The Nigerian Consumer Credit Corporation, CrediCorp, and the National Automotive Design and Development Council, NADDC, have launched a N20 billion consumer credit fund to enable Nigerians to purchase locally assembled vehicles.
In an post X on Thursday, CrediCorp said the initiative was unveiled during a signing event that brought together Nigeria’s leading automobile manufacturers, including Innoson, Nord, CIG, GAC, PAN, Mikano, Jets, NEV (electric), and DAG.
“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.
“This takes place at the signing event featuring Nigeria’s leading local automobile manufacturers including; Innoson, Nord, CIG, PAN, Mikano, Jets, NEV (electric), DAG.
“The targeted initiative empowers Nigerians with credit to own new automobiles (cars, tricycles, motorbikes) while growing Nigeria’s automotive industry,” the post reads.
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The corporation said the automotive industry is one of the five key focus areas under its project S.C.A.L.E (securing consumer access for local enterprises).
On November 18, CrediCorp announced the launch of project S.C.A.L.E to boost the growth of local industries.
The corporation said the initiative seeks to channel consumer credit to the purchase of goods and services from local vendors and manufacturers.
In October, CREDICORP unveiled a similar initiative called Credit Access for Light and Mobility, CALM, Fund aimed at providing consumer credit to help Nigerians access CNG conversions and solar home systems through partner financial institutions.
The CALM Fund was launched as a partnership between the Ministry of Finance Incorporated, the Nigerian Consumer Credit Corporation and the Presidential Initiative on Compressed Natural Gas.
Meanwhile, CREDICORP earlier announced that 151 financial institutions comprising commercial banks, fintechs, and Microfinance Banks had signed up to be part of its consumer credit scheme.
Credible News.ng
