Improved Access to Finance, Key to Nigeria’s Automotive sector

At the first auto finance summit held in Lagos, stakeholders agreed that access to finance would catalyze the growth of Nigeria’s automotive sector.

Mr. Etop Ikpe, the CEO of Autochek, an automotive technology company, made this point as the lead speaker at the summit.

He highlighted that various stakeholders had been working in silos noting that the automotive sector needs a multi-layered approach to financing to reach its full potential in Nigeria and across the continent.

Ikpe further emphasized that financing is critical for the auto ecosystem. It plays a crucial role in reducing transportation poverty and impacting the whole value chain, including dealers, workshops, SMEs and ultimately the consumer.

He also stressed the need for consumer education on how to responsibly access credit and make the most of the financing solutions available to them and other related services.

Autochek, according to him, is moving to provide easier access to financing options for automobile vehicles in Nigeria and across Africa.

Also speaking, Mayokun Fadeyibi, Senior Vice President, Autocheck West Africa, highlighted that the company is building the infrastructure to make car ownership more accessible and affordable to more Africans, and this event has brought together key stakeholders to engage in the necessary conversations to drive growth and opportunities across Africa’s automotive sector.

Notable guests at the summit were the Director-General, National Automotive Design and Development Council, Jelani Aliyu, National Chairman, Association of Motor Dealers of Nigeria, Prince Ajibola Adedoyin, Dr. Omobola Johnson, Former Minister of Communications and Senior Partner TLcom Capital, Dr. Adebola Akindele GMD Courteville Solutions, and Mr. Bisi Oni, ED, FundQuest Financial Services Limited, etc.

Critical discussions addressed at the summit included ‘Unlocking constraints to boost growth and job creation in the automotive industry, ‘Future of automotive financing and opportunities for the continent’ and ‘The ripple effect of embedded finance to support digital and financial inclusion in Africa’.


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