Stakeholders Expresses That Consumer Loans Will Strengthen Purchasing Power

Stakeholders have disclosed that the introduction of consumer loans in the economy is vital to strengthening purchasing power.

This was disclosed 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 said access to consumer loans will enhance purchasing power of consumers and enable a flexible payment plan.

According to him, “Consumer financing plays a crucial role in making capital-intensive 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."

“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," he added.

While announcing the organisation’s latest innovation, Akinnola disclosed the partnership with Johnson Controls Hitachi, introducing a wide range of advanced products to serve various industrial and commercial needs in the country

On the economic impact of infrastructural development, he said, “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.”

While elaborating on the latest innovation, Regional Sales Director, Johnson Controls Hitachi Middle East and Africa, Ahmed El Dessouki, stated that, “the revolutionary “Air 365” modular VRF system is the first of its kind, globally.”

Dessouki said the device’s groundbreaking capability to connect side-discharge VRF units into a cohesive system, ranging from 8 to 72 horsepower.