The Tinubu Media Support Group (TMSG) has said that the newly unveiled N20 billion Consumer-Credit Fund initiative for the automotive industry will stimulate and boost the production of vehicles locally.
The TMSG Chairman, Mr Emeka Nwankpa said this in a statement on Tuesday in Abuja while commending President Bola Tinubu for the initiative.
He said the move would also go a long way to stimulating the economy as envisaged by the president.
“When the Tinubu administration formally introduced the Consumer Credit Scheme in September this year, it was in fulfilment of the president’s pledge to institutionalise.
“The sort of credit system that is operational in more advanced economies of the world to improve the well being of Nigerians.
“We acknowledge that within the first five days of its take-off, N3.5bn was disbursed by the Nigerian Consumer Credit Corporation (CreditCorp) to over 10,000 beneficiaries.
“These beneficiaries are largely civil servants to enable them acquire sundry items, including solar panels and other household items,” the TMSG chairman said.
He said it was gratifying that local manufacturers of vehicles were the first set to be engaged in what clearly would be a boost for locally manufactured goods.
This, he said, was especially with the launch of what the fund managers called project SCALE; securing consumer access for local enterprises.
Nwankpa while saying the initiative waa targeted at boosting local production, said it was also gratifying that it would provide an impetus for made in Nigeria vehicles.
He said it would also drive demand, which would in turn, lead to additional jobs in those car manufacturing companies.
He said what was happening now, was not different from what obtained in other climes where vehicle owners used credit facilities to acquire vehicles and pay in instalments.
He expressed optimism that the initiative would give many Nigerians a lifetime opportunity to use a brand-new car.
He described the project as a fantastic one that would go down as a major legacy of President Tinubu in a country where imported second-hand vehicles abound and are a threat to 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.
“We wait for the next agreement to be sealed under project SCaLE, which has five focus areas.
“We dare say that it won’t be long before the initiative attains its long-term goal of achieving single-digit interest rates,”Nwankpa said.
He expressed hope that many Nigerians would take advantage of the initiative that was bound to boost the production capacity of local manufacturers.
