Nigerians access N20bn credit fund to acquire locally made tricycles, motorbikes
BY TEMITOPE ADEBAYO
The Nigerian Consumer Credit Corporation (CREDICORP), in collaboration with the National Automotive Design and Development Council (NADDC), has launched a N20 billion automobile credit fund to facilitate the purchase of locally manufactured vehicles.
In a landmark event in Lagos at the weekend, the first set of beneficiaries drove off Simba Group’s manufacturing facilities with brand-new tricycles and motorbikes, financed through consumer credit. This marks a significant step in CREDICORP’s commitment to improving access to credit for Nigerians to acquire locally made automobiles.
CREDICORP had earlier assured that by the first quarter of 2025, Nigerians would begin receiving credit to own these vehicles.
Simba Group, under its TVS brand, is Nigeria’s largest manufacturer of motorcycles and tricycles, employing over 800 Nigerians and producing 1,175 vehicles daily. The initiative is the first in a series of CREDICORP-backed consumer credit programmes targeting locally manufactured vehicles, including cars and vans from brands such as Nord, Innoson, CIG, Jets, and NEV.
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The automobile credit fund is part of CREDICORP’s broader “Project S.C.A.L.E.” (Securing Consumer Access for Local Enterprises), designed to boost Nigeria’s local industries by supporting consumer purchases of locally manufactured goods and services.
Beyond automobiles, the S.C.A.L.E. initiative extends to other key industries, including digital devices, home upgrades and appliances, energy solutions, and household essentials. CREDICORP aims to provide up to one million credit-backed beneficiaries with access to locally made products across these sectors by the end of 2026.
Established in April 2024 as part of President Bola Ahmed Tinubu’s Renewed Hope Agenda, CREDICORP is focused on driving economic inclusion and expanding consumer credit access. The initiative is positioned as a crucial tool to enhance living standards, curb corruption, and stimulate local industries.
