CrediCorp launches initiative to enhance local industries and productions
Chief Executive Officer, CREDICORP, Uzoma Nwagba
CrediCorp launches initiative to enhance local industries and productions.
The Nigerian Consumer Credit Corporation has unveiled an initiative to accelerate the growth of Nigeria’s local industries by providing consumer credit to Nigerians to purchase goods and services from local vendors and manufacturers.
The initiative, tagged ‘SCALE’ — Securing Consumer Access for Local Enterprises, will support Nigerian enterprises by accelerating demand, which in turn grows local industries and creates jobs.
“This programme connects Nigerian consumers with credible local manufacturers and vendors across critical sectors while ensuring consumers afford these products via affordable consumer credit.
“This is part of President Bola Ahmed Tinubu’s vision for the acceleration of consumer credit access for Nigerians: to improve quality of life, stem corruption and catalyse industry.
“This programme connects Nigerian consumers with credible local manufacturers and vendors across critical sectors while ensuring consumers afford these products via affordable consumer credit,” the statement partly read.
The corporation noted that in its initial phase, it “seeks to drive an initial one million credit-backed consumers to local vendors and manufacturers.”
“The ‘SCALE’ programme will empower both consumers and producers to thrive, by driving access to locally-made products, and incremental value addition, across five high-impact thematic areas,” read the statement.
The five key impact areas include:
• Providing consumer credit incentives for locally manufactured furniture, building materials and appliances.
• Promoting accessible transportation by facilitating access to Compressed Natural Gas and electric vehicles — cars, motorbikes, tricycles and bicycles.
• Providing consumers with affordable access to essential digital devices, including smartphones, tablets, and laptops, fosters digital inclusion and participation in the digital economy.
• Empowering homes and small businesses with affordable, sustainable energy solutions, such as solar panels and efficient generators, addressing Nigeria’s energy challenges.
• Enhancing access to essential healthcare products, quality apparel, and nutrition, while advancing growth in those sectors.
The corporation urged interested parties — local vendors and manufacturers, to submit an Expression of Interest by visiting the official ‘SCALE’ website at www.credicorp.ng/scale, adding that the deadline for submission for the first phase is December 15, 2024.
In his remark, the Managing Director/Chief Executive Officer of CrediCorp, Uzoma Nwagba, stated that about 30,000 civil servants have benefitted from the consumer credit scheme.
“The public has followed CrediCorp’s journey from what was a series of ideas of Mr President, to now several participating financial institutions, to about 30,000 civil servants receiving consumer credit for life-enhancing goods and services, and our ongoing expansion to the public.
“We are driving towards a product-led approach to credit – where we enable and tailor consumer credit for specific themes of impact on our beneficiaries, while also heavily incentivising and driving consumption of locally-produced goods and services along those themes,” Nwagba said.
The CrediCorp is a development finance institution of the Federal Government, with a mandate to accelerate access to consumer credit to 50% of all working Nigerians by 2030.
