NADDC, CrediCorp collaborate to unveil N20bn fund for locally-assembled vehicle purchases
NADDC, CrediCorp collaborate to unveil N20bn fund for locally-assembled vehicle purchases.
The Nigerian Consumer Credit Corporation (CrediCorp), in collaboration with the National Automotive Design and Development Council (NADDC), has unveiled a N20 billion consumer credit fund to enable Nigerians to purchase locally assembled vehicles.
The initiative, announced during a signing event featuring top local automobile manufacturers such as Innoson, Nord, CIG (GAC), PAN, Mikano, Jets, NEV (electric), and DAG, marks a significant step towards promoting Nigeria’s automotive industry.
NADDC in a post on X (formerly Twitter), emphasised the programme’s aim to empower Nigerians with accessible credit options for owning new cars, tricycles, and motorbikes while fostering the growth of 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 also bolstering Nigeria’s automotive sector. Eligible buyers can apply at participating local auto sales points,” Osanipin noted.
The programme forms a part of Credicorp’s broader project S.C.A.L.E. (Securing Consumer Access for Local Enterprises), which seeks to channel consumer credit into the purchase of goods and services from local vendors and manufacturers.
The corporation reiterated that purchasing locally-made vehicles not only supports job creation but also contributes to economic growth by reducing inflation.
How Nigerians can access the fund
Interested buyers of vehicles from participating manufacturers can apply for consumer credit directly at their sales points. At these locations, customers will receive guidance on the application process, including assistance with credit assessment and approval documentation.
Manufacturers not currently part of the initiative can apply through the NADDC to join.
The programme encourages Nigerians to embrace locally-assembled vehicles, with the corporation advocating for a transition from unreliable used cars to brand-new vehicles. “Driving a brand-new car brings peace of mind,” Credicorp stated, emphasising the potential for improved experiences for buyers.
