…Stakeholders to debate whether credit can replace fuel subsidy as Nigeria’s mobility lifeline
OJO OLOTU
The Governor of the Central Bank of Nigeria (CBN) and the Director-General of the National Automotive Design and Development Council (NADDC) are among key personalities expected at a major Lagos Chamber of Commerce and Industry (LCCI) symposium seeking to redefine how Nigerians finance vehicle ownership and mobility.
Organised by the LCCI Auto Sectoral and Allied Group, the one-day symposium is scheduled for September 17, 2026, at the Henry Fajemirokun Hall, LCCI, Victoria Island, Lagos.
The event will focus on the theme: “From Subsidy to Credit: Can Vehicle Financing Replace Fuel Subsidy as Nigeria’s Mobility Equalizer?”
The symposium comes at a time when the removal of fuel subsidy has significantly altered transportation costs and increased pressure on households, commercial transport operators and businesses.
Against this backdrop, the organisers are asking a provocative question: instead of subsidising fuel consumption, can Nigeria build a strong vehicle-financing system that enables more people and businesses to own affordable, efficient vehicles?
The discussions will centre on automotive lending, leasing, fleet renewal and access to affordable credit, as well as how financial institutions can expand mobility opportunities across the country.
Industry stakeholders are expected to examine the major barriers preventing Nigerians from accessing vehicle finance, including high interest rates, short repayment periods, foreign-exchange pressures, rising vehicle prices and credit-risk concerns.
Dr Femi Eghuaikhide, Chairman of the LCCI Auto Sectoral and Allied Group and Deputy Managing Director of R.T. Briscoe Nigeria Plc, said the country must move beyond the question of how to make fuel cheaper and focus on making mobility itself more affordable and sustainable.
“The question before us is no longer simply how to make fuel cheaper, but how to make mobility more affordable and sustainable for Nigerians,” he said.
According to him, vehicle financing could become a powerful mobility equaliser if government, financial institutions and automotive industry players collaborate to develop realistic credit structures and repayment terms.
Chairman of the Symposium Organising Committee and Chief Operating Officer of Bras Motors Limited, Austin Akpovili, said the event would bring critical stakeholders together to explore practical solutions.
He stressed that mobility goes beyond automobiles, describing it as an important economic issue affecting individuals, transport operators and businesses.
The symposium is expected to attract automobile manufacturers and dealers, commercial banks, development finance institutions, leasing and insurance companies, transport operators, government agencies, policymakers and other players across the automotive value chain.
A major focus will be how affordable vehicle finance could accelerate the replacement of Nigeria’s ageing vehicle fleet, improve public transportation and stimulate demand for locally assembled vehicles and locally manufactured components.
The organisers are also expected to examine innovative financing models capable of making vehicle acquisition accessible to a wider section of the population, including individuals, small businesses and commercial transport operators.
For Nigeria’s automotive industry, the outcome could be significant. A stronger vehicle-financing ecosystem could potentially shift the country from short-term fuel-cost interventions towards long-term asset ownership, fleet renewal and economic empowerment.
With the 2026 symposium effectively putting “subsidy versus credit” at the centre of the mobility debate, stakeholders will be looking to the event for practical answers on whether vehicle financing can become Nigeria’s next major mobility equaliser.
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