• About
  • Advertise
  • Contact
Sunday, July 6, 2025
  • Login
Vital News
  • Frontpage
  • Business
  • Economy
  • Politics
  • National
  • Opinion
  • Sports
  • More
    • Crime
    • Judiciary
    • Security
No Result
View All Result
  • Frontpage
  • Business
  • Economy
  • Politics
  • National
  • Opinion
  • Sports
  • More
    • Crime
    • Judiciary
    • Security
No Result
View All Result
Vital News
No Result
View All Result
Home National

N20bln Consumer Credit For Locally Assembled Vehicles, A Deliberate Action By Tinubu To Boost Production, Stimulate Economy – TMSG

Vital News by Vital News
December 10, 2024
in National, News
0
President Tinubu Arrives Saudi Arabia For Arab – Islamic Summit
Share on FacebookShare on Twitter

The Tinubu Media Support Group (TMSG) has described the newly unveiled N20 billion Consumer Credit Fund initiative for the automotive industry as an intent by President Bola Tinubu’s administration to stimulate and boost the production of vehicles locally.

In a statement signed by its Chairman Emeka Nwankpa and Secretary Dapo Okubanjo, TMSG noted that this move would also go a long way to stimulating the economy as envisaged by the President.

The statement said: “When the Tinubu administration formally introduced the Consumer Credit Scheme in September this year, it was in fulfilment of the President’s pledge to institutionalise the sort of credit system that is operational in more advanced economies of the world to improve the well being of Nigerians.

“We acknowledged that within the first five days of its take-off, N3.5bln was disbursed by the Nigerian Consumer Credit Corporation (CreditCorp) to over 10,000 beneficiaries who are largely civil servants to enable them to acquire sundry items, including solar panels and other household items.

“And now with the launch of what the fund managers called project S.C.A.L.E.
(securing consumer access for local enterprises), it is gratifying that local manufacturers of vehicles are the first set to be engaged in what clearly would be a boost for locally manufactured goods.

RelatedStories

CAF President Mourns Peter Rufai, Says Dodo Mayana Will Forever Live In Our Hearts

Protest As Imam Was Caught Raping 8-Year-Old Girl Inside Osun Mosque

FBI On Trail Of Nigerian National, Ehiremen Aigbokhan, For Diverting N460million Donald Trump’s Inauguration Fund

Train Service : Lagos – Kano Narrow Gauge Restoration To Reach Offa December – NRC

“We are mindful that the initiative is targeted at boosting local production, but it is also gratifying that it will now provide an impetus for Made-in-Nigeria vehicles as well as drive demand, which will, in turn, lead to additional jobs in those car manufacturing companies.

“What’s happening now is not different from what obtains in other climes where vehicle owners use credit facilities to acquire vehicles and pay in instalments.

“It will give many Nigerians a lifetime opportunity to use a brand-new car.

“So for us, it is a fantastic project that will go down as a major legacy of President Tinubu in a country where imported second-hand vehicles abound and are a threat to the local automotive industry.

“It is worthy of note that after sealing partnership deals with financial institutions and local vendors, CreditCorp has now agreed with local vehicle producers, which will enable them to expand their production capacity in the long run.

“And while we wait for the next agreement to be sealed under project SCaLE, which has 5 focus areas, we dare say that it won’t be long before the initiative attains its long-term goal of achieving single-digit interest rates.”

TMSG expressed hope that many Nigerians will take advantage of the initiative that is bound to boost the production capacity of local manufacturers.
(vitalnewsngr.com)

Tags: assemblycreditscalevehicle
Previous Post

President Tinubu Appoints Ogunjinmi Acting AGF As Madein Retires

Next Post

Abiodun Woos JBS, Says Ogun Ready To Partner Brazilian Livestock Giant

Vital News

Vital News

RelatedStories

President Tinubu Mourns Passing Of Peter Rufai
Football

CAF President Mourns Peter Rufai, Says Dodo Mayana Will Forever Live In Our Hearts

July 5, 2025
Protest As Imam Was Caught Raping  8-Year-Old Girl Inside Osun Mosque
News

Protest As Imam Was Caught Raping 8-Year-Old Girl Inside Osun Mosque

July 5, 2025
FBI On Trail Of Nigerian National, Ehiremen Aigbokhan, For Diverting N460million Donald Trump’s Inauguration Fund
Crime

FBI On Trail Of Nigerian National, Ehiremen Aigbokhan, For Diverting N460million Donald Trump’s Inauguration Fund

July 5, 2025
Train Service : Lagos – Kano Narrow Gauge Restoration To Reach Offa December – NRC
News

Train Service : Lagos – Kano Narrow Gauge Restoration To Reach Offa December – NRC

July 5, 2025
President Bola Tinubu Issues Executive Order On Cost Efficiency In Oil And Gas Sector
National

