By Toba Owojaiye
Abuja, Nigeria
In what is being described as a strategic masterstroke, President Bola Ahmed Tinubu’s administration has taken a bold step towards strengthening Nigeria’s local automotive industry with the rollout of the ₦20 billion Mobility Fund. The initiative, spearheaded by the Nigerian Consumer Credit Corporation (CREDICORP), is designed to provide consumer credit for Nigerians to purchase locally manufactured vehicles, thereby boosting indigenous carmakers and promoting economic inclusion.
Recently, the first wave of beneficiaries proudly drove off from Simba Group’s manufacturing facility in Lagos with brand-new tricycles and motorbikes—fully funded by consumer credit. This marks the beginning of what is set to be a transformational shift in Nigeria’s industrial landscape, with upcoming beneficiaries acquiring vehicles from leading local manufacturers like Nord, Innoson, CIG, Jets, and NEV.
Truth Live News gathered that the Mobility Fund is a key component of CREDICORP’s “Project S.C.A.L.E.” (Securing Consumer Access for Local Enterprises), an ambitious initiative that ensures Nigerians have access to credit-backed purchases of locally made goods and services. The initiative extends beyond automobiles, covering digital devices, home upgrades & appliances, energy solutions, and household essentials. By 2026, CREDICORP aims to have at least one million credit-backed Nigerians purchasing locally manufactured products—stimulating economic growth, reducing reliance on imports, and creating jobs.
Established in April 2024 as part of President Tinubu’s Renewed Hope Agenda, CREDICORP is proving to be more than just a financial institution—it is a catalyst for economic transformation. By expanding consumer credit, the administration is not only empowering citizens but also laying the groundwork for a stronger, self-sufficient Nigerian economy.
With this move, Tinubu’s government is signaling a clear commitment to economic inclusion, industrial growth, and long-term prosperity—a strategy that could redefine Nigeria’s manufacturing landscape and set the country on a path toward sustainable economic independence.