Credicorp, NADDC unveil N20bn fund to boost locally-assembled vehicle ownership

Automotive and Transportation Automotive and Transportation

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Credicorp, NADDC unveil N20bn fund to boost locally-assembled vehicle ownership

^{Published on 2024-12-05 16:01:32 - The Punch Newspapers}

The Nigerian Consumer Credit Corporation and the National Automotive Design and Development Council have unveiled a N20bn consumer credit fund to enable Nigerians to purchase locally assembled vehicles.

The article from PunchNG discusses the launch of a N20 billion fund by CrediCorp and the National Automotive Design and Development Council (NADDC) aimed at increasing the ownership of locally assembled vehicles in Nigeria. This initiative, announced at the NADDC headquarters in Abuja, seeks to provide affordable financing options for Nigerians to purchase vehicles made within the country, thereby boosting the local automotive industry. The fund is part of a broader strategy to reduce the importation of vehicles, promote local manufacturing, and enhance economic growth through job creation and technology transfer. The partnership also aims to address the challenges of high interest rates and the lack of long-term financing which have previously hindered the growth of the automotive sector in Nigeria.

Read the Full The Punch Newspapers Article at:
[ https://punchng.com/credicorp-naddc-unveil-n20bn-fund-to-boost-locally-assembled-vehicle-ownership/ ]

N@N

Credicorp, NADDC unveil N20bn fund to boost locally-assembled vehicle ownership