Consumer loans will strengthen purchasing power, stakeholders say
STAKEHOLDERS said that the introduction of consumer loans in the economy is vital to strengthening purchasing power.
This was said at the product launch and interactive session organised by Noltec Engineering in partnership with Hitachi, San Da and Era Group Managing Director, Noltec Engineering, Akinyinka Akinnola stated that access to consumer loans will enhance purchasing power of consumers and enable a flexible payment plan.
“Consumer financing plays a crucial role in making capitalintensive purchases more affordable. As the economy evolves, offering lower interest rates and extended payment terms can stimulate demand for essential products and services like air- conditioning,” he added.
He noted, “the economy needs to develop and more consumer loans need to be available and gender- sensitive finance at lower digit interest rate, should be available.
While unveiling the organisation's latest innovation, Akinnola announced partnership with Johnson Controls Hitachi, introducing a wide range of advanced products to serve various industrial and commercial needs in the country
He commented on the economic impact of infrastructural development, saying, “Nigeria’s economy is expanding rapidly with infrastructural development being a driver. The increasing sophistication of buildings, including high- rises, new hotels and commercial centres demand innovative air- conditioning solutions.”
Highlighting the core competencies of its organisation, Akinnola said, “our specialties are in air- conditioning, plumbing, water, fire protection and general infrastructure. Our recent partnership with Hitachi underscores our commitment to introducing advanced airconditioning technologies across residential, commercial and industrial sectors in Nigeria.”