Nigerians can now access N100bn consumer credit till May 14 – Tinubu

President Bola Tinubu has approved the commencement of the N100 billion Consumer Credit Scheme for Nigerians to ease the economic hardship facing the country.

Indeed, the President said interested Nigerians could visit the portal of Nigerian Consumer Credit Corporation before May 15, 2024.

President’s spokesperson, Ajuri Ngelale, revealed this in a statement on Wednesday.

Newstrends reports that food prices and other goods and services have skyrocketed since June last year after fuel subsidy removal.

The situation has been compounded by astronomical increase in foreign exchange rate, with the naira hitherto N450/$ before May 29 last year currently trading around N1,200 to a United States dollar at both official and parallel markets.

Part of the Wednesday’s statement read, “Consumer credit serves as the lifeblood of modern economies, enabling citizens to enhance their quality of life by accessing goods and services upfront, paying responsibly over time. It facilitates crucial purchases, such as homes, vehicles, education, and healthcare, which are essential for ongoing stability and the pursuit of their aspirations.

“Individuals build credit histories through responsible repayment, unlocking more opportunities for a better life.

“The increased demand for goods and services also stimulates local industry and job creation.

“The President believes every hardworking Nigerian should have access to social mobility, with consumer credit playing a pivotal role in achieving this vision.

“The Nigerian Consumer Credit Corporation (CREDICORP) achieves its mandate through the following: Strengthening Nigeria’s credit reporting systems and ensuring every economically active citizen has a dependable credit score. This score becomes personal equity they build, facilitating access to consumer credit, Offering credit guarantees and wholesale lending to financial institutions dedicated to broadening consumer credit access today and Promoting responsible consumer credit as a pathway to an improved quality of life, fostering a cultural shift towards growth and financial responsibility.

“In line with the President’s directive to expand consumer credit access to Nigerians, the Nigerian Consumer Credit Corporation (CREDICORP) has launched a portal for Nigerians to express interest in receiving consumer credit.

“This initiative, in collaboration with financial institutions and cooperatives nationwide, aims to broaden consumer credit availability.

“Working Nigerians interested in receiving consumer credit can visit www.credicorp.ng to express interest. The deadline is May 15, 2024.

“The scheme will be rolled out in phases, starting with members of the civil service and cascading to members of the public.”

Recall that two months ago, a presidential spokesman, Bayo Onanuga, announced that the Federal Executive Council had given the nod for the establishment of the Consumer Credit Scheme.

He said the President’s Chief of Staff, Femi Gbajabiamila, would lead a committee including the Budget Minister, Attorney-General, and Coordinating Minister of the Economy and Finance to make the scheme a reality.

In March, the Chairman of the Federal Inland Revenue Service Chairman, Zacch Adedeji, had hinted that the Nigerian government would unveil the N100 billion consumer credit loan.

FG suspends Dana Air for comprehensive audit

The Federal Ministry of Aviation and Aerospace Development has ordered the suspension of Dana Air flight operations.

This came about 24 hours after the airline’s runway excursion incident at the Murtala Muhammed International Airport in Lagos.

The directive was passed on Wednesday to the Nigerian Civil Aviation Authority to be effected.

A letter signed by the ministry’s Permanent Secretary, Dr Emmanuel Meribole, addressed to the NCAA said recent incidents involving Dana Air had raised concerns about the safety and financial viability of the airline’s operations.

It said the suspension would not be lifted until comprehensive audits on the Dana Air’s fleet had been conducted.

It stated that the audit would include safety protocols, maintenance procedures and financial health.

It stressed that the move to suspend the airline was aimed at ensuring the safety and well-being of Nigerians.

The statement reads, “As the supervisor overseeing our nation’s aviation safety and regulatory compliance, it has come to the Honourable Minister’s attention that recent incidents involving Dana Airline have raised serious concerns regarding both the safety and financial viability of their operations.

“In light of these incidents and with the paramount priority being the safety and well-being of our citizens and travelers, the Honourable Minister has directed that you immediately initiate the suspension of Dana Airline’s fleet until a comprehensive audit can be conducted. This audit should encompass all aspects of safety protocols, maintenance procedures, and financial health to ensure full compliance with our aviation regulations.

“The recent incidents have underscored the urgency of this matter, and it is imperative that swift and decisive action be taken to safeguard the interests of all stakeholders involved.”

African automakers, minister, NADDC DG for June 27 Nigeria industry summit

A delegation of the African Association of Automotive Manufacturers (AAAM) from South Africa is expected in Nigeria on June 27 this year to attend the maiden edition of the Nigeria Auto Industry Summit (NAISU).

The team will be joined by the Nigeria Association of Automotive Manufacturers (NAMA) team and other leading stakeholders to brainstorm on the sector’s development in the country and by extension Africa.

The organisers of the event, Nigeria Auto Journalists Association (NAJA), disclosed this in a statement, adding that it would be organised in partnership with the National Automotive Design and Development Council (NADDC).

Scheduled to hold at Radisson Hotel, Ikeja, Lagos, on Thursday, June 27th, 2024, the summit is envisioned as an annual flagship event of the country’s automotive industry to rally all stakeholders together to explore the great potential in the automotive sector for national development.

It said the maiden edition of the event would be declared open by the Minister of Industries, Trade and investment, Dr Doris Uzoka-Anite, under the theme ‘Reviving Nigeria’s Economy through the Automotive Sector’ .

It would have the NADDC Director General, Mr. Joseph Osannipin, as the chief host, it stated.

Commenting on the importance of the summit for the development of the country’s automotive sector, Chairman, organizing committee of NAISU, Femi Owoeye, said, “Initiating this summit is vital, especially at this moment in history, when Nigeria is struggling to map its way out of the prevailing global economic despair.

“Being one of the drivers of the global economy, the automobile industry, if given the necessary impetus in Nigeria, is capable of transforming the country to an automotive manufacturing hub in Africa.

“To this end, Nigeria Auto Industry Summit shall annually produce significant information that would help the government to make it happen.”

On his part, Chairman of NAJA, Mike Ochonma, said, “Significantly, the summit shall bridge the information and communication gap between the nation’s auto industry stakeholders and relevant government agencies.

“Moreover, annually, the summit shall give a single and united voice for the auto industry leaders to set developmental agenda aimed at kick-starting and driving relevant government policies towards a sustainable development of the automotive industry in Nigeria and ultimately position the country as a frontline beneficiary of the African Free Trade Agreement Area.”