FG Launches N20bn Loan Scheme for Nigerians to Acquire Innoson, Other Locally-Assembled Vehicles
- The Nigerian government has launched an N20 billion consumer credit initiative for Nigerians to acquire locally manufactured cars
- The scheme was led by the Nigerian Credit Corporation (CREDITCORP) and hopes to restrict interest rates for consumers to a single-digit
- The managing director of CREDITCORP, Uzoma Nwagba, explained that the funds aim to eliminate barriers faced by consumers in buying vehicles
Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.
On Thursday, December 5, 2024, the Nigerian government launched an N20 billion consumer credit scheme to grow the demand for locally assembled vehicles.
The scheme, led by the Nigerian Credit Corporation (CREDITCORP), hopes to restrict consumer interest rates to a single digit.
Source: Facebook
FG to dismantle barriers to buying vehicles
The managing director of CREDITCORP, Uzoma Nwagba, explained that the funds aim to eliminate the barriers consumers face when buying vehicles on credit.
The launch was in partnership with the National Automotive Design and Development Council (NADDC) and CREDITCORP.
The CREDITCORP MD said that the credit economy improves the quality of citizens’ lives, job creation and wealth for Nigerians.
Nwagba disclosed that the government is committed to supporting the sector to ensure growth and sustainability.
Legit.ng previously reported that the Nigerian Consumer Credit Corporation (CreditCorp) has opened applications for the Credit Access for Light and Mobility Fund, which provides 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 provided.
FG moves to grow credit industry
Vanguard reports that Joseph Osanipin, the Director General of NADDC, stated that improving the demand side for the vehicle market is essential to the industry’s growth.
He stated that in most thriving economies, consumers do not buy cars and other automobiles in cash, and credit schemes allow consumers to acquire brand-new items of their choice on credit.
Osanipin noted that the scheme includes all forms of automobiles, such as cars, vans, tricycles, and bikes. He said it is open to every Nigerian and involves makers manufacturing or assembling their products in Nigeria.
FG to give one million Nigerians loans to buy cars, others
Legit.ng previously reported that the Nigerian Consumer Credit Corporation (CREDICORP) introduced a new programme 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 was part of the corporation’s broader strategy to boost domestic industries, generate employment opportunities, and enhance economic growth.
It would be recalled 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.
Proofread by Kola Muhammed, journalist and copyeditor at Legit.ng
Source: Legit.ng
