The Nigerian Consumer Credit Corporation (CREDICORP), in partnership with the National Automotive Design and Development Council (NADDC), has officially launched a N20 billion automobile credit fund aimed at enabling Nigerians to purchase locally manufactured vehicles through accessible consumer credit.
The initiative took off over the weekend in Lagos, where the first set of beneficiaries drove away from the Simba Group's manufacturing facility with brand-new tricycles and motorbikes, fully funded through the consumer credit program.
CREDICORP had earlier promised that by Q1 2025, Nigerians would begin accessing credit to own locally produced vehicles, and the initiative has now been set in motion.
Supporting Local Manufacturing with Credit-Backed Demand
The Simba Group (TVS), Nigeria's leading manufacturer of motorcycles and tricycles, plays a significant role in this program. The company, which employs over 800 Nigerians, has a production capacity of 1,175 vehicles per day, contributing to the nation's industrial growth.
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This is just the beginning of a broader CREDICORP-backed initiative that will support the purchase of vehicles from other local manufacturers, including Nord, Innoson, CIG, Jets, and NEV, expanding consumer credit access beyond two- and three-wheelers to cars and vans.
Project S.C.A.L.E: Strengthening Local Industries
The automobile credit fund is part of Project S.C.A.L.E. (Securing Consumer Access for Local Enterprises)—a CREDICORP-led initiative designed to stimulate demand for locally manufactured goods and services by offering consumer credit.
Beyond automobiles, Project S.C.A.L.E covers five other key sectors:
✔ Digital devices
✔ Home upgrades & appliances
✔ Energy solutions
✔ Household essentials
By the end of 2026, CREDICORP aims to enable up to one million Nigerians to purchase locally-made products across these industries through credit-backed financing.
Consumer Credit as an Economic Growth Catalyst
The launch of this initiative aligns with President Bola Ahmed Tinubu's Renewed Hope Agenda, which emphasizes economic inclusion and access to consumer credit as vital tools for improving living standards, reducing corruption, and strengthening local industries.
CREDICORP, established in April 2024, is committed to making consumer credit a mainstream financial tool for Nigerians, ensuring that individuals can afford essential goods while simultaneously driving industrial growth and job creation.
With the successful rollout of the N20 billion automobile credit fund, more Nigerians will now have access to affordable, locally manufactured vehicles, marking a significant step towards a more robust and self-sustaining national economy.
