Ooni lauds Tinubu for credit scheme, as 100 residents benefit

The Ooni of Ife, Adeyeye Ogunwusi, Ojaja II, has commended President Bola Ahmed Tinubu for introducing initiatives aimed at improving access to affordable credit and empowering Nigerians at the grassroots.

This was contained in a statement issued by the Senior Media Officer to the Ooni’s Palace, Sodiq Lawal, on behalf of the Director of Media and Public Affairs, Otunba Moses Olafare.

The statement was released at the Ile Oodua Palace during the unveiling of the Nigerian Consumer Credit Corporation’s (CreditCorp) National Mobility Programme, where 100 residents of Ile-Ife benefited from the vehicle financing scheme.

Speaking at the event, the Ooni described the programme as one of the most significant initiatives targeted at strengthening Nigeria’s microeconomy, particularly by providing access to credit for ordinary citizens, youth, and small business operators.

He commended President Tinubu for ensuring that the benefits of economic reforms extend beyond the macroeconomic level to everyday citizens.

The Ooni said, “I want to thank Mr. President for bringing such an initiative to reach the microeconomy the real people who need it. Obviously, they are the ones who have been left behind.”

He noted that beneficiaries of the mobility programme will be able to use the vehicles to improve their livelihoods, particularly through commercial transportation, while gradually working toward full ownership.

According to him, the country’s capital market and foreign reserves have witnessed unprecedented growth, while the foreign exchange market has stabilized, allowing businesses and individuals to make better economic projections.

“Things that have never been recorded in our history, we have recorded them. Our capital market has exceeded ₦150 trillion. Nigeria is now the most capitalized market in the world, and we have over $53 billion in foreign reserves,” he said.

Speaking earlier, the Managing Director of CreditCorp, Uzoma Nwagba, said the event formed part of the corporation’s National Mobility Programme, which targets the delivery of at least 10,000 locally assembled vehicles to Nigerians through consumer credit.

Nwagba explained that the programme was designed to enable Nigerians to acquire vehicles without having to save for several years before accessing essential means of mobility.

He added that the initiative was based on President Tinubu’s conviction that responsible consumer credit can improve the quality of life for Nigerians by allowing them to access essential goods and services.

Also speaking, the Executive Director of CreditCorp, Olanike Kolawole, disclosed that the corporation has disbursed more than ₦47 billion in credit to over 300,000 Nigerians since its establishment about two years ago.

She noted that the corporation was created as a presidential initiative to make responsible consumer credit accessible to Nigerians, with a target of ensuring that 50 percent of working citizens have access to credit within the next five years.

The initiative enables beneficiaries to acquire locally assembled vehicles through affordable consumer credit and repay the loan over an agreed period.