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Nigeria creates N20bn consumer credit fund for domestic automakers

Published

2 days ago

December 9, 2024

In an attempt to increase demand for cars built domestically, the Nigerian government has established a N20 billion consumer credit facility programme.

The goal of the programme, which is run by the Nigerian Consumer Credit Corporation (Credicorp), is to keep customer interest rates to single digit.

The fund aims to remove obstacles that consumers face when purchasing cars on credit, according to Credicorp Managing Director/CEO Engr. Uzoma Nwagba, who spoke at the official launch/agreement signing between Credicorp and the National Automotive Design and Development Council (NADDC) in Abuja.

Nwagba said that the credit economy contributed to the creation of jobs and wealth for Nigerians as well as to the enhancement of residents’ quality of life.

According to him, the government is dedicated to helping the industry in order to guarantee its expansion and survival. According to him, the N20 billion fund was only the start, and if the initial support proves effective, the government intends to create a larger fund.

Earlier, Mr. Joseph Osanipin, the Director General of NADDC, stated that the industry’s expansion depends on the demand side of the car market being improved.

According to Osanipin, credit programs enable consumers to acquire brand-new cars of their choosing, but in the majority of prosperous nations, people do not pay cash for cars and other autos.

According to him, the program, which covers all types of autos such cars, vans, tricycles, and motorbikes, is available to all Nigerians and involves automakers that produce or assemble their goods entirely domestically.

Related Topics:automobile Featured Nigeria

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Egypt’s November inflation drops to 25.5%, near 2-year low

Published

12 hours ago

December 11, 2024

Ifeoluwa Dada

According to figures released Tuesday by statistics agency CAPMAS, Egypt’s annual urban consumer price inflation rate fell more than anticipated to 25.5% in November, the lowest level since December 2022.

Following the Russian invasion of Ukraine, which caused international investors to pull billions of dollars out of Egyptian treasury markets, inflation started to rise sharply in early 2022.

In September 2023, headline inflation reached a record high of 38.0%. It dropped to 26.5% by October 2024.

In a Reuters survey last month, 15 economists’ consensus prediction was for annual inflation to gradually decline to 26.4%.

According to CAPMAS statistics, headline inflation decreased from 1.1% in October to 0.5% in November every month.

Compared to October, when they fell 1.1%, food costs fell 2.8% over the month, making them 23.3% more than they were a year ago.

An increase in the money supply has been a major contributor to inflation. According to central bank data, Egypt’s M2 money supply increased by 29.54% in October compared to the same month last year.

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Malawi’s mid-term budget review reduces growth projections

Published

6 days ago

December 5, 2024

Ifeoluwa Dada

As southern Africa experiences its worst regional drought in decades, Malawi lowered its growth projections for this year and next at a mid-term budget review on Wednesday.

Real gross domestic product (GDP) growth was predicted by Finance Minister Simplex Chithyola Banda to be 1.8% in 2024, compared to 2.3% at the beginning of the current fiscal year.

According to a copy of Banda’s speech, GDP is now predicted to grow by 4.0% in 2025 instead of the 4.3% that was previously anticipated.

Malawi’s economy depends heavily on agriculture, and the drought brought on by El Niño has destroyed crops all throughout the area, halting growth and creating food shortages.

Banda stated that the government of Malawi has reached agreements with China and other significant bilateral creditors over the restructuring of the country’s debt.

He said that talks were being expedited with other creditors, including the Saudi Fund for Development, the Kuwait Fund, and India, to come to an agreement that would comply with the terms of Malawi’s International Monetary Fund program.

The roughly $175 million scheme was authorised last year as Malawi struggled with severe fuel, medication, and fertiliser shortages brought on by a lack of foreign exchange.

Due to ongoing dollar scarcity, fuel is still scarce and yearly inflation is continuously more than 30%.