The Nigerian Consumer Credit Corporation (Credicorp) and the National Automotive Design and Development Council (NADDC) signed a N20billion consumer credit fund Memorandum of understanding (MoU) to make it easy for Nigerians to buy new locally manufactured vehicles on credit.
The Managing Director CEO CrediCorp, Uzoma Nwagba said the idea is to remove barriers stopping people from accessing credits to be able to buy brand new vehicles locally manufactured and other digital devices.
Nwagba spoke the signing of MoU in Abuja, stating that the government is taking a bait with this initiative amount adding that the success of this first phase will pave way for more.
He said the NADDC is a strong partner in this as it sets the standard on how the car loan can be run smoothly without hitches. The arrangement is that whoever is qualified for the loan gets the car but not the money, the payment is done with the car dealers then an arrangement of repayment is made through the car dealers. It is car manufacturers that deliver the car to the loan beneficiaries.
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According to him, President Bola Tinubu is committed to bringing Peugeot and Dunlop back to Nigeria. He said automobile is just one of the sectors to benefit from CrediCorp.
The Director-General, NADDC, Joseph Osanipin said it is a significant step towards promoting Nigeria’s automotive industry, stating that this programme is to ensure Nigerians access credits for new cars and motorbikes but it all has to be locally made.
Osanipin said it is better late than never, which is why the scheme is coming up now. President Tinubu hope agenda is to stimulate the economy and this program is part of it.