Nigeria launches credit scheme for locally assembled vehicles, targets 1 million beneficiaries by 2026 

According to a post on X by the Minister of Information and National Orientation, Mohammed Idris, the government has rolled out the first phase of the scheme.

I’m the first phase of the credit scheme, credit facilities were provided to hundreds of buyers of motorcycles and tricycles assembled by Simba (TVS), Nigeria’s largest manufacturer of three- and two-wheelers.

The minister disclosed that subsequent phases will be targeted at locally assembled cars.

“The Nigerian Consumer Credit Corporation, one of President Tinubu’s flagship initiatives targeted at empowering Nigerians financially, has just recorded another impressive milestone: The rollout of the first set of beneficiaries of a new credit scheme for the purchase of locally-assembled automobiles, in partnership with major assembly firms. 

“This first phase has kicked off with brand-new tricycles and motorcycles, assembled locally by Simba (TVS), Nigeria’s largest assembler of three- and two-wheelers. Future phases will include cars,” the Minister’s post read. 

In a video shared under ..., it was disclosed that the project is under the agency’s initiative tagged S.C.A.L.E. – Securing Consumer Access for Local Enterprise, which enables consumers to buy locally made goods and services along five key sectors:

Idris noted that CreditCorp has a target of supporting one million Nigerians to purchase locally-made consumer goods by the end of 2026.

“Credicorp has a target to support 1 million Nigerians to purchase locally-made consumer goods by the end of 2026. This is what the Renewed Hope agenda is all about; empowering Nigerians and creating opportunities!” 

Presenting the vehicles to the beneficiaries, the MD of Simba Group, Vinay Grover, said “Today is not just about handing over the keys to our vehicles. It is about unlocking potentials, igniting dreams, and driving change.”