The Federal Government, through the Nigerian Consumer Credit Corporation (CrediCorp), introduces a new credit scheme to enable Nigerians to purchase locally assembled vehicles. This initiative, launched in partnership with major vehicle assembly firms, aims to boost access to locally manufactured automobiles while stimulating economic growth......CONTINUE READING THE ARTICLE FROM THE SOURCE>>>>>
The Minister of Information and National Orientation, Mohammed Idris, announces the commencement of the scheme’s first phase, which provides credit facilities to buyers of motorcycles and tricycles assembled by Simba (TVS), Nigeria’s leading manufacturer of two- and three-wheelers. He confirms that upcoming phases will include locally assembled cars.
“The Nigerian Consumer Credit Corporation, a key initiative under President Tinubu’s administration to financially empower Nigerians, has achieved another milestone with the rollout of the first beneficiaries. This phase focuses on brand-new motorcycles and tricycles assembled locally, with future phases set to include cars,” Idris states.
1 Million Nigerians to Benefit by 2026
The credit scheme operates under the S.C.A.L.E. initiative—Securing Consumer Access for Local Enterprise—which helps Nigerians purchase locally made goods across five major sectors:
Mobility (vehicles, motorcycles, and tricycles)
Energy Solutions
Digital Devices
Home Improvement
General Household Items
CrediCorp sets a target to support 1 million Nigerians in acquiring locally made consumer goods by the end of 2026.
“CrediCorp aims to help 1 million Nigerians buy locally-made consumer goods by 2026. This is what the Renewed Hope agenda stands for—empowering Nigerians and creating opportunities,” Idris affirms.
Strengthening Local Manufacturing and Economic Growth
During the handover of vehicles to beneficiaries, Vinay Grover, Managing Director of Simba Group, highlights the significance of the initiative.
“Today is not just about handing over keys to vehicles. It is about unlocking potential, igniting dreams, and driving change,” Grover states.
The credit program is expected to boost local industries by increasing demand for Nigerian-made products while making transportation more affordable for citizens. It builds on earlier efforts, including a ₦20 billion consumer credit fund provided in December 2024 to support local vehicle purchases.
With more phases set to roll out, this initiative strengthens Nigeria’s manufacturing sector and expands financial access to essential goods for millions of Nigerians.