In a bold move to support the local automotive industry and provide affordable transportation options to Nigerians, the Federal Government, under the leadership of President Bola Ahmed Tinubu, has officially launched the Renewed Hope Automobiles Credit Fund. This initiative, set to commence in January 2025, will offer single-digit interest loans to Nigerian citizens interested in purchasing locally manufactured or assembled cars, motorcycles, and tricycles.
The National Automotive Design and Development Council (NADDC) has accredited several prominent local manufacturers to participate in the scheme. These include Nordmotion, Dangote Peugeot, Pan Nigeria Ltd, Innoson Vehicles, Geely Nigeria, and Jet Motor Company, among others. Nigerians are encouraged to visit the websites of these accredited manufacturers to make inquiries and obtain a pro-forma invoice, which will be submitted to CrediCorpNG for the loan facilitation process.
Through this scheme, CrediCorpNG will credit the manufacturers directly, ensuring that the loan disbursement is seamless and transparent. The initiative is aimed at stimulating local production, creating jobs, and strengthening Nigeria’s economy by encouraging citizens to support domestic automotive brands.
This step aligns with President Tinubu's broader agenda of driving economic growth, reducing dependence on imports, and fostering sustainable development within the country. With this credit fund, the government seeks to make 2025 a year of transformation, offering Nigerians a unique opportunity to own locally made vehicles and contribute to the growth of the automotive sector.
For more information, Nigerians are urged to visit the official website of CrediCorpNG at credicorp.ng.
This initiative signals a renewed hope for the future of Nigeria’s automotive industry, as the government continues to prioritize policies that benefit the masses and promote national development.
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