By abdulfatah Babatunde
The Tinubu Media Support Group (TMSG) has praised the Federal Government for the new N20 billion Consumer Credit Fund initiative to boost the local automotive industry.
TheNewsZenith reports that TMSG’s Chairman, Emeka Nwankpa, and Secretary, Dapo Okubanjo, gave this commendation in a statement on Tuesday in Abuja.
The group noted that this move would also stimulate the economy, as envisaged by President Bola Ahmed Tinubu.
It noted that the Tinubu administration introduced the scheme in September in fulfilment of its pledge to institutionalise the credit system.
“This system, which is operational in more advanced economies, will improve the well-being of Nigerians.
“We acknowledged that within the first five days of its take-off, the Nigerian Consumer Credit Corporation (CreditCorp) disbursed N3.5 billion to over 10,000 beneficiaries,” TMSG stated
TheNewsZenith gathered that these beneficiaries are largely civil servants to enable them to acquire sundry items including solar panels and other household items.
The fund managers called project S.C.A.L.E. (securing consumer access for local enterprises).
With the launch of what, it is gratifying that local vehicle manufacturers are the first set to benefit from boosting locally manufactured goods.
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“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 and drive demand.
“This 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. Here, 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.”
TMSG described the project as a fantastic one that will go down as a major legacy of President Tinubu.
“After sealing partnership deals with financial institutions and local vendors, CreditCorp is now partnering with local vehicle producers.
“This will enable them to expand their production capacity in the long run.
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