The Nigerian Consumer Credit Corporation (CREDICORP) has unveiled its flagship project, Securing Consumer Access for Local Enterprises (SCALE), designed to fast-track the growth of Nigeria’s local industries. This initiative aims to enhance consumer credit access for Nigerians, enabling them to purchase goods and services exclusively from local vendors and manufacturers.

Alignment with Presidential Vision

The SCALE initiative aligns with President Bola Tinubu’s vision of expanding consumer credit access to:

• Improve citizens’ quality of life,
• Reduce corruption, and
• Catalyze industrial growth.

Core Objectives and Approach

SCALE bridges the gap between Nigerian consumers and credible local manufacturers across critical sectors. It offers affordable consumer credit options, ensuring more Nigerians can access life-enhancing goods and services.

Key highlights include:

• A target of one million credit-backed consumers purchasing from local vendors and manufacturers.
• Collaboration with Participating Financial Institutions to facilitate credit issuance.
• Focus on five high-impact thematic areas, prioritizing incremental value addition to locally-made products.

Call for Local Vendor Participation

CREDICORP has invited local vendors and manufacturers to join the program by submitting an Expression of Interest via the official SCALE website.

Impact and Growth

Speaking on the program, Uzoma Nwagba, MD/CEO of CREDICORP, highlighted the project’s transformative potential:

“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.”

Nwagba noted that the program has already benefited 30,000 civil servants, providing them with consumer credit for life-enhancing products, with plans to expand the initiative to the broader public.

A Product-Led Credