CBN Governor, NADDC DG Set For LCCI Symposium On Vehicle Financing as Alternative to Fuel Subsidy

…credit-driven mobility solutions for discourse

The Auto Sectoral Group of the Lagos Chamber of Commerce and Industry (LCCI) is set to bring together key stakeholders in Nigeria’s automotive, financial and transport sectors for a major symposium aimed at examining how vehicle financing can provide a more sustainable pathway to affordable mobility in the country.

The symposium, scheduled for September 17, 2026, will take place at the Henry Fajemirokun Hall of the LCCI, Victoria Island, Lagos, with the theme: “From Subsidy to Credit: Can Vehicle Financing Replace Fuel Subsidy as Nigeria’s Mobility Equalizer?”

The one-day event is expected to generate robust discussions around the rising cost of vehicle ownership and transportation, access to affordable credit, fleet renewal, automotive lending, leasing and the role of financial institutions in expanding mobility opportunities for Nigerians.

The organisers believe that the removal of fuel subsidy and the resulting changes in transportation costs have made it necessary to rethink the traditional approach to supporting mobility.

Rather than relying principally on interventions that reduce the cost of fuel, the symposium will explore whether a well-structured vehicle-financing ecosystem could enable more Nigerians, transport operators and small businesses to acquire vehicles through affordable and sustainable credit arrangements.

The discussion is also expected to examine the challenges currently limiting access to automotive finance, including high interest rates, short loan tenures, foreign exchange pressures, vehicle prices, credit-risk concerns and the absence of sufficiently broad financing products tailored to Nigeria’s automotive market.

Speaking ahead of the event, Dr Femi Eghuaikhide, Chairman of the LCCI Auto Sectoral and Allied Group and Deputy Managing Director of R.T. Briscoe Nigeria Plc, said the symposium is coming at a critical period when Nigeria needs to rethink how mobility can be made more accessible 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. 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”.

According to him, the symposium will provide an important platform for stakeholders to move beyond identifying the challenges and focus on practical financing solutions capable of supporting vehicle ownership, public transportation and the growth of Nigeria’s automotive industry.

Also speaking on the event, Austin Akpovili, Chairman of the Symposium Organising Committee and Chief Operating Officer at Bras Motors Limited, expressed optimism that the programme would produce meaningful conversations and actionable recommendations.

“We are bringing the right stakeholders to one table because mobility is not only an automotive issue; it is an economic issue. Our objective is to examine how access to affordable vehicle credit can transform the lives of individuals, transport operators and businesses, while creating a stronger and more sustainable automotive ecosystem for Nigeria”.

Akpovili added that, the symposium would provide an opportunity for participants to interrogate existing financing models and identify innovative approaches that could make vehicle acquisition more accessible to a wider segment of Nigerians.

The event is expected to attract representatives of automobile manufacturers and dealers, commercial banks, development finance institutions, leasing companies, insurance companies, transport operators, government agencies, policymakers and other stakeholders across the automotive value chain.
Discussions will also focus on the potential of vehicle financing to support the renewal of Nigeria’s ageing vehicle fleet, improve road transportation and stimulate demand for locally assembled vehicles and locally manufactured automotive components.

The LCCI Auto Sectoral and Allied Group has, over the years, used its annual symposium as a platform for bringing government, business leaders, financial institutions and automotive stakeholders together to deliberate on pressing issues affecting the industry. Previous editions have focused on subjects including local manufacturing, automotive policy, technology, financing and the future direction of Nigeria’s automobile sector.
With the 2026 theme shifting the conversation “from subsidy to credit,” stakeholders at the September symposium are expected to examine whether Nigeria can build a financing system that moves mobility support from short-term consumption relief towards long-term asset ownership and economic empowerment.

The organisers are optimistic that the outcome of the symposium will provide useful recommendations for policymakers and industry players on how vehicle financing can become an important component of Nigeria’s broader mobility and economic development strategy.

MIKE OCHONMA
mikeochonma@gmail.com
08023216225