CREDICORP: FG to Give 1 Million Nigerians Loans to Buy Cars, Phones, Food, Others
- The FG, through CREDICORP, has introduced the SCALE programme to empower Nigerians with loans
- The SCALE initiative will connect credit-supported consumers directly with local vendors and manufacturers in key sectors
- Through the program, over one million Nigerians will be provided credit for affordable items like food, phones, CNG and electric cars
Legit.ng journalist Victor Enengedi has over a decade's experience covering Energy, MSMEs, Technology and the stock market.
The Nigerian Consumer Credit Corporation (CREDICORP) has introduced a new program called Securing Consumer Access for Local Enterprises (SCALE), designed to empower one million Nigerians with credit to purchase locally made goods and services.
The initiative is part of the corporation’s broader strategy to boost domestic industries, generate employment opportunities, and enhance economic growth.
Source: UGC
It would be recalled that Legit.ng earlier reported that CREDICORP, the ministry of finance and the Presidential Initiative on Compressed Natural Gas Ltd had launched the Credit Access for Light and Mobility Fund.
Project SCALE to grow local industries
According to CREDICORP, SCALE will connect credit-supported consumers directly with local vendors and manufacturers in key sectors, fostering increased demand for locally produced items.
The program focuses on areas such as home improvement, offering access to locally made furniture, building materials, and appliances to help improve household living conditions.
The project will focus on the following sectors:
Mobility (CNG and Electric Vehicles): Supporting the adoption of cleaner, cost-effective transportation by offering credit for compressed natural gas (CNG) and electric vehicles, including cars, buses, motorcycles, and bicycles.
Electronics (Digital Devices): Making digital devices like smartphones, tablets, and laptops more affordable, encouraging digital inclusion and greater engagement in the digital economy.
Energy Solutions (Solar Panels, Generators): Providing access to affordable and sustainable energy solutions, such as solar panels and generators, to address energy needs for households and small businesses.
General Merchandise (Apparel, Healthcare, Food): Facilitating access to essential products, including healthcare items, quality clothing, and nutritious food, while promoting growth in these vital sectors.
CREDICORP stated:
“SCALE is a bold step toward supporting Nigerian enterprises by accelerating demand, which in turn grows local industries and creates jobs. This programme connects credit-backed consumers with credible local manufacturers and vendors across critical sectors.”
By integrating consumer credit with locally produced goods, the initiative aims to boost production, foster innovation, and enhance the competitiveness of Nigerian businesses.
The corporation urged credible/sizeable vendors or manufacturers in these sectors to fill out our EOI today at http://credicorp.ng/scale.
In September 2024, Legit.ng reported that CREDICORP announced plans to provide 500,000 civil servants access to a N100 billion consumer credit program.
Vendors, manufacturers urged to join SCALE
CREDICORP has urged local vendors and manufacturers to enrol in the first phase of the program by December 15, 2024.
Early registration ensures their participation and positions them to benefit from the surge in consumer demand driven by credit-supported purchases.
Highlighting the initiative's transformative potential, the corporation emphasized its dual goal of empowering Nigerians and spurring growth within the nation’s industrial sectors.
Through the S.C.A.L.E. program, CREDICORP intends to strengthen the connection between consumers and local businesses, creating a pathway for long-term economic progress.
Speaking on the initiative, Tony Ibikeme, a social media commentator, told Legit.ng that the federal government's move is commendable.
He said:
"The federal government's initiative to provide loans for basic items is commendable but requires careful implementation to avoid misuse. Transparency in disbursement, affordable interest rates, and a focus on long-term economic empowerment are key. Complementing this with job creation and skill-building programs will ensure sustainable impact for Nigerians in need."
Tinubu appoints CREDICORP CEO
In related news, Legit.ng reported that President Bola Tinubu approved the appointment of Engineer Uzoma Nwagba as the Managing Director/Chief Executive Officer of CREDICORP.
Engineer Nwagba, 36, holds a Master’s of Business Administration from the Harvard Business School and a first-class Bachelor’s of Engineering from Howard University, Washington DC.
Prior to his appointment, Engineer Nwagba served as the Bank of Industry's chief operating officer, responsible for driving micro-credit and other financial interventions at the institution.
Source: Legit.ng
