CrediCorp and NADDC Launch ₦20 Billion Consumer Credit Scheme for Locally Assembled Vehicles

The Nigerian Consumer Credit Corporation (CrediCorp), in collaboration with the National Automotive Design and Development Council (NADDC), has introduced a ₦20 billion consumer credit fund aimed at facilitating Nigerians' purchase of locally assembled vehicles. This initiative was unveiled during a signing event that included prominent Nigerian automobile manufacturers such as Innoson, Nord, CIG (GAC), PAN, Mikano, Jets, NEV (electric), and DAG.

The program is designed to empower Nigerians by providing credit access to purchase new locally manufactured automobiles—including cars, tricycles, and motorbikes—while simultaneously bolstering the nation's automotive industry. This automotive sector initiative is a key component of CrediCorp's Project S.C.A.L.E, aims to channel consumer credit towards the purchase of goods and services from local vendors and manufacturers.

By enhancing consumer purchasing power and supporting local manufacturers, this scheme is expected to stimulate economic growth and job creation within Nigeria's automotive sector. It reflects a concerted effort to promote locally assembled vehicles, thereby increasing industrial development and self-reliance.

For more information surrounding the West Africa Automotive Industry, Click Here.