The Federal Government, through the Nigerian Consumer Credit Corporation (CrediCorp), has launched a credit scheme aimed at making locally assembled vehicles more accessible to Nigerians. The scheme's first phase, rolled out under the Securing Con… Read on blog or Reader SMALL BUSINESS INSIGHTS Read on blog or Reader Govt launches credit scheme to boost locally-assembled vehicle purchases By Busola Bamidele on February 17, 2025 The Federal Government, through the Nigerian Consumer Credit Corporation (CrediCorp), has launched a credit scheme aimed at making locally assembled vehicles more accessible to Nigerians. The scheme's first phase, rolled out under the Securing Consumer Access for Local Enterprise (S.C.A.L.E.) initiative, has already extended credit facilities to hundreds of buyers of locally-assembled motorcycles and tricycles by Simba (TVS), Nigeria's leading manufacturer of two- and three-wheelers. Subsequent phases will target locally assembled cars, with plans to empower 1 million Nigerians by 2026. Read also: 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 Direct RORO vessel from China boosts Nigerian trade This initiative aims to not only make automobiles more affordable but also drive economic growth by boosting demand for locally produced goods. The Minister of Information, Mohammed Idris, highlighted the scheme's role in advancing President Tinubu's Renewed Hope agenda, while Simba's MD, Vinay Grover, emphasized the potential for the scheme to unlock opportunities and ignite change in the automotive sector.

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