Tinubu Takes Action to Enable Nigerians to Purchase Cars, Phones, and Food on Credit
The Federal Government of Nigeria, through the Nigerian Consumer Credit Corporation (CREDICORP), has unveiled an ambitious initiative called the Securing Consumer Access for Local Enterprises (SCALE) program. The project aims to empower over one million Nigerians by granting them access to credit facilities to purchase essential goods and services, including locally made items like food, gadgets, and electric vehicles.
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The SCALE program is a strategic move designed to boost local industries, create jobs, and enhance economic growth. It provides a platform that connects credit- backed consumers directly with local vendors and manufacturers, fostering demand for Nigerian- made products and driving the nation’ s industrial development. CREDICORP has urged vendors and manufacturers across critical sectors to register for the program by December 15, 2024, to participate in the first phase.
The SCALE initiative prioritizes several sectors essential to daily life and the economy. These include:
1. Mobility: Credit will be available for compressed natural gas (CNG) and electric vehicles, such as cars, buses, motorcycles, and bicycles, promoting sustainable and cost- effective transportation.
2. Electronics: The program seeks to enhance digital inclusion by making gadgets like smartphones, tablets, and laptops more affordable.
5. Home Improvement: The program also covers locally made furniture, building materials, and appliances, helping to improve living conditions.
CREDICORP stated that SCALE is a significant step toward revitalizing local industries by driving consumer demand, which in turn stimulates production, encourages innovation, and creates jobs. The initiative aligns with the government’ s broader efforts to foster economic self- reliance and competitiveness.
Additionally, President Bola Tinubu recently appointed Engineer Uzoma Nwagba as the Managing Director/Chief Executive Officer of CREDICORP. A Harvard MBA graduate with extensive experience, Engineer Nwagba has pledged to drive the corporation’ s mission of empowering Nigerians through accessible credit.
Local businesses and vendors are encouraged to complete their Expression of Interest (EOI) on the official website to benefit from the program. This initiative represents a dual opportunity to improve the lives of consumers while strengthening the nation’ s economy.
