CREDICORP, NADDC unveil N20bn credit Fund for Locally-Assembled Automobiles

Nigerians can now buy locally made cars thanks to the launch of the first phase of a consumer credit fund by the Nigerian Consumer Credit Corporation (CREDICORP) and the National Automotive Design and Development Council (NADDC).

The CREDICORP said in a statement that the program began with the signing of contracts with major local automakers, such as Innoson, Nord, CIG (GAC), PAN, Mikano, Jets, NEV (electric), and DAG.

According to the Corporation, the targeted project boosts Nigeria’s automotive industry while enabling credit-worthy Nigerians to purchase new cars, tricycles, and motorcycles.
Executing the S.C.A.L.E. project

According to CREDICORP, the car credit program is a component of its recently established S.C.A.L.E. project, which aims to give one million Nigerian consumers credit to buy locally produced goods and services.

According to the statement, “CREDICORP’s Project S.C.A.L.E. (Securing Consumer Access for Local Enterprises) has five thematic areas, including the automotive industry, which directs the Corporation’s credit-backed consumers to buy products and services from regional manufacturers and vendors.”

According to the Corporation, the S.C.A.L.E. project is concentrating on regional producers across many industries, such as:

Home Improvement (Furniture, Appliances, construction Materials): This allows households to improve their quality of life by providing significant consumer credit for appliances, construction materials, and furniture that are produced locally.
Compressed natural gas (CNG) and electric vehicles (cars, motorcycles, keke, and bicycles) are made more accessible through mobility (cars, buses, keke, and bicycles), particularly CNG and electric. This would promote growth and value addition in Nigeria’s automotive industry and make transportation more affordable and environmentally friendly.
Electronics (Digital equipment): Promotes digital inclusion and involvement in the digital economy by giving customers reasonably priced access to necessary digital equipment, such as computers, tablets, and smartphones.
Energy Solutions (Generators, Solar, etc.): Addresses Nigeria’s energy difficulties by providing low-cost, environmentally friendly energy solutions, such solar panels and effective generators, to homes and small businesses.
General Merchandise (Apparel & Textiles, Healthcare, Food & Beverage): Promotes growth in those industries while improving access to necessary healthcare supplies, high-quality clothing, and nourishment.

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A similar program, the Credit Access for Light and Mobility (CALM) Fund, was introduced by CREDICORP in October with the goal of giving Nigerians consumer credit to enable them to obtain solar household systems and CNG conversions through partner financial institutions.

The Nigerian Consumer Credit Corporation (CREDICORP), the Presidential Initiative on Compressed Natural Gas (Pi-CNG), and the Ministry of Finance Incorporated (MoFI) partnered to develop the CALM Fund.
In the meantime, CREDICORP previously declared that 151 financial institutions, including microfinance banks, fintechs, and commercial banks, had joined its consumer lending program.
Nonetheless, the Corporation has only revealed five financial institutions that are part in the program thus far. These consist of Abbey Mortgage Bank, Accion Micro Finance Bank, Wema Bank, LETSHEGO Micro Finance Bank, and Credit Direct.
As part of moves to perfect the consumer scheme, CREDICORP also recently announced a partnership with the National Identity Management Commission (NIMC) to fast-track the building of credit scores for all Nigerians with the National Identification Number