CBN Governor, NADDC DG Set for LCCI Symposium on Vehicle Financing

The Auto Sectoral Group of the Lagos Chamber of Commerce and Industry (LCCI) is organizing a significant symposium on September 17, 2026, focusing on the critical role of vehicle financing in Nigeria's mobility landscape. The event, themed “From Subsidy to Credit: Can Vehicle Financing Replace Fuel Subsidy as Nigeria’s Mobility Equalizer?”, will gather experts from the automotive, financial, and transport sectors.

The symposium aims to address the rising costs of vehicle ownership and transportation, particularly in the wake of fuel subsidy removal. Organizers believe that a well-structured vehicle financing ecosystem could provide a more sustainable pathway to affordable mobility for Nigerians, transport operators, and small businesses. The focus will shift from solely subsidizing fuel to enabling access to credit for vehicle acquisition.

Discussions are expected to delve into the existing barriers to automotive finance, including high interest rates, short loan tenures, foreign exchange pressures, and vehicle prices. The LCCI also seeks to explore practical financing solutions and foster collaboration between government, financial institutions, and the automotive industry to support vehicle ownership and public transportation growth.

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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.

Dr. Femi Eghuaikhide, Chairman of the LCCI Auto Sectoral and Allied Group, emphasized the timely nature of the symposium, stating, "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 expressed optimism that vehicle financing could become a powerful equalizer if the right credit structures and repayment terms are developed.

Austin Akpovili, Chairman of the Symposium Organizing Committee, added that the event would bring together key stakeholders to generate actionable recommendations. The symposium is anticipated to produce meaningful conversations and practical solutions to enhance mobility opportunities across Nigeria.

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We are bringing the right stakeholders to one table because mobility is not only an