By Oyinkansayo Wole-Bodunde.
Nigeria’s automotive industry is getting a significant boost from the Nigerian Consumer Credit Corporation (CREDICORP) and the National Automotive Design and Development Council (NADDC).
They’ve launched a N20 billion consumer credit fund to enable Nigerians to purchase locally assembled automobiles, including cars, tricycles, and motorbikes.
This initiative is part of CREDICORP’s Project S.C.A.L.E. (Securing Consumer Access for Local Enterprises), which aims to promote local industries by providing credit facilities to consumers. The automotive sector is one of the five key areas of focus for this project.
According to Engr. Uzoma Nwagba, Managing Director/CEO of CREDICORP, “At CREDICORP, we are removing structural barriers to credit access, and accelerating consumer credit with capital and guarantees to financial institutions. They say Automobiles is a mother of all industries due to several adjacent industries that emanate from it. The partnership with local automobile manufacturers is an exciting development that catalyzes the sector by aggregating credit-backed demand, while bringing us closer to our goal of enabling millions more Nigerians to obtain a higher quality of life.”
The NADDC has set standards for eligible manufacturers under the fund, and interested buyers can access consumer credit directly at participating local automobile assemblers. The Director General of the NADDC, Mr Joseph Osanipin, emphasized that “this partnership with CREDICORP is a significant step towards realizing the full potential of Nigeria’s automotive industry, as the government is supporting Nigerians with purchasing power and channeling them to buy made-in-Nigeria cars, tricycles, and motorcycles.”
This initiative is expected to stimulate economic growth, create jobs, and promote local manufacturing. With the support of leading local automobile manufacturers, including Innoson, Nord, CIG (GAC), PAN, Mikano, Jets, NEV (electric), and DAG, this fund is expected to make a significant impact on Nigeria’s automotive industry.
