The Federal Government has unveiled a credit scheme aimed at promoting the purchase of locally assembled vehicles. The initiative targets 1 million beneficiaries by 2026 and is part of broader efforts to boost industrialization and reduce reliance on imported vehicles.
The scheme will provide affordable financing options to individuals and businesses, enabling them to acquire vehicles assembled in Nigeria. This is expected to stimulate demand for local manufacturers such as Dangote Peugeot Automobiles Nigeria (DPAN), which recently launched the GT model.
The government has partnered with financial institutions to ensure the smooth implementation of the scheme. Beneficiaries will enjoy low-interest rates and flexible repayment terms, making it easier for them to own vehicles.
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Industry stakeholders have welcomed the initiative, noting that it will create jobs and support the growth of Nigeria’s automotive sector. However, some experts have raised concerns about the availability of spare parts and after-sales services, which could affect the long-term viability of the scheme.
To address these challenges, the government plans to establish local manufacturing hubs for spare parts and provide training programs for technicians. This will ensure that beneficiaries have access to reliable maintenance services
