FG unveils credit scheme to buy local products

The Nigerian Consumer Credit Corporation has kicked off its project tagged Securing Consumer Access for Local Enterprises, an initiative to accelerate the growth of Nigeria’s local industries by providing consumer credit to Nigerians specifically for the purchase of goods and services of local vendors and manufacturers.

A Wednesday statement noted that this was part of President Bola Tinubu’s vision for the acceleration of consumer credit access for Nigerians to improve quality of life, stem corruption, and catalyse industry.

It notes that SCALE connects Nigerian consumers with credible local manufacturers and vendors across critical sectors while ensuring consumers afford these products via affordable consumer credit.

CREDICORP seeks to drive an initial one million credit-backed consumers to local vendors and manufacturers, the statement adds, as it invites local vendors and manufacturers to participate in the programme.

The programme is expected to empower both consumers and producers to thrive, by driving access to locally-made products, and incremental value addition, across five high-impact thematic areas.

Speaking on the programme, MD/CEO of CREDICORP, Uzoma Nwagba, said “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.

“SCALE is a win for both the consumers and the local vendors and manufacturers. As the acronym says, it is Supporting Consumer Access for Local Enterprises.”