In a significant move aimed at bolstering Nigeria’s automotive industry and enhancing access to transportation for its citizens, President Bola Tinubu revealed plans for a consumer credit scheme designed to facilitate car purchases among Nigerians.
The announcement came amidst the unveiling of the Consumer Credit Policy, a groundbreaking initiative earmarking approximately N100 billion to empower workers in acquiring cars and other essential commodities.
During a meeting with representatives from the African Association of Automotive Manufacturers and the Nigerian Automotive Manufacturers Association, led by Minister of Industry, Trade, and Investment, Doris Uzoka-Anite, Presidential Spokesperson Ajuri Ngelale conveyed the President’s commitment to fostering industrial growth in Nigeria. The delegation, received by Chief of Staff to the President, Femi Gbajabiamila, underscored the administration’s dedication to advancing policies conducive to Nigeria’s economic development.
Central to Tinubu’s vision is the promotion of domestically-produced vehicles of uncompromising quality, aligning with efforts to revitalize the automotive sector. Emphasizing affordability, the President urged manufacturers to explore avenues for catering to diverse segments of the Nigerian populace.
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Ngelale disclosed that the delegation comprised key stakeholders, including the Director-General of the National Automotive Design and Development Council (NADDC), representatives from the Nigerian Airspace Management Agency (NAMA), and Executive Directors from leading automotive companies such as Stallion Group, Toyota/CEAO, and NISSAN.
Highlighting the significance of local manufacturing, a spokesperson for the associations conveyed ongoing efforts to commence vehicle and spare parts production within Nigeria. Moreover, discussions revolved around the formulation of legislative frameworks essential for driving the automotive industry forward, with draft bills currently undergoing review by the Federal Ministry of Justice.
The delegation stressed the pivotal role of industry development in fostering youth employment and reducing dependency on foreign exchange, aligning with Tinubu’s broader agenda of economic empowerment and sustainable growth.
With the unveiling of the Consumer Credit Policy, the Tinubu administration signals its proactive approach towards addressing transportation challenges while propelling Nigeria’s automotive sector into a new era of prosperity and self-sufficiency.
