NADDC, CREDCORP unveil consumer credit scheme to drive locally-assembled automobile sales

The Nigerian Consumer Credit Corporation (CREDICORP) and the National Automotive Design and Development Council (NADDC) have officially launched a consumer credit initiative aimed at enabling Nigerians to purchase locally-assembled vehicles.

This landmark move, initiated under the first phase of the consumer credit fund, includes collaborations with top automobile manufacturers such as Innoson, Nord, CIG (GAC), PAN, Mikano, Jets, NEV (electric), and DAG.

According to CREDICORP, the initiative is designed to provide accessible credit for purchasing new automobiles, including cars, tricycles, and motorcycles.

By enabling affordable financing, the program aims to empower Nigerians while simultaneously boosting the country’s automotive industry.

“This is a transformative approach to grow Nigeria’s manufacturing sector,” said Dr. Jelani Aliyu, Director-General of NADDC. “Facilitating access to locally-made vehicles will create jobs, reduce dependence on imports, and enhance our industrial base.”

The initiative forms a critical part of CREDICORP’s Project S.C.A.L.E. (Securing Consumer Access for Local Enterprises), which plans to provide credit for one million Nigerians to purchase domestically manufactured goods and services.

The scheme builds on CREDICORP’s recent Credit Access for Light and Mobility (CALM) Fund, which was launched in October.

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CALM supports Nigerians in acquiring CNG conversion kits and solar home systems in partnership with the Ministry of Finance Incorporated (MoFI) and the Presidential Initiative on Compressed Natural Gas (Pi-CNG).

Additionally, CREDICORP has engaged with 151 financial institutions, including commercial banks, fintechs, and microfinance banks, to facilitate consumer credit. Five financial institutions—Credit Direct, Wema Bank, Accion Microfinance Bank, LETSHEGO Microfinance Bank, and Abbey Mortgage Bank—are already actively participating.

In a bid to enhance credit accessibility, CREDICORP has partnered with the National Identity Management Commission (NIMC) to integrate National Identification Numbers (NIN) into credit scoring systems.

This collaboration is expected to create credit scores for millions of Nigerians, making financing more inclusive and transparent.

Industry experts are optimistic about the initiative’s potential impact on Nigeria’s economy. “By bridging the gap between consumers and local manufacturers, CREDICORP is addressing two critical challenges—access to credit and industrial capacity,” said Dr. Tunde Ogunleye, an economist specializing in industrial policy.

However, some caution about the need for effective implementation. “The success of this program will depend on the robustness of its credit management system and the affordability of repayment terms for low-income earners,” noted financial analyst Ifeoma Ogbu.

With an ambitious target to empower one million Nigerians through consumer credit, CREDICORP’s initiative represents a bold step toward revitalizing Nigeria’s manufacturing sector and addressing consumer needs. If executed effectively, it could position Nigeria as a regional leader in automotive and industrial production.