The Tinubu Media Support Group (TMSG) has praised the N20 billion Consumer Credit Fund introduced by President Bola Tinubu’s administration, describing it as a transformative initiative for Nigeria’s automotive industry.
In a statement issued on Tuesday, signed by Chairman Emeka Nwankpa and Secretary Dapo Okubanjo, the group highlighted the scheme’s potential to boost local vehicle production and stimulate economic growth.
Launched in September, the Consumer Credit Scheme is part of the President’s commitment to establishing a credit system similar to those in advanced economies, aimed at improving Nigerians’ quality of life.
According to TMSG, within the first five days of implementation, the Nigerian Consumer Credit Corporation (CreditCorp) disbursed N3.5 billion to over 10,000 beneficiaries.
“With the launch of Project S.C.A.L.E. (Securing Consumer Access for Local Enterprises), it is encouraging to see local vehicle manufacturers among the first beneficiaries. This marks a significant step toward promoting locally manufactured goods,” the group stated.
The initiative is expected to increase demand for Made-in-Nigeria vehicles, drive job creation in car manufacturing companies, and provide many Nigerians the opportunity to own a brand-new car.
“This is a fantastic project that will be remembered as a major legacy of President Tinubu in a country where imported second-hand vehicles dominate the market, posing a threat to local automotive industries,” TMSG noted.
The group further acknowledged CreditCorp’s partnerships with financial institutions, local vendors, and vehicle manufacturers, which are expected to expand the industry’s production capacity over time.
Credit: NAN (Text Excluding Headline)
