CREDITCORP Rolls Out First Phase of Beneficiaries of N20 Billion Auto Loan Initiative
- The Nigerian government has announced the first phase of beneficiaries of the N20 billion CREDICORP auto loan scheme
- At an event in Lagos, the first set of beneficiaries of the scheme received tricycles and motorcycles funded by CREDITCORP
- CREDITCORP's chief executive officer said the auto loan scheme is part of its broader project called S.C.A.L.E
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Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.
The Nigerian government, via the Consumer Credit Corporation (CREDITCORP), has fulfilled its promise by providing N20 billion to Nigerians to buy locally manufactured vehicles.
In December 2024, CREDITCORP and the National Automotive Design and Development Council (NADDC) began the N20 billion auto credit fund, giving consumer credit to Nigerians to buy locally-produced vehicles.
Source: Facebook
FG awards credit-funded vehicles to beneficiaries
The corporation promised that within the first quarter of 2025, Nigerians will begin to get credit to own brand-new vehicles.
At an event in Lagos on Thursday, February 13, 2024, the first set of beneficiaries received tricycles and motorbikes funded by the scheme.
The Nation reports that CREDITCORP chief executive officer, Uzoma Nwagba, disclosed that the auto credit fund was part of a bigger CREDITCORP project called S.C.A.L.E, an initiative to strengthen Nigeria’s local industries by directing credit-backed beneficiaries to buy locally made goods and services.
Nwagba said
“In addition to automobiles, other thematic industries of the S.C.A.L.E project include digital devices, home upgrades & appliances, energy solutions, and household essentials.”
CreditCorp launches the CALM Fund
In October 2024, CreditCorp opened applications for Credit Access for Light and Mobility Fund to provide consumer credit to help Nigerians access CNG conversions and solar home systems via partner financial institutions.
Dada Olusegun, Special Assistant to President Bola Tinubu on Social Media, announced this on Monday, October 28, 2024, asking Nigerians to leverage the initiative.
Olusegun said Nigerians seeking to convert their cars or build solar systems to power their homes can apply using the link.
According to reports, the Nigerian government launched the CALM Fund as a partnership between the Ministry of Finance Incorporated (MoFI) and the Nigerian Consumer Credit Corporation (CREDITCORP), and the Presidential Initiative on Compressed Natural Gas (Pi-CNG).
The initiative comes after the Minister of State for Petroleum Resources (Gas) Ekperikpo Ekpo, asked Nigerians to embrace CNG.
According to the minister, the CNG initiative has come to stay and Nigerians should spread awareness as a cheaper and cleaner alternative to petrol following the removal of subsidy by President Tinubu.
Tinubu asks Nigerians to make a choice
Ekpo said that the President also asked most filling stations nationwide to convert to CNG stations with access to conversion kits to allow Nigerians to convert their vehicles to CNG.
Reports say the Ekpo assured that gas was available in large quantities, and the only challenge was infrastructure to deliver the product to filling stations.
President Tinubu had asked Nigerians to choose between buying CNG at N200 and petrol at N1,000 per litre.
The president disclosed that the CNG initiative is not just cheaper and cleaner, but an enduring initiative to save Nigerians during the moment of deregulation of the downstream stream sector.
FG to give one Nigerian loan to buy appliances
Legit.ng earlier reported that CREDICORP introduced a new program called Securing Consumer Access for Local Enterprises (SCALE), designed to empower one million Nigerians with credit to purchase locally made goods and services.
The initiative is part of the corporation’s broader strategy to boost domestic industries, generate employment opportunities, and enhance economic growth.
It would be recalled that Legit.ng earlier reported that CREDICORP, the Ministry of finance and the Presidential Initiative on Compressed Natural Gas Ltd had launched the Credit Access for Light and Mobility Fund.
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Source: Legit.ng
