CREDICORP Boost Local Auto Industry with Consumer Credit Fund as First Set of Beneficiaries Emerge

R – L: Taiwo Joda, MD/CEO, Accion MFB; Joseph Osanipin, Director General of the National Automotive Design and Development Council (NADDC); Uzoma Nwagba, MD/CEO of CrediCorp; Mr. Vinay Grover, MD of Simba Group and Kunle Egbe Kunle, CFO at GIGMIL, during the presentation of tricycles and motorcycles to CrediCorp’s first wave of beneficiaries of its ₦20 billion mobility credit fund, held at Simba Group, Ikeja, Lagos State on Thursday, February 13th, 2025.

In a groundbreaking move for Nigeria’s economy and local manufacturing sector, the Nigerian Consumer Credit Corporation (CREDICORP) has rolled out its automobile credit fund, officially launching the initiative with a celebratory event on February 13, 2025, in Lagos. This initiative, in partnership with the National Automotive Design and Development Council (NADDC), aims to empower Nigerians by providing access to credit for purchasing locally manufactured vehicles, with an initial fund of ₦20 billion Naira dedicated to this cause.

The event marked a significant milestone as the first set of beneficiaries drove away from the Simba Group manufacturing facility with their new tricycles and motorbikes, made by Nigeria’s leading motorcycle and tricycle manufacturer, TVS. This endeavor not only promotes the use of locally manufactured goods but also supports local employment, with Simba Group employing over 800 individuals to produce an impressive 1,175 vehicles daily.

CREDICORP’s initiative is part of a broader program dubbed “Project S.C.A.L.E.” (Securing Consumer Access for Local Enterprises), which aspires to strengthen Nigeria’s local industries. The project aims to support up to one million beneficiaries by 2026, providing access to consumer credit not just for automobiles but also for a diverse range of locally produced goods, including digital devices, home appliances, energy solutions, and household essentials.

This initiative aligns with President Bola Ahmed Tinubu’s Renewed Hope Agenda, aiming to enhance economic inclusion and improve the quality of life for Nigerians. CREDICORP was established in April 2024 to expand access to consumer credit as a vital tool for economic growth and to combat corruption. The organization operates on three pillars: strengthening the consumer credit infrastructure, providing wholesale funding and guarantees to financial institutions, and promoting responsible consumer credit practices.

As this initiative unfolds, it holds the potential to not only boost the local automotive industry but also to set a precedent for consumer credit accessibility in Nigeria, paving the way for increased economic activity and improved livelihoods for countless citizens.

For more information, please visit the CREDICORP website at :https://www.credicorp.ng/

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