The first phase of a consumer credit facility that will allow Nigerians to buy domestically produced cars has been launched by the National Automotive Design and Development Council (NADDC) and the Nigerian Consumer Credit Corporation (CREDICORP).
Innoson, Nord, CIG (GAC), PAN, Mikano, Jets, NEV (electric), and DAG are among the top local automakers with which the program began, according to a statement from the CREDICORP.
As the automotive business in Nigeria grows, the Corporation stated that the focused program gives credit-worthy Nigerians the ability to purchase new cars, tricycles, and motorcycles.
S.C.A.L.E. project implementation
The car credit program, according to CREDICORP, is a component of its recently established S.C.A.L.E. project, which aims to give credit to one million Nigerian consumers so they can buy locally produced goods and services.
“CREDICORP’s Project S.C.A.L.E. (Securing Consumer Access for Local Enterprises) has five thematic areas, including the automotive industry. These areas encourage the Corporation’s credit-backed consumers to buy products and services from local manufacturers and vendors,” the statement stated.
Read Also: Mele Kyari Highlights Importance of Blending for Refinery Product Specifications
According to the Corporation, local producers in a variety of industries are the focus of the S.C.A.L.E. project.
By providing significant consumer credit incentives for locally produced appliances, construction materials, and furniture, home improvement (furniture, appliances, and building materials) allows people to raise their level of living.
Mobility (automobiles, busses, keke, bicycles, especially CNG & Electric): Encourages accessible mobility by making compressed natural gas (CNG) and electric vehicles (automobiles, motorcycles, keke, bicycles) more accessible. In addition to facilitating cleaner and less expensive transportation, this will encourage expansion and value addition in Nigeria’s automotive industry.
In order to promote digital inclusion and involvement in the digital economy, electronics (digital devices) provide consumers reasonably priced access to necessary digital equipment, such as computers, tablets, and smartphones.
Energy Solutions (Solar, Generators, etc.): Addresses Nigeria’s energy issues by providing small businesses and households with reasonably priced, environmentally friendly energy solutions including solar panels and effective generators.
Merchandise (Apparel & Textiles, Healthcare, Food & Beverage): Promotes growth in those industries while improving access to quality clothing, nutrition, and necessary healthcare products.
Through partner financial institutions, CREDICORP launched a similar program in October dubbed the Credit Access for Light and Mobility (CALM) Fund, which aims to give consumer credit to Nigerians so they can obtain solar household systems and CNG conversions.
Read Also: FG, NIYEEDEP Team Up to Provide Employment for 12 Million Young Nigerians
The Ministry of Finance Incorporated (MoFI), the Nigerian Consumer Credit Corporation (CREDICORP), and the Presidential Initiative on Compressed Natural Gas (Pi-CNG) partnered to develop the CALM Fund.
151 financial institutions, including commercial banks, fintechs, and microfinance banks, have enrolled in CREDICORP’s consumer credit program, the company previously reported.
However, five financial firms have been revealed by the Corporation under the initiative thus far. LETSHEGO Micro Finance Bank, Abbey Mortgage Bank, Accion Micro Finance Bank, Wema Bank, and Credit Direct are a few of these.
In an effort to enhance the consumer program, CREDICORP recently revealed a collaboration with the National Identity Management Commission (NIMC) to expedite the development of credit scores for every Nigerian who has a National Identification Number.
