The Nigerian Consumer Credit Corporation (CrediCorp), in partnership with the National Automotive Design and Development Council (NADDC), has unveiled a N20 billion consumer credit fund to support Nigerians in purchasing locally assembled vehicles.
Announced during a signing event with leading local manufacturers such as Innoson, Nord, GAC, PAN, Mikano, Jets, NEV (electric), and DAG, the initiative aims to strengthen Nigeria's automotive industry.
According to NADDC, the program provides accessible credit options for Nigerians to own new cars, tricycles, and motorbikes while promoting local vehicle production.
“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,” the corporation noted.
Speaking at the event, Joseph Osanipin, director-general of NADDC, encouraged Nigerians to engage directly with the listed manufacturers to purchase vehicles and eliminate the hassle of dealing with unreliable mechanical repairs.
“Empowering Nigerians with credit access is at the core of this initiative. Credicorp and NADDC’s N20 billion consumer credit fund aims to make owning locally-assembled vehicles easier while bolstering Nigeria’s automotive sector. Eligible buyers can apply at participating local auto sales points,” Osanipin noted.