The Tinubu Media Support Group (TMSG) says the N20 billion Consumer Credit fund introduced by President Bola Tinubu’s administration for the automotive industry will boost local production of vehicles.
The group in a statement, on Tuesday, signed by Mr Emeka Nwankpa, its Chairman, and Mr Dapo Okubanjo, Secretary, said this move would also go a long way to stimulating the economy.
It said the Consumer Credit Scheme introduced in September was in fulfilment of the President’s pledge to institutionalise the sort of credit system operational in more advanced economies to improve the well being of Nigerians.
“We acknowledge that within the first five days of its take-off, N3.5 billion was disbursed by the Nigerian Consumer Credit Corporation (CreditCorp) to over 10,000 beneficiaries.
“With the launch of project S.C.A.L.E. (securing consumer access for local enterprises), it is gratifying that local manufacturers of vehicles are the first set to be engaged in what clearly would be a boost for locally manufactured goods.
“We are mindful that the initiative is targeted at boosting local production, which will provide an impetus for Made-in-Nigeria vehicles as well as drive demand, which will, in turn, lead to additional jobs in those car manufacturing companies,” said TMSG.
According to the group, the scheme will give many Nigerians a lifetime opportunity to use a brand-new car.
“So, for us, it is a fantastic project that will go down as a major legacy of President Tinubu in a country where imported second-hand vehicles abound and are a threat to the local automotive industry.
“It is worthy of note that after sealing partnership deals with financial institutions and local vendors, CreditCorp has now agreed with local vehicle producers, which will enable them to expand their production capacity in the long run,” the group stated.