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  • Welcome
  • Special reports
    • All
    • Unedited for the record
    PANDEF back Tinubu’s state police proposal

    PANDEF back Tinubu’s state police proposal

    Canada’s economy sheds over 60,000 jobs in August

    Canada’s economy sheds over 60,000 jobs in August

    Embrace Igbo identity, Senator Nwoko urges Anioma people

    Embrace Igbo identity, Senator Nwoko urges Anioma people

    NCDMB outlines achievements,charges media, youth groups on social responsibility

    NCDMB outlines achievements,charges media, youth groups on social responsibility

    23,659  persons missing in Nigeria, says Red cross

    23,659 persons missing in Nigeria, says Red cross

    Uzodimma’s minimum increase a landmine for next Imo gov- Observers

    Uzodimma’s minimum increase a landmine for next Imo gov- Observers

  • Metro News
    Teachers, health workers strike,others:  Wike gets fresh ultimatum from FCT workers

    FCTA clears 1,000 shanties in Abuja district

    FCT set up committee to probe sales of FG houses, parks

    FCT set up committee to probe sales of FG houses, parks

    Imo government move to end open grazing in Owerri, issues two-week ultimatum to herders

    Imo government move to end open grazing in Owerri, issues two-week ultimatum to herders

    Lagos Assembly move to enact law to regulate house rents, agents, others

    Lagos Assembly move to enact law to regulate house rents, agents, others

    Teachers, health workers strike,others:  Wike gets fresh ultimatum from FCT workers

    Wike launch operation to flush street beggars, one- chance syndicate, others in FCT

    Teachers, health workers strike,others:  Wike gets fresh ultimatum from FCT workers

    Teachers, health workers strike,others: Wike gets fresh ultimatum from FCT workers

  • Latest News
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    Nigeria beat Rwanda to keep 2026 World Cup qualification campaign alive

    Nigeria beat Rwanda to keep 2026 World Cup qualification campaign alive

    Delta set to host national youth games

    Delta set to host national youth games

    Why I’m suspending political engagements-Peter Obi

    Why I’m suspending political engagements-Peter Obi

    ANPP expels Jibrin over ant-party activities

    ANPP expels Jibrin over ant-party activities

    BREAKING: IGP, retired police officers in crucial meeting over unpaid entitlements, corruption in pension scheme

    Police recover N2.8m items, arrest 6 in Akure 

    Peter Obi donates N10m to specialist hospital

    Peter Obi donates N10m to specialist hospital

    Trending Tags

  • Infotech
    NIMC partners online publishers to boost digital security through NIN enrollment

    NIMC partners online publishers to boost digital security through NIN enrollment

    Facebook set new monetization rules for creators who uses other people content

    Facebook set new monetization rules for creators who uses other people content

    Senate approves restoration of Aniocha North II State Constituency, Delta

    Bill mandating social media platforms to have physical office, records of employees pass second reading at the Senate

    Nigeria investigated  213 privacy breaches in 2024-NDPC

    Nigeria investigated 213 privacy breaches in 2024-NDPC

    FG begins construction of emerging technologies Institute in Kano

    FG begins construction of emerging technologies Institute in Kano

    MTN denies orchestrating poor network to influence FG, labour talk, apologizes for network fluctuations

    MTN shuns Labour-FG committee on tariff review, hike data tariff by 200%

  • World conflict & diplomacy
    Hamas accepts new Gaza truce plan – Official

    Hamas accepts new Gaza truce plan – Official

    Ukraine conflict: Trump and Putin end Alaska summit without deal

    Ukraine conflict: Trump and Putin end Alaska summit without deal

    Rwanda-backed rebels kill hundreds in DRC despite U.S.-sanctioned ceasefire

    Rwanda-backed rebels kill hundreds in DRC despite U.S.-sanctioned ceasefire

    Sudan claims army destroys Emirati aircraft, killing Colombian mercenaries

    Sudan claims army destroys Emirati aircraft, killing Colombian mercenaries

    UK prime minister back US military strikes on Iran ‘s nuclear sites

    UK prime minister back US military strikes on Iran ‘s nuclear sites

    Israel bombs Iran’s heavy water reactor, says state television

    Israel bombs Iran’s heavy water reactor, says state television

  • Security
    Fight against insurgency: Middle-belt Forum hail FG, Israel security pact

