I have followed with keen interest, the laudable Renewed Hope Automobile Credit Fund launched by the Federal Government to promote local automotive industry and provide affordable transportation options to Nigerians. Commendably, the initiative is said to offer a single-digit loan scheme and has recently commenced in January 2025.
Without doubt, this great initiative will be a game-changer for the local automotive industry and Nigerian car buyers alike. At a time when the hardship bites hard, this initiative will provide an unprecedented opportunity for Nigerians to own brand-new, locally manufactured or assembled vehicles at an affordable price with an option to buy now and pay later, gradually.
Like the NELFUND which had relieved some students of the financial burden on tertiary education, this initiative also stimulates economic growth while it supports local manufacturers like Innoson Motors, Dangote Peugeot, Nordmotion and co; also it would create jobs, drive innovation, and contributes to the country’s GDP. As a car dealer myself, I can attest to the fact that this initiative has already started to have a positive impact on auto operations. Need I add that another critical aspect of the fund is its focus on promoting locally manufactured or vehicles assembled. This is a crucial step towards reducing our reliance on foreign imports and developing a sustainable automotive industry. Personally, I have always hoped to partner with local manufacturers who are producing high-quality vehicles that meet international standards.
The process of accessing the fund is also remarkably straightforward. Customers can visit this local automotive industry website, discuss their options with the team, and obtain a pro-forma invoice. CrediCorpNG then credits the manufacturer directly, making it easier than ever for Nigerians to own a brand-new vehicle.
As a patriotic Nigerian and auto dealer who is always looking for ways to innovate and stay ahead of the curve, I believe that the Renewed Hope Automobile Credit Fund has given myself and other PATRIOTIC auto dealers the opportunity to do just that. We are already exploring new financing options and partnerships that will enable us to offer even more competitive pricing to our customers. However, I must caution that the success of this initiative depends on the continued support of the Federal Government and the private sector. FG needs to ensure that the fund is adequately funded and that the process of accessing it remains streamlined and efficient.
To surmise, the Renewed Hope Automobile Credit Fund is a groundbreaking initiative that has the potential to transform the local automotive industry. I am excited about this initiative and look forward to seeing the impact it will have on the lives of Nigerians.
- Yusuf is the CEO of Mapleby Autos
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