CREDICORP unveils beneficiaries of ₦20 bn mobility credit fund for locally made vehicles

Nigerian Consumer Credit Corporation (CREDICORP) has officially unveiled the list of beneficiaries for its highly anticipated N20 billion Mobility Fund, a strategic initiative aimed at supporting the purchase of locally manufactured vehicles.

The fund is designed to boost the Nigerian automotive industry, improve mobility for businesses and individuals and stimulate local economic growth.

It will be recalled that in December 2024, the Nigerian Consumer Credit Corporation (CREDICORP) and the National Automotive Design and Development Council (NADDC) kicked off the ₦20 Billion Naira automobile credit fund providing consumer credit for Nigerians to purchase locally manufactured automobiles.

In a landmark event in Lagos recently, the first wave of beneficiaries drove off the manufacturing facilities of Simba Group with their brand-new tricycles and motorbikes, funded by consumer credit, according to a statement.

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.