The Nigerian Consumer Credit Corporation (CREDICORP) and the National Automotive Design and Development Council (NADDC) have kicked off the first phase of a consumer credit fund enabling Nigerians to purchase locally assembled automobiles. This was announced at the signing event featuring Nigeria’s leading local automobile manufacturers including Innoson, Nord, CIG (GAC), PAN, Mikano, Jets, NEV (electric), DAG. This targeted initiative empowers Nigerians with credit to own new automobiles (cars, tricycles, motorbikes) while growing Nigeria’s automotive industry.
The Automotive industry is one of five thematic areas of CREDICORP’s Project S.C.A.L.E. (Securing Consumer Access for Local Enterprises) which channels the Corporation’s credit-backed consumers to purchase goods and services of local vendors and manufacturers. The kickoff of this Fund targeting local automobiles marks a significant step in the realization of this objective.
At the event, the Managing Director/CEO of CREDICORP, Engr. Uzoma Nwagba, expressed optimism about the initiative. “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.”
Standards for eligible manufacturers under the Fund have been set by the NADDC, the Federal Government agency responsible for Nigeria’s automotive sector. Speaking on the partnership, the Director General of the NADDC, Mr Joseph Osanipin stated 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. The NADDC is proud to be part of an initiative that drives the automotive sector and create sustainable economic growth for Nigeria.”
*How to Access*:
Interested buyers of the listed brands can seek consumer credit directly at the sales point of any participating local automobile assemblers. At these locations, customers will receive assistance with the application process, including the necessary documentation for credit assessment and approval.
