The Nigerian Consumer Credit Corporation (CREDICORP) has introduced a new initiative, Securing Consumer Access for Local Enterprises, aimed at empowering one million Nigerians with credit to purchase locally made goods and services. This initiative aims to enhance the accessibility of local products for Nigerian consumers by offering affordable financing options.
The project is designed to support the growth of Nigeria’s local industries by providing consumer credit specifically for purchasing goods and services from local vendors and manufacturers. The credit scheme is expected to boost the consumption of Nigerian-made products, stimulate economic growth, and create more job opportunities across various sectors.
This initiative is part of President Bola Tinubu’s vision to accelerate consumer credit access for Nigerians, aiming to improve quality of life, reduce corruption, and stimulate industrial growth. The Securing Consumer Access for Local Enterprises (SCALE) program connects Nigerian consumers with reliable local manufacturers and vendors across key sectors, while providing affordable credit to ensure consumers can access these products.
By offering access to affordable credit for the purchase of local products, the program promotes Made-in-Nigeria goods, fosters economic self-sufficiency, and reduces reliance on imports. It aims to empower both consumers and producers, driving access to locally made products and encouraging incremental value addition across five high-impact thematic areas.
Speaking on the program, MD/CEO of CREDICORP, Uzoma Nwagba, highlighted the journey from President Tinubu’s initial ideas to the involvement of several Participating Financial Institutions and over 30,000 civil servants receiving consumer credit. The CEO emphasized CREDICORP’s product-led approach to credit, focusing on tailored consumer credit for specific impact themes and driving the consumption of locally produced goods and services.
The unveiling of the credit scheme is set to be a game-changer for Nigeria’s economy, reflecting the government’s commitment to supporting domestic industries and driving sustainable growth. The SCALE initiative is designed to benefit both consumers and local vendors and manufacturers by providing affordable credit for locally made products. This effort is expected to empower consumers, stimulate demand for Nigerian-made goods, and foster economic self-sufficiency while reducing reliance on imports.
