Towards boosting local automotive industry, set precedence for consumer credit accessibility and improving the livelihood of countless Nigerian citizens, Nigerian Consumer Credit Corporation (CREDICORP) has rolled out its automobile credit fund.
Launched with fun-fare at an event in Lagos on February 13,2025, the initial N20billion credit fund which is being driven through the partnership of National Automotive Design and Development Council (NADDC), aims to empower Nigerians by providing access to credit for purchasing locally manufactured vehicles.
During the event. the first set of beneficiaries drove away from the Simba Group manufacturing facility with their new tricycles and motorbikes, made by Nigeria’s leading motorcycle and tricycle manufacturer. TVS.This endeavor not only promotes the use of locally manufactured goods but also supports local employment, with Simba Group employing over 800 individuals to produce an impressive 1,175 vehicles daily.
CREDICORP’s initiative is part of a broader program dubbed “Project S.C.A.L.E.” (Securing Consumer Access for Local Enterprises), which aspires to strengthen Nigeria’s local industries. The project aims to support up to one million beneficiaries by 2026, providing access to consumer credit not just for automobiles but also for a diverse range of locally produced goods, including digital devices, home appliances, energy solutions, and household essentials.
This initiative aligns with President Bola Ahmed Tinubu’s Renewed Hope Agenda, aiming to enhance economic inclusion and improve the quality of life for Nigerians. CREDICORP was established in April 2024 to expand access to consumer credit as a vital tool for economic growth and to combat corruption. The organization operates on three pillars: strengthening the consumer credit infrastructure, providing wholesale funding and guarantees to financial institutions, and promoting responsible consumer credit practices.
Photo credit:Brand Times
