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NEWS

Tinubu-Led FG launches single-digit auto loan scheme

December 6, 2024 • 1 min read

December 06, 2024

By Ayinde Adeleke

The Federal Government, led by President Bola Tinubu, has introduced the Renewed Hope Automobiles Credit Fund, aimed at promoting the local automotive industry.

This initiative offers a single-digit loan scheme, set to commence in January 2025, and is open to all Nigerians.

The loan is specifically designed for individuals who purchase locally manufactured or assembled cars, motorcycles, and tricycles.

The National Automotive Design and Development Council (NADDC) has accredited several local manufacturers, including Nordmotion, DangotePeugeot, PanNigeriaLtd, Innosonvehicles, GeelyNigeria, and Jet Motor Company.

Interested individuals can visit their preferred local manufacturer’s website, discuss their options, and obtain a pro-forma invoice. CrediCorpNG will then credit the manufacturer directly.

This initiative is part of the Federal Government’s efforts to boost the local automotive industry and provide affordable transportation options for Nigerians. With the Renewed Hope Automobiles Credit Fund, the Tinubu-led administration aims to make 2025 a memorable year for Nigerians.