Nigerian Consumer Credit Corporation (CREDICORP) and the National Automotive Design and Development Council (NADDC) kicked off its ₦20 Billion Naira automobile credit fund providing consumer credit for Nigerians to purchase locally manufactured automobiles.
CREDICORP made a promise that, in Q1 2025, Nigerians will start receiving credit to own these vehicles. In a landmark event in Lagos on Thursday, February 13, the first wave of beneficiaries drove off the manufacturing facilities of Simba Group with their brand-new tricycles and motorbikes, funded by consumer credit. 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 growing series of CREDICORP-backed consumers of locally manufactured vehicles, including cars and vans from manufacturers like Nord, Innoson, CIG, Jets, and NEV.
The automobile credit fund is 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 by directing credit-backed consumers to the purchase of locally manufactured goods and services. 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. CREDICORP targets up to one million credit-backed beneficiaries purchasing locally-made products across these sectors by the end of 2026.
As part of President Bola Ahmed Tinubu’s Renewed Hope Agenda, the Nigerian Consumer Credit Corporation (CREDICORP) was established in April 2024 to drive economic inclusion and expand access to consumer credit for Nigerians as a non-negotiable tool to improve quality of life, stem corruption, and catalyze local industry. CREDICORP achieves its mandate through three key pillars: first, by strengthening Nigeria’s consumer credit infrastructure, and ensuring every economically active citizen has a comprehensive credit score that serves as personal equity to facilitate credit access. Second, by providing wholesale funding and credit guarantees to financial institutions committed to expanding consumer credit access. Lastly, by driving cultural re-orientation—educating the public on responsible consumer credit as a pathway to a higher quality of life, and equipping institutions with effective consumer credit underwriting strategies