    Fight against insurgency: Middle-belt Forum hail FG, Israel security pact

    Police, Omatekun, confirms the kidnap of seven farmers in Ondo

    Fear of attack grips Kwara NYSC over suspicious movements around camp

    Nwifuru demands arrest of killers of 13 Ebonyi indigenes in Anambra

    Nwifuru demands arrest of killers of 13 Ebonyi indigenes in Anambra

    State police only solution to Benue killings, others- Adams

    State police only solution to Benue killings, others- Adams

    Female suicide bomber kills 24, injure  scores in Borno community

    Female suicide bomber kills 24, injure scores in Borno community

    Obi calls for immediate end to violence against Benue communities

    Obi calls for immediate end to violence against Benue communities

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FG inaugurates N20 billion credit scheme to boost automobile industry

Daily Intel Newspaper by Daily Intel Newspaper
December 5, 2024
FG inaugurates N20 billion credit scheme to boost automobile industry

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The federal government has inaugurated a N20 billion Consumer Credit Fund initiative aimed at stimulating the economy and fostering growth in the automotive sector.

The director-general of the National Automotive Design and Development Council (NADDC), Joseph Osanipin, made this known during the unveiling of the initiative on Thursday in Abuja.

Mr Osanipin said that the event marked a significant step toward transitioning Nigeria into a credit-driven economy.

He said that the move would help in addressing some major challenges in the country’s automobile industry.

He said that the initiative was a practical demonstration of the federal government’s commitment to economic transformation through market expansion and demand stimulation.

He commended President Bola Tinubu’s leadership for championing the agenda to reinvigorate the economy.

“This initiative is a historic moment for Nigeria.

“It represents a tangible step toward building a credit-based economy where consumers can access funds to acquire value-driven goods, including automobiles.

“The N20 billion might seem small, but it is a starting point, and we are committed to learning and improving as we progress,” he said.

Mr Osanipin said that the credit facility, facilitated by Nigerian Consumer Credit Corporation (CREDICORP) would provide affordable financing for consumers to purchase automobiles, thereby promoting local manufacturing and expanding the supply chain.

He emphasised the collaborative nature of the scheme, urging stakeholders, including banks, manufacturers, and other financial institutions, to align their processes with NADDC’s vision.

“This initiative is a collective effort. The success of this programme depends on the cooperation of all parties; Credit Corp, the auto sector, financial institutions, and, most importantly, the consumers.

“We must work together to ensure that this scheme not only works, but also evolves to meet future needs,” he said

The director- general also stressed the importance of proper utilisation and repayment of the credit facility to maintain the sustainability of the scheme.

He called on stakeholders to actively support the initiative, which according to him, will serve as a catalyst for the broader adoption of credit systems in Nigeria.

Also speaking, the managing director of CREDICORP, Uzoma Nwagba, reaffirmed the corporation’s commitment to reducing transportation challenges, empowering citizens, and supporting the local automotive sector.

He restated the organisation’s mission to make financing more accessible and affordable for Nigerians, particularly in the area of vehicle ownership.

“Through partnerships with financial institutions, the initiative aims to provide cheaper credit, with a long-term goal of achieving single-digit interest rates.

“These rates will target individuals with strong credit histories, encouraging financial institutions to confidently support borrowers with access to capital and guarantees,” he said.

Acknowledging the current economic reality of high interest rates in Nigeria, the managing director emphasised that this had been a significant barrier to accessing credit for mobility.

He, however, said that under the mandate of Tinubu and his passion for enabling citizens to access life-enhancing goods, the programme sought to catalyse a gradual reduction in borrowing costs. 

He expressed optimism that rates would continue to decrease as borrowers build trust through consistent repayment.

The president, Nigerian Automotive Manufacturers Association (NAMA), Bawo Omagbitse, said that the automotive industry required major transformation.

Mr Omagbitse said that this was important to move the sector to a level where this credit would become an accelerator for greater things to come.  

He expressed the willingness and collaboration of NAMA members to work with stakeholders to create an industry with balance that would engender the anticipated growth.

The  NADDC and the CREDICORP signed a Memorandum of Understanding (MoU) to kick off the initiative. 

(NAN)


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