LCCI To Debate Vehicle Financing As Alternative To Fuel Subsidy
The Lagos Chamber of Commerce and Industry (LCCI), through its Automobile and Allied Services Group, is set to convene key stakeholders in Nigeria’s automotive, banking, finance and transport sectors to examine whether vehicle financing can provide a sustainable alternative to fuel subsidy as a means of improving mobility across the country.
The high-level symposium, scheduled for Thursday, September 17, 2026, will hold at the Henry Fajemirokun Hall, Commerce House, Victoria Island, Lagos, beginning at 10:00 a.m.
The event is themed, “From Subsidy to Credit: Can Vehicle Financing Replace Fuel Subsidy as Nigeria’s Mobility Equalizer?”
According to the organisers, the symposium comes at a time when the removal of fuel subsidy and the resulting increase in transportation costs have intensified the need for sustainable solutions to Nigeria’s mobility challenges.
The discussions will focus on whether access to affordable vehicle credit can provide Nigerians, transport operators and businesses with a more sustainable pathway to vehicle ownership, while also supporting fleet renewal and strengthening the country’s automotive ecosystem.
Key issues expected to dominate discussions include access to affordable automotive credit, vehicle financing and leasing, high interest rates, loan tenure, vehicle prices, credit risk, fleet renewal and the role of financial institutions in expanding mobility opportunities.
The symposium is also expected to examine how an effective vehicle-financing ecosystem could stimulate demand for locally assembled vehicles and locally manufactured automotive components.
The Director-General of the National Automotive Design and Development Council (NADDC), Otunba Oluwemimo Joseph Osanipin, is scheduled to deliver the keynote address.
NADDC has previously identified vehicle financing as an important component of efforts to deepen Nigeria’s automotive industry. The Council’s programmes include work around vehicle financing and the Automotive Credit Purchase Scheme, while its collaboration with financial institutions has also supported initiatives aimed at expanding access to vehicles and promoting local manufacturing.
The symposium will be hosted by the Chairman of the LCCI Automobile and Allied Services Group, Dr. Femi Oguiakhide, while the President and Chairman of Council of LCCI, Engr. Leye Kupoluyi, will serve as Chief Host.
The Special Guest is Chief (Sir) Anselm Illekuba, Chairman/CEO of Cedric Masters and Chairman of the Automotive Components Manufacturers Association of Nigeria (ACMAN).
Panel discussions will feature Otunba Adekunle Jaiyesimi, Deputy Managing Director, CFAO Mobility Nigeria Ltd.; Mr. Ikpe Etop, Managing Director/CEO, Autochek Africa; and Mr. Temitope Aruna, Head, Vehicle and Asset Finance Department, Stanbic IBTC Bank.
The session will be moderated by Mr. Abiona Babarinde, General Manager, Marketing and Corporate Communications, Coscharis Group.
The organisers expect participation from automobile manufacturers and dealers, commercial banks, development finance institutions, leasing companies, insurance firms, transport operators, government agencies, policymakers and other players across the automotive value chain.
Beyond the immediate question of vehicle affordability, stakeholders are expected to consider whether a shift from fuel-based intervention to asset-based credit could help Nigerians build productive capacity and create a more sustainable mobility system.
Industry observers have also identified affordable financing as critical to renewing Nigeria’s ageing vehicle fleet and improving transportation efficiency. Recent initiatives in the sector have increasingly explored vehicle credit, including financing models targeted at commercial transport operators and emerging clean-mobility technologies.
The LCCI symposium therefore provides an opportunity for government, financial institutions and private-sector operators to interrogate existing financing models and develop practical recommendations for making vehicle ownership and mobility more accessible to Nigerians.
Attendance at the symposium is free, but registration is required, according to LCCI.
The event is supported by Mikano Motors International Limited – Motors Division, Toyota, Cedric Masters, Briscoe, SCOA Nigeria Plc. and CFAO Motors.
