Credicorp Begins Disbursement of N20bn to Beneficiaries.

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The Consumer Credit Corporation (CREDICORP) has fulfilled its promise by making N20 billion available to Nigerians to purchase locally manufactured automobiles. Last December, CREDICORP and the National Automotive Design and Development Council (NADDC) launched the ₦20 billion automobile credit fund, providing consumer credit for Nigerians to purchase locally manufactured automobiles.

In a landmark event in Lagos on Thursday, the first wave of beneficiaries received brand-new tricycles and motorbikes, funded by consumer credit, from the manufacturing facilities of Simba Group.

Simba Group (brand: TVS) is Nigeria’s largest manufacturer of motorcycles and tricycles, employing over 800 Nigerians to produce 1,175 vehicles per day.

This is the first of a series of CREDICORP-backed consumers of locally manufactured vehicles, which will include cars and vans from manufacturers like Nord, Innoson, CIG, Jets, and NEV.

Speaking at the event, the Chief Executive Officer of CREDICORP, Engineer Uzoma Nwagba, noted that the automobile credit fund was part of a larger CREDICORP “Project S.C.A.L.E.” (Securing Consumer Access for Local Enterprises), an initiative aimed at strengthening Nigeria’s local industries.

“In addition to automobiles, other thematic industries of the S.C.A.L.E. project include digital devices, home upgrades & appliances, energy solutions, and household essentials,” Nwagba said.

The CREDICORP-backed project is expected to boost the growth of Nigeria’s local industries by directing credit-backed consumers to purchase locally manufactured goods and services.

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