CBN Governor, NADDC DG to Lead LCCI Debate on Vehicle Financing as Alternative to Fuel Subsidy

CBN Governor, NADDC DG to Lead LCCI Debate on Vehicle Financing as Alternative to Fuel Subsidy

 

The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, and the Director-General of the National Automotive Design and Development Council (NADDC), Joseph Osanipin, are among key stakeholders expected at a high-level symposium examining whether vehicle financing can provide a sustainable alternative to fuel subsidy as a tool for improving mobility in Nigeria.

Organised by the Auto Sectoral and Allied Group of the Lagos Chamber of Commerce and Industry (LCCI), the one-day symposium is scheduled for September 17, 2026, at the Henry Fajemirokun Hall, LCCI, Victoria Island, Lagos.

Themed “From Subsidy to Credit: Can Vehicle Financing Replace Fuel Subsidy as Nigeria’s Mobility Equalizer?”, the event will bring together stakeholders across the automotive, financial and transport sectors to examine how affordable credit can expand vehicle ownership, support fleet renewal and reduce the burden of rising transportation costs.

The organisers said the removal of fuel subsidy and its impact on transport costs had made it imperative to rethink how mobility could be made more affordable and sustainable.

Rather than relying largely on interventions aimed at keeping fuel prices low, the symposium will examine whether a robust vehicle-financing ecosystem can enable individuals, transport operators and small businesses to acquire vehicles through affordable and sustainable credit arrangements.

Discussions will focus on automotive lending, leasing, fleet renewal and the role of banks, development finance institutions and other financial players in expanding access to vehicle ownership.

The symposium is also expected to interrogate major barriers to automotive financing, including high interest rates, short loan tenures, foreign exchange pressures, high vehicle prices, credit risks and the limited availability of financing products tailored to Nigeria’s automotive market.

Chairman of the LCCI Auto Sectoral and Allied Group and Deputy Managing Director of R.T. Briscoe Nigeria Plc, Dr Femi Eghuaikhide, said the symposium was coming at a critical time when Nigeria needed to rethink how mobility could be made accessible to a wider population.

“The question before us is no longer simply how to make fuel cheaper, but how to make mobility more affordable and sustainable for Nigerians. Vehicle financing has the potential to become a powerful mobility equalizer if we can develop the right credit structures, realistic repayment terms and strong collaboration between government, financial institutions and automotive industry stakeholders.”

Eghuaikhide said the symposium would provide a platform for stakeholders to move beyond identifying the challenges and develop practical financing solutions capable of supporting vehicle ownership, public transportation and the growth of Nigeria’s automotive industry.

Also speaking, Chairman of the Symposium Organising Committee and Chief Operating Officer of Bras Motors Limited, Austin Akpovili, said the event was designed to generate practical and actionable solutions.

“We are bringing the right stakeholders to one table because mobility is not only an automotive issue; it is an economic issue. Our objective is to examine how access to affordable vehicle credit can transform the lives of individuals, transport operators and businesses, while creating a stronger and more sustainable automotive ecosystem for Nigeria.”

Akpovili said participants would also have the opportunity to examine existing financing models and identify innovative approaches to make vehicle acquisition accessible to a broader segment of the population.

The event is expected to attract automobile manufacturers and dealers, commercial banks, development finance institutions, leasing and insurance companies, transport operators, government agencies, policymakers and other stakeholders across the automotive value chain.

Beyond vehicle ownership, experts will examine how affordable financing could accelerate the renewal of Nigeria’s ageing vehicle fleet, improve public transportation and stimulate demand for locally assembled vehicles and locally manufactured automotive components.

The LCCI Auto Sectoral and Allied Group has traditionally used its annual symposium to bring government, business leaders, financial institutions and automotive stakeholders together to address critical issues confronting the industry.

With this year’s theme shifting the conversation “from subsidy to credit,” the symposium is expected to examine whether Nigeria can move from short-term consumption support to a sustainable financing model that promotes asset ownership, productivity and economic empowerment.

The organisers said recommendations from the symposium would be presented as possible policy and industry solutions for making vehicle financing a stronger component of Nigeria’s broader mobility and economic development strategy.