now C.A.C 2.5 (Allotment of Shares) and Form CO7 now C.A.C 2.3 (Particulars of Directors).
• A photocopy of the filed Annual Returns (up to date) of the Company at Corporate Affairs Commission (CAC).
• Business Plan.
• Quotations for the supply of items of Machinery and Equipment.
• Sources and quotations for Raw Materials expressed in units.
• Eight passport photographs of the Chief Promoter and one or two directors of the company.
• A photocopy of the Current Tax Clearance Certificate of the Company and two of its directors.
• Photocopy of International Passport or Driver’s License or (other forms of Identification such as voters' card, National Identity of two Directors of the Company.
• Two years’ Audited Statement of Accounts and most current Management Accounts for one year or six months for existing business (where applicable).
• Company’s Bank Statement for one year for an existing business.
• Two years' Financial Statement of Accounts for Institutional Investors in the project (where applicable).
• Declaration of Outstanding Liabilities to other Banks and individuals.
• Provision of Personal Guarantee and/ or Guarantors with a notarized statement of net worth.
  

Office Locations & Contacts

National Automotive Design And Development Council - Head Office
13 David Ejoor Street, Abuja,
Nigeria
Phone: +234 929 137 813
Email: [email protected]
Website: National Automotive Design And Development Council Contacts

Eligibility

Companies and businesses registered in Nigeria are eligible to apply.

Fees

The application is free.

Validity

Explain the time until which the certificate/document is valid.
e.g. Birth Certificate Valid Forever

Documents to Use

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Sample Documents

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Processing Time

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Related Videos

Videos explaining the procedure or to fill the applications.
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Please remove the '&' inside the tags during implementation.
Website = allocine, blip, dailymotion, facebook, gametrailers, googlevideo, html5, metacafe, myspace, revver,
sevenload, viddler, vimeo, youku, youtube
width = 560, height = 340, Video ID = Can be obtained from the URL of webpage where the video is displayed.
e.g In the following url 'http://www.youtube.com/watch?v=Y0US7oR_t3M' Video ID is 'Y0US7oR_t3M'.

Instructions

To be eligible for the fund application you must meet the following standards:

• Your business or company should be registered.
• Your line of business should be in manufacturing or commodity-based value addition.
• You should have the requisite permit for your manufacturing and/ or the requisite operating license.
• You should have a factory to operate from, plan to build, or leasing one.
• For an existing business, your net worth (Shareholders Fund) should be positive.
• The company should have a standard factory building or leased premises designed to accommodate the equipment to be procured.
• You should have a sustainable business model.
• You should have a minimum of 40% Nigerian ownership.
• You require a minimum of 20% local content in your production.
  

Required Information

• Name.
• Director/s details.
• Address information.
• Contact details.
• Company information.
• Manufacturing details.
• Declaration.
  

Need for the Document

The fund helps companies to fund their projects through the Bank of Industry.

Information which might help

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Other uses of the Document/Certificate

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e.g. Birth Certificate can be used as proof of identity.

External Links

NADDC link

Others

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