In a move aimed at boosting the local automotive industry, the Federal Government, led by President Bola Tinubu, has launched the Renewed Hope Automobiles Credit Fund. This initiative offers a single-digit loan scheme, commencing in January 2025, and is open to all Nigerians.
The loan scheme 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, among others.
To access the loan, 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 promote 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.
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