In a bold move to boost local manufacturing and expand access to consumer credit, the Federal Government has launched a groundbreaking credit scheme through the Nigerian Consumer Credit Corporation (CrediCorp). The initiative is set to make locally asse… Read on blog or Reader SMALL BUSINESS INSIGHTS Read on blog or Reader 1 million Nigerians set to benefit from FG's credit scheme for locally assembled vehicles By sbinsights on February 17, 2025 In a bold move to boost local manufacturing and expand access to consumer credit, the Federal Government has launched a groundbreaking credit scheme through the Nigerian Consumer Credit Corporation (CrediCorp). The initiative is set to make locally assembled vehicles more affordable for Nigerians. Announcing the scheme's kickoff on X, the Minister of Information and National Orientation, Mohammed Idris, revealed that the first phase has already begun, providing financing for motorcycles and tricycles manufactured by Simba (TVS), Nigeria's largest assembler of two- and three-wheelers. According to the minister, this is just the beginning, as future phases will extend to locally assembled cars, bringing relief to many Nigerians seeking affordable vehicle ownership. "This initiative is a major step towards financial empowerment for Nigerians. The first batch of beneficiaries has received brand-new motorcycles and tricycles manufactured by Simba (TVS), and in the next phase, we will include locally assembled cars," Idris stated. Read also 1 million Nigerians set to benefit from FG's credit scheme for locally assembled vehicles Govt launches credit scheme to boost locally-assembled vehicle purchases Ebonyi, Lagos markets exposed for repackaging local rice as foreign brands IFC boosts Ghana's SMEs with $20M support for women-led businesses WTO Chief urges African entrepreneurs to rely on local funding 1 Million Nigerians to Benefit by 2026 The scheme falls under CrediCorp's S.C.A.L.E. (Securing Consumer Access for Local Enterprise) program, designed to provide financing for five key sectors: Mobility Energy Solutions Digital Devices Home Improvement Household Goods With an ambitious target of reaching one million Nigerians by 2026, the government is positioning the initiative as a key driver of economic growth and job creation. "CrediCorp is on a mission to empower one million Nigerians to own locally manufactured products by 2026. This is what the Renewed Hope agenda is all about—creating real opportunities for people," Idris added. During the handover ceremony, Simba Group's Managing Director, Vinay Grover, described the moment as "not just about handing over vehicle keys, but about unlocking potential, fueling dreams, and driving progress." With this initiative, the Federal Government is making car and motorcycle ownership easier for Nigerians while strengthening local industries.

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