President Tinubu announces plans for a Consumer Credit Policy to facilitate car purchases, allocating N100b to support Nigerians. This initiative aims to bolster the automotive industry, ensuring quality vehicles are accessible to all.
President Bola Tinubu hinted at a major advancement in Nigeria's automotive sector, proposing consumer credits to aid citizens in purchasing cars. This initiative, part of the newly approved Consumer Credit Policy, allocates N100 billion to assist workers in buying vehicles and essential items.
Tinubu disclosed this during a meeting with key stakeholders from the African Association of Automotive Manufacturers and the Nigerian Automotive Manufacturers Association, headed by Doris Uzoka-Anite, Minister of Industry, Trade, and Investment.
The delegation, hosted by Femi Gbajabiamila, Chief of Staff to the President, discussed Tinubu's commitment to industrialization and efforts to revitalize various sectors. Tinubu emphasized the need for locally manufactured vehicles to meet high-quality standards, urging automotive associations to ensure affordability across society.
Representatives from the National Automotive Design and Development Council (NADDC), Nigerian Airspace Management Agency (NAMA), and executives from Stallion Group, Toyota/CEAO, and NISSAN were present. Discussions also centered on a legislative bill aimed at propelling the automotive industry forward, currently under review by the Federal Ministry of Justice. The delegation highlighted the potential for significant employment generation and reduced foreign exchange dependency through industry development.
However, Tinubu's announcement has sparked mixed reactions among Nigerians, with some applauding it as a step towards industrial revitalization, while others express skepticism due to credibility concerns surrounding the government.
