The Federal Government, through the Nigerian Consumer Credit Corporation (CrediCorp), has launched a credit scheme for the purchase of locally assembled vehicles.
According to a post on X by the Minister of Information and National Orientation, Mohammed Idris, the government has rolled out the first phase of the scheme.
I’m the first phase of the credit scheme, credit facilities were provided to hundreds of buyers of motorcycles and tricycles assembled by Simba (TVS), Nigeria’s largest manufacturer of three- and two-wheelers.
The minister disclosed that subsequent phases will be targeted at locally assembled cars.
“The Nigerian Consumer Credit Corporation, one of President Tinubu’s flagship initiatives targeted at empowering Nigerians financially, has just recorded another impressive milestone: The rollout of the first set of beneficiaries of a new credit scheme for the purchase of locally-assembled automobiles, in partnership with major assembly firms.
“This first phase has kicked off with brand-new tricycles and motorcycles, assembled locally by Simba (TVS), Nigeria’s largest assembler of three- and two-wheelers. Future phases will include cars,” the Minister’s post read.
The scheme targets 1 million beneficiaries by 2026
In a video shared under the post, it was disclosed that the project is under the agency’s initiative tagged S.C.A.L.E. – Securing Consumer Access for Local Enterprise, which enables consumers to buy locally made goods and services along five key sectors:
- Mobility
- Energy Solutions
- Digital devices
- Home Improvement
- General households
Idris noted that CreditCorp has a target of supporting one million Nigerians to purchase locally-made consumer goods by the end of 2026.
“Credicorp has a target to support 1 million Nigerians to purchase locally-made consumer goods by the end of 2026. This is what the Renewed Hope agenda is all about; empowering Nigerians and creating opportunities!”
Presenting the vehicles to the beneficiaries, the MD of Simba Group, Vinay Grover, said “Today is not just about handing over the keys to our vehicles. It is about unlocking potentials, igniting dreams, and driving change.”
What you should know
- The credit initiative is expected to not only empower individuals financially but also stimulate the local economy by boosting demand for locally produced goods.
- It is expected to provide more citizens with access to affordable automobiles.
- Nairametrics reported that CREDICORP and the National Automotive Design and Development Council (NADDC) provided a similar credit facility in December 2024, with a N20 billion consumer credit fund.
