CrediCorp, NADDC launch N20bn consumer credit scheme for purchase of locally-assembled vehicles

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 a post on 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,” the post reads.

“This takes place at the signing event featuring Nigeria’s leading local automobile manufacturers including; Innoson, Nord, CIG (GAC), 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 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.