Ahead 17th BRICS Summit, President Tinubu Arrives In Rio De Janeiro

July 5, 2025
Next Post

Abiodun Woos JBS, Says Ogun Ready To Partner Brazilian Livestock Giant

MINILS,CDHR Organise Lecture To Mark World Human Rights Day In Ilorin

MINILS,CDHR Organise Lecture To Mark World Human Rights Day In Ilorin

Ododo Offsets WAEC Fees Of 18,734 Students In Public Secondary Schools

Gov Ododo Removes ED Of Kogi Primary Health Care Development Agency

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Follow Us

Recommended

NDLEA Arrests Four Members Of Trans-border Drug Trafficking Syndicate

NDLEA Arrests Four Members Of Trans-border Drug Trafficking Syndicate

5 months ago
Kogi APC Rally, A Clear Sign Tinubu Is Winning The Election – Ali Ajuh

Kogi APC Rally, A Clear Sign Tinubu Is Winning The Election – Ali Ajuh

2 years ago
Ex-Nigeria’s Minister Of Justice, Prince Bola Ajibola Is Dead

Prince Bola Ajibola Buried Amid Tributes

2 years ago

Organisation Unveils Project To Market Artists With Disability

3 years ago

Instagram

    Please install/update and activate JNews Instagram plugin.

Categories

  • Agriculture/ Water/ Mineral
  • Aviation
  • Business
  • Crime
  • Culture
  • Economy
  • Education
  • Entertainment
  • Environment
  • Football
  • Foreign
  • Gender
  • Health
  • Judiciary
  • Labour
  • National
  • News
  • Oil & Gas
  • Opinion
  • Opinion
  • Politics
  • Power
  • Religion
  • Security
  • Sports
  • Transport
  • Uncategorized

Topics

Abiodun Abuja APC arrest Atiku Bandits Bello Benue Buhari CBN cement Court Dangote death dies drugs Economy EFCC Election elections FG gunmen Hajj INEC Kano kidnap Kill Kogi Kwara Lagos NDLEA Niger Nigeria Ododo Ogun Oyo PDP Police Power refinery rescue road Security students Tinubu
No Result
View All Result

Highlights

Protest As Imam Was Caught Raping 8-Year-Old Girl Inside Osun Mosque

FBI On Trail Of Nigerian National, Ehiremen Aigbokhan, For Diverting N460million Donald Trump’s Inauguration Fund

Train Service : Lagos – Kano Narrow Gauge Restoration To Reach Offa December – NRC

Ahead 17th BRICS Summit, President Tinubu Arrives In Rio De Janeiro

President Tinubu Celebrates Olubadan, Oba Owolabi Akinloye Olakulehin @90

FIFTY YEARS OF GOWON’S OVERTHROW BY ERIC TENIOLA

Trending

145 Dead As Lassa Fever Ravages Ondo, Bauchi
Health

145 Dead As Lassa Fever Ravages Ondo, Bauchi

by Vital News
July 6, 2025
0

At least 145 people have died from Lassa fever so far this year, with Ondo and Bauchi...

President Tinubu Orders Army To Crush Terrorism, Insurgency

President Tinubu Orders Army To Crush Terrorism, Insurgency

July 6, 2025
President Tinubu Mourns Passing Of Peter Rufai

CAF President Mourns Peter Rufai, Says Dodo Mayana Will Forever Live In Our Hearts

July 5, 2025
Protest As Imam Was Caught Raping  8-Year-Old Girl Inside Osun Mosque

Protest As Imam Was Caught Raping 8-Year-Old Girl Inside Osun Mosque

July 5, 2025
FBI On Trail Of Nigerian National, Ehiremen Aigbokhan, For Diverting N460million Donald Trump’s Inauguration Fund

FBI On Trail Of Nigerian National, Ehiremen Aigbokhan, For Diverting N460million Donald Trump’s Inauguration Fund

July 5, 2025
ADVERTISEMENT
Vital News

Vital News is an online newspaper with a mission to uphold professional journalism by reporting and publishing only facts and figures-based news reports across Nigeria and beyond.

Recent News

  • 145 Dead As Lassa Fever Ravages Ondo, Bauchi July 6, 2025
  • President Tinubu Orders Army To Crush Terrorism, Insurgency July 6, 2025
  • CAF President Mourns Peter Rufai, Says Dodo Mayana Will Forever Live In Our Hearts July 5, 2025

Categories

  • Agriculture/ Water/ Mineral
  • Aviation
  • Business
  • Crime
  • Culture
  • Economy
  • Education
  • Entertainment
  • Environment
  • Football
  • Foreign
  • Gender
  • Health
  • Judiciary
  • Labour
  • National
  • News
  • Oil & Gas
  • Opinion
  • Opinion
  • Politics
  • Power
  • Religion
  • Security
  • Sports
  • Transport
  • Uncategorized

© 2022 Vital News - . All Rights Reserved.

No Result
View All Result
  • Frontpage
  • Business
  • Economy
  • Politics
  • National
  • Opinion
  • Sports
  • More
    • Crime
    • Judiciary
    • Security

© 2022 Vital News - Vital News by Vital News.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In