In a landmark move, President Bola Ahmed Tinubu has announced a transformative consumer credit policy aimed at empowering Nigerians with the financial means to purchase vehicles. This bold initiative earmarks a staggering N100 billion to support workers in acquiring cars and other essential products, signaling a significant shift towards enhancing the nation’s economic mobility.
“Consumer credit serves as the lifeblood of modern economies, enabling citizens to enhance their quality of life by accessing goods and services upfront,” President Tinubu stated, underscoring the importance of the policy for the country’s growth.
The administration’s plan is not just about facilitating car ownership; it’s a comprehensive strategy to stimulate economic growth and support local manufacturing within the automotive sector. “The Tinubu administration is working on offering accessible car financing to foster mobility, economic growth, and local manufacturing in the automotive sector,” revealed a government spokesperson.
In a recent meeting with the African Association of Automotive Manufacturers and the Nigerian Automotive Manufacturers Association, President Tinubu expressed his commitment to the speedy passage of legislation to drive the automotive industry forward. He emphasized the need for vehicles that are affordable and of the highest quality to complement the Federal Government’s efforts in revitalizing the industry.
Ajuri Ngelale, the presidential spokesman, conveyed the president’s vision, stating, “President Tinubu is set to provide consumer credit for millions of Nigerians to purchase vehicles and other important goods and services.” This statement reflects the administration’s dedication to making car ownership a reality for many Nigerians.
The Consumer Credit Scheme (CCS), as part of the policy, is designed to help Nigerians access goods and services upfront and pay for them in a structured manner later. The scheme aims to dismantle structural, market, and policy barriers, increasing access to consumer credit for 50% of working Nigerians by 2030.
This policy is a beacon of hope for many, promising to pave the way for a more prosperous and industrious Nigeria.
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