The Nigerian Consumer Credit Corporation (CREDICORP) and the National Automotive Design and Development Council (NADDC) have inaugurated a ₦20 billion consumer credit fund aimed at empowering Nigerians to purchase locally assembled vehicles. The initiative, unveiled during a signing event with prominent local automobile manufacturers including Innoson, Nord, CIG (GAC), PAN, Mikano, Jets, NEV (electric), and DAG, is poised to drive growth in the nation’s automotive industry.
This program, part of CREDICORP’s Project S.C.A.L.E. (Securing Consumer Access for Local Enterprises), targets five critical sectors, including the automotive industry. The fund aims to enhance access to credit for new cars, tricycles, and motorbikes, thereby boosting local production and enabling consumers to own high-quality vehicles.
Engr. Uzoma Nwagba, Managing Director/CEO of CREDICORP, highlighted the importance of the initiative: “Automobiles are central to industrial growth, with adjacent industries benefiting from their expansion. This partnership aggregates demand while addressing credit barriers, enabling Nigerians to own locally produced vehicles and improving quality of life.”
Standards for eligible manufacturers have been set by NADDC, the federal agency overseeing Nigeria’s automotive sector. The Director General of NADDC, Mr. Joseph Osanipin, emphasized the significance of the initiative, noting that it strengthens purchasing power and supports the “Buy Made-in-Nigeria” movement, thereby fostering sustainable economic development.
How to Access:
Interested buyers can access consumer credit directly through participating local automobile assemblers, where application assistance and credit assessment support are provided.
