LCCI Advocates Vehicle Financing to Replace Fuel Subsidy

On September 18, 2026, stakeholders, including the Lagos Chamber of Commerce and Industry (LCCI) and automotive experts, convened at the LCCI/National Automotive Design and Development Council (NADDC) Automobile Symposium. They called for affordable vehicle financing as a replacement for fuel subsidies to address Nigeria's mobility crisis.

Dr Femi Eguaikhide, Chairman of the LCCI Auto and Allied Sector Group, highlighted the increased transportation costs following the removal of fuel subsidies in May 2023, which made vehicle ownership unaffordable for many Nigerians. He proposed single-digit interest rates and longer-tenor lease-to-own plans for commercial operators.

Eguaikhide also suggested developing "mobility credit scores" to assist lenders in evaluating borrowers without conventional collateral. Chief (Sir) Anselm Ilekuba of Cedric Masters Group, represented by Christabel Mmesoma Ilekuba, echoed the need for a vehicle financing system to support local automotive industrialization, urging the Federal Government to consider establishing a National Automotive Bank for specialized vehicle financing.