• Privacy Policy
  • Terms
  • About us
  • Contact Us
  • Staff Email
Saturday, June 28, 2025
  • Login
TheMattersPress
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
TheMattersPress
No Result
View All Result
Home Economy/Technology

N20bn consumer credit for locally assembled vehicles, an intent by Tinubu to boost production, stimulate economy – TMSG

Credit

The Matters Press by The Matters Press
December 10, 2024
Reading Time: 2 mins read
0
Tinubu steering Nigeria away from Venezuela-like tragedy – IMPI

The Tinubu Media Support Group (TMSG) has described the newly unveiled N20 billion Consumer Credit Fund initiative for the automotive industry as an intent by President Bola Tinubu’s administration to stimulate and boost the production of vehicles locally.

RELATED POSTS

Tinubu’s N60b Intervention in Gombe Agro-Livestock Zone excites group

N1.5trn recapitalisation of Agric bank will herald food security – TMV

Lamido Wrong on Tinubu’s June 12 Role, haunted by his anti-democratic past- TDF

In a statement signed by its Chairman Emeka Nwankpa and Secretary Dapo Okubanjo, TMSG noted that this move would also go a long way to stimulating the economy as envisaged by the President.

The statement said: “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 acknowledged 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 who are largely civil servants to enable them to acquire sundry items including solar panels and other household items.

“And now with the launch of what the fund managers called 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, but it is also gratifying that it will now 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.

“What’s happening now is not different from what obtains in other climes where vehicle owners use credit facilities to acquire vehicles and pay in instalments. It 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.

“And while we wait for the next agreement to be sealed under project SCaLE, which has 5 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.

TMSG expressed hope that many Nigerians will take advantage of the initiative that is bound to boost the production capacity of local manufacturers.

Tags: Credit
ShareTweetPin
The Matters Press

The Matters Press

Related Posts

$2.5 billion JBS investment, a big economic victory for Nigeria –  TDF
Economy/Technology

Tinubu’s N60b Intervention in Gombe Agro-Livestock Zone excites group

June 27, 2025
ActionAid, SWOFON call for urgent completion of BOA recapitalisation
Agriculture

N1.5trn recapitalisation of Agric bank will herald food security – TMV

June 26, 2025
Lamido Wrong on Tinubu’s June 12 Role, haunted by his anti-democratic past- TDF
Energy

Lamido Wrong on Tinubu’s June 12 Role, haunted by his anti-democratic past- TDF

June 25, 2025
Tinubu’s Visit to Benue, Mark of True Leadership, Renewed Hope
News

Tinubu’s Visit to Benue, Mark of True Leadership, Renewed Hope

June 25, 2025
79 candidates for presidential election
News

Tinubu’s new INEC building: A consolidation of democratic institutions, legacy in Nigeria – TDF

June 23, 2025
Gombe: Troops take over to enforce peace
News

Nigerian Army kills 6,260 terrorists, rescues 5,365 civilians in 2 years

June 20, 2025
Next Post
Reliable data critical in eradicating child labour- NBS boss

IMPI justifies reports on GDP, unemployment figures in Nigeria

Experts validate Nigeria’s implementation strategies for success under AfCFTA

Federal, states, councils share N1.727 trn November

Recommended Stories

Trading in Nigerian stock market dips further N83bn

Stock market indices drop by 0.4%

July 6, 2022
Moroccan Dolidol moves to acquire Nigeria’s Mouka

Moroccan Dolidol moves to acquire Nigeria’s Mouka

January 2, 2022
FG to make Ajaokuta free trade zone to attract FDI

FEC approves sub-committees for industrial revitalisation, free trade zone

October 17, 2023

Popular Stories

  • Rising prices of goods cause protests in Morocco

    Rising prices of goods cause protests in Morocco

    0 shares
    Share 0 Tweet 0
  • NLNG not responsible for gas supply shortfall, price hike

    0 shares
    Share 0 Tweet 0
  • NCC sets fresh operational fees, spectrum prices for telecom operators

    0 shares
    Share 0 Tweet 0
  • Hoarding causes hike in prices of grains

    0 shares
    Share 0 Tweet 0
  • Prices of Petrol, diesel increase in November

    0 shares
    Share 0 Tweet 0
TheMattersPress

We bring you the best news update in Nigeria

LEARN MORE »

Recent Posts

  • Tinubu’s N60b Intervention in Gombe Agro-Livestock Zone excites group
  • N1.5trn recapitalisation of Agric bank will herald food security – TMV
  • Lamido Wrong on Tinubu’s June 12 Role, haunted by his anti-democratic past- TDF

Categories

  • Agriculture
  • Economy/Technology
  • Energy
  • Entertainment/sports
  • Features
  • Foreign
  • Multimedia
  • Natural Resources
  • News
  • Oil and Gas
  • Photo
  • Politics
  • Security
  • Thematterspress
  • Uncategorized
  • Video

© 2025 Domo Tech World - Powered by Thematterspress.

No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us

© 2025 Domo Tech World - Powered by Thematterspress.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Call Us