TMV hails rollout of N20bn CREDICORP fund for vehicle ownership

The Tinubu Media Volunteers (TMV), a media support group, have lauded the rollout of the first beneficiaries of the N20 billion Consumer Credit Corporation (CREDICORP) fund, describing it as a major step toward enabling Nigerians to own brand-new vehicles.

In a statement signed by its Chairman, Chukwudi Enekwechi, and Secretary, Shedrach Sunday, TMV acknowledged that CREDICORP is delivering on its promise to provide consumer credit for the purchase of locally manufactured vehicles.

“With the first roll-out of the CREDICORP Project S.C.A.L.E. (Securing Consumer Access for Local Enterprises), it is gratifying to see beneficiaries driving off brand-new tricycles and motorbikes from the Simba manufacturing facility,” the group stated.

The automobile credit fund is part of the broader CREDICORP Project S.C.A.L.E., an initiative designed to strengthen Nigeria’s local industries by facilitating consumer access to credit for purchasing locally produced goods and services.

TMV noted that the initiative stems from a 2024 agreement between the Nigerian Consumer Credit Corporation and the National Automotive Design and Development Council (NADDC), which provides automobile credit financing for Nigerians seeking to buy locally manufactured vehicles.

Several companies are participating in the scheme, including Innoson, Nord, CIG, Jets, NEV, and Simba, which has already supplied motorcycles and tricycles to beneficiaries.

According to TMV, the rollout of the credit facility will boost the manufacturing capacity of local automobile producers, reduce reliance on imported vehicles, and create job opportunities for Nigerians.

“We envisage that the scheme will make it easier for Nigeria to evolve into an automobile manufacturing hub where skills and technology will thrive,” the statement added.

The group commended President Bola Tinubu’s administration for launching the initiative and urged the implementing agencies to ensure that more Nigerians benefit, achieving their dream of owning brand-new vehicles.