FG Introduces N20 Billion Fund to Boost Access to Locally-Made Automobiles
Federal Government Funds for Transportation – ARDnig
The Federal Government has launched a N20 billion consumer credit fund to make locally-assembled vehicles more accessible to Nigerians. Managed by Credicorp, the fund offers single-digit interest rates, aiming to improve citizens’ lives, create jobs, and promote domestic manufacturing. The initiative includes a wide range of vehicles and is open to all Nigerians, marking a significant step toward self-reliance in the automobile industry.
Government’s Initiative to Promote Locally-Assembled Vehicles
The Federal Government has launched a N20 billion consumer credit fund aimed at increasing demand for locally-assembled automobiles. This initiative, managed by the Nigerian Credit Corporation (Credicorp), is designed to provide affordable credit to Nigerians with single-digit interest rates. The plan seeks to remove the financial barriers that prevent many citizens from owning vehicles.
Aiming for Economic Growth and Job Creation
Speaking at the launch, Credicorp’s Managing Director, Engr. Uzoma Nwagba, highlighted the benefits of a credit-driven economy. He explained that the fund would not only help Nigerians buy vehicles but also improve their quality of life by creating jobs and boosting wealth. Nwagba assured that the government is committed to the growth of the automobile sector, with plans to expand the fund if this initial phase proves successful.
A credit-driven economy improves lives and creates wealth. This N20 billion fund is a step towards building a stronger auto industry and supporting Nigerians.”
Supporting Consumer Access to Vehicles
The Director General of the National Automotive Design and Development Council (NADDC), Mr. Joseph Osanipin, emphasized the importance of boosting consumer demand in the auto market. He noted that in most advanced economies, people purchase cars through credit schemes rather than cash payments. This approach encourages buyers to choose brand-new, locally-assembled vehicles, which supports domestic manufacturing and assembly operations.
Wide Coverage for All Nigerians
The scheme includes various types of vehicles such as cars, vans, tricycles, and motorcycles. It is open to all Nigerians and focuses on vehicles that are completely manufactured or assembled within the country. This strategy ensures the sustainability of local production while meeting the needs of a wide range of consumers.
A Step Towards Self-Reliance
This initiative represents a significant move towards strengthening Nigeria’s automobile industry. By encouraging the purchase of locally-assembled vehicles, the government is supporting self-reliance and reducing dependence on imported products. Citizens now have an opportunity to benefit from modern credit facilities, helping them meet their transportation needs and participate in economic growth.
Conclusion
The Federal Government’s N20 billion consumer credit fund is a transformative step toward empowering Nigerians to own locally-assembled vehicles. By promoting credit-driven purchases, this initiative helps citizens improve their quality of life, supports local industries, and fosters economic development.
