The Nigerian Consumer Credit Corporation (CREDICORP) has unveiled an ambitious initiative, Project S.C.A.L.E. (Securing Consumer Access for Local Enterprises), aimed at driving the growth of local industries by providing consumer credit tailored to goods and services from Nigerian vendors and manufacturers. This initiative aligns with President Bola Ahmed Tinubu’s vision to enhance consumer credit access, improve living standards, reduce corruption, and stimulate industrial growth in the country.
Project S.C.A.L.E. seeks to connect Nigerian consumers with credible local enterprises, fostering demand for locally-made products and services. Through affordable consumer credit, CREDICORP plans to empower one million consumers to support local businesses, ultimately creating jobs and accelerating industrial growth.
Speaking on the significance of the initiative, CREDICORP’s Managing Director and CEO, Engr. Uzoma Nwagba, emphasized the program’s dual benefits: “S.C.A.L.E. is a win for both consumers and local manufacturers. We are creating a credit system that not only uplifts individuals but also incentivizes the consumption of locally-produced goods and services across key sectors.”
The S.C.A.L.E. programme focuses on five high-impact thematic areas:
– HOME IMPROVEMENT: Facilitating consumer credit for locally-manufactured furniture, appliances, and building materials to enhance living standards.
– MOBILITY: Promoting affordable access to compressed natural gas (CNG) and electric vehicles, including cars, motorbikes, and bicycles, to stimulate the automotive sector.
– ELECTRONICS: Ensuring access to digital devices like smartphones and laptops, fostering digital inclusion and participation in the economy.
– ENERGY SOLUTIONS: Supporting affordable and sustainable energy solutions such as solar panels and efficient generators for households and small businesses.
– GENERAL MERCHANDISE: Enhancing access to healthcare products, quality apparel, and nutrition, driving growth in these critical sectors.
Vendors and manufacturers are invited to participate in this transformative program by submitting an Expression of Interest (EOI) via the official S.C.A.L.E. website, www.credicorp.ng/scale. The deadline for Phase 1 EOI submissions is December 15, 2024.
Engr. Nwagba highlighted CREDICORP’s progress, noting, “From supporting civil servants with life-enhancing goods and services to our expansion into the public domain, we are driving towards a product-led approach to credit tailored for impactful themes.”
CREDICORP, as a Federal Government development finance institution, is committed to accelerating access to consumer credit for 50% of working Nigerians by 2030, addressing structural barriers, and catalyzing cultural reorientation around credit.
For more information about Project S.C.A.L.E., visit www.credicorp.ng or contact info@credicorp.ng. Together, CREDICORP aims to scale local enterprises, enhance affordability, and secure a brighter future for Nigeria.