The National Coordinator of G37 Political Support Group, Comrade City Evans commends President Bola Ahmed Tinubu’s bold initiative to revitalize Nigeria’s automotive industry. The President’s directive to the Nigerian Consumer Credit Corporation (CREDICORP) to facilitate the return of Peugeot Automobile and Dunlop Tyres to Nigeria is a significant step towards introducing credit facilities for purchasing new cars.
This move is part of Nigeria’s broader plan to become one of the nations offering consumer credit for the acquisition of brand-new vehicles to her citizens. The launch of a N20 billion consumer credit fund, aimed at helping Nigerians purchase locally assembled cars, is a testament to the President’s commitment to enhance economic growth and development.
The CREDICORP auto financing scheme, set to begin in January 2025, will make financing more accessible and affordable for Nigerians. By working closely with local automobile manufacturers and industry stakeholders, such as the National Automotive Design and Development Council (NADDC) and the National Automotive Manufacturers Association (NAMA), CREDICORP plans to lower vehicle prices and make them more affordable for Nigerians.
The goal of this initiative is to create a credit system similar to those in more developed countries, where people can buy cars with single-digit interest rates. This will not only improve mobility within the country but also provide Nigerians with better access to credit for purchase of brand new vehicles.
As a political support group, we commend President Tinubu for his visionary leadership and commitment to economic transformation within two years at the helm of affairs. The G37 Political Support Group is proud to support a leader who is dedicated to the welfare and prosperity of the Nigerian people.
As we move forward, we are confident that this initiative will have a positive impact on the nation’s growth and development. We urge all critical stakeholders to support this initiative and work together to make Nigeria’s automotive industry a hub for economic growth and development.
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