In a bid to boost the automotive industry, the Nigerian Consumer Credit Corporation (CrediCorp) has partnered with the National Automotive Design and Development Council (NADDC) to launch a ₦20 billion consumer credit fund aimed at empowering Nigerians to purchase locally assembled vehicles.
CrediCorp announced this on Thursday via its verified X (formerly Twitter) account.
The initiative is designed to make it easier for Nigerians to own new automobiles, including cars, tricycles, and motorbikes, while also improving the country’s automotive industry.
Nigeria’s leading automobile manufacturers, such as Innoson, Nord, CIG (GAC), PAN, Mikano, Jets, NEV (electric), and DAG, were present at the unveiling of the initiative.
In a post, the corporation stated: “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 event features Nigeria’s leading local automobile manufacturers, including Innoson, Nord, CIG (GAC), PAN, Mikano, Jets, NEV (electric), and DAG.
“The targeted initiative empowers Nigerians with credit to own new automobiles (cars, tricycles, motorbikes) while supporting the growth of Nigeria’s automotive industry.”
The corporation added that the automotive industry is one of five key focus areas under its Project S.C.A.L.E (Securing Consumer Access for Local Enterprises).
This initiative will not only support job creation but also contribute to the nation’s economic growth by reducing inflation.
Additionally, it provides an avenue for interested vehicle buyers to apply for consumer credit directly at sales points, where they will receive guidance on the application process, including assistance with credit assessments and documentation approvals.