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, N3.5bn 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. 

"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 S.C.A.L.E, 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.