The Nigerian Consumer Credit Corporation and the National Automotive Design and Development Council have introduced a N20bn consumer credit fund to support the purchase of locally assembled vehicles in Nigeria. The initiative was revealed during a signing ceremony with nine local automobile manufacturers. The event aimed to boost the country’s automotive industry by providing accessible credit options for buying new cars, tricycles, and motorbikes while promoting local vehicle production. The program is designed to empower Nigerians with credit access, making it easier to own locally-made vehicles and stimulate economic growth across various industries. Eligible buyers can apply for credit at authorized local auto sales outlets. The initiative focuses on making auto credit financing readily available at competitive interest rates to enable more Nigerians to afford new vehicles and reduce transportation poverty. The program is part of Credicorp’s larger project, S.C.A.L.E. (Securing Consumer Access for Local Enterprises), which aims to direct consumer credit towards supporting local businesses and manufacturers. Purchasing locally-made vehicles is encouraged to create jobs, boost economic growth, and reduce inflation. Interested buyers can apply for consumer credit directly at participating manufacturers’ sales points, receiving guidance on the application process and credit approval. The program encourages Nigerians to transition from unreliable used cars to brand-new locally assembled vehicles.
Credicorp, NADDC unveil N20bn fund to boost locally-assembled vehicle ownership
