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

The Lagos Chamber of Commerce and Industry (LCCI) is organizing a symposium on September 17, 2026, with the aim of exploring how vehicle financing can serve as a sustainable alternative to fuel subsidies in Nigeria. The event, themed "From Subsidy to Credit: Can Vehicle Financing Replace Fuel Subsidy as Nigeria’s Mobility Equalizer?" will convene key stakeholders from the automotive, financial, and transport sectors at the Henry Fajemirokun Hall in Lagos.

The symposium seeks to address the rising costs of vehicle ownership, access to affordable credit, fleet renewal, automotive lending, and leasing, as well as the role of financial institutions in expanding mobility opportunities for Nigerians. Discussions will focus on the challenges limiting access to automotive finance, such as high interest rates, short loan tenures, foreign exchange pressures, vehicle prices, credit-risk concerns, and the lack of broad financing products tailored to Nigeria’s automotive market.

Dr. Femi Eghuaikhide, Chairman of the LCCI Auto Sectoral and Allied Group, emphasized that the symposium comes at a critical time when Nigeria needs to rethink mobility support beyond just making fuel cheaper. Instead, the focus is on making mobility more affordable and sustainable through well-structured vehicle financing. The symposium aims to generate meaningful conversations and actionable recommendations that could transform vehicle acquisition into a more accessible and sustainable option for Nigerians, transport operators, and small businesses.

The event is expected to attract representatives from automobile manufacturers, banks, development finance institutions, leasing companies, insurers, transport operators, government agencies, policymakers, and other stakeholders across the automotive value chain. By shifting the conversation from subsidy to credit, the symposium hopes to pave the way for a financing system that promotes long-term asset ownership and economic empowerment in Nigeria’s automotive sector.