The Federal Government has introduced a ₦20 billion Consumer Credit Fund aimed at stimulating Nigeria’s economy and supporting the automotive sector.
Speaking at the launch in Abuja, Joseph Osanipin, DG of the National Automotive Design and Development Council (NADDC), called it a “transformative step” toward a credit-driven economy.
The fund, managed by the Nigerian Consumer Credit Corporation (CREDICORP), will finance consumers to purchase locally made vehicles, strengthening supply chains and boosting production.
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“This program’s success hinges on collaboration between financial institutions, manufacturers, and consumers,” Osanipin stated, emphasizing responsible credit use to ensure sustainability.
CREDICORP MD Uzoma Nwagba highlighted plans to lower borrowing costs, targeting single-digit interest rates, to make vehicle ownership more accessible despite high economic hurdles.
NAMA President Bawo Omagbitse praised the initiative as a “game-changer” for the industry, expressing optimism about its impact on market expansion.
The event also featured the signing of an MoU between NADDC and CREDICORP, officially kick-starting the program.
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