President Bola Ahmed Tinubu has issued a directive to the Nigerian Consumer Credit Corporation (CREDICORP) to facilitate the return of Peugeot Automobile and Dunlop Tyres to Nigeria. This strategic move is part of a broader vision to revitalize Nigeria’s manufacturing sector and provide affordable access to new automobiles for citizens. The initiative coincides with Nigeria’s launch of a N20 billion consumer credit fund aimed at easing the financial burden of car ownership, especially for middle-income earners.
At the unveiling of the credit facility, CREDICORP’s CEO, Engr. Uzoma Nwagba, highlighted plans to offer loans at single-digit interest rates. The scheme, set to commence in January 2025, aims to empower Nigerians to purchase brand-new vehicles while stimulating local production. This initiative is expected to restore the once-thriving automobile assembly operations in the country, including Peugeot's presence in Kaduna and Dunlop's tire production facilities.
The return of Peugeot and Dunlop is seen as a critical step in addressing Nigeria's over-reliance on imported vehicles and automotive components. It also aligns with the government’s industrialization agenda to promote job creation, reduce capital flight, and enhance the country's self-reliance in key sectors. Dunlop, known for its production of high-quality tires, and Peugeot, a globally recognized automobile brand, were once key players in Nigeria's industrial landscape before economic challenges forced their exit.
The consumer credit initiative will not only make new cars accessible but also enhance safety standards by reducing the prevalence of used and substandard vehicles on Nigerian roads. The government’s commitment to a single-digit interest rate underscores its focus on ensuring affordability and accessibility, which are key to the program's success.
This development is expected to attract foreign investment, boost local content in manufacturing, and enhance Nigeria’s economic diversification efforts. It demonstrates President Tinubu’s resolve to create an enabling environment for businesses while providing tangible benefits to the populace.
For more details, visit the official announcement: Tinubu Moves To Bring Peugeot, Dunlop Back To Nigeria.
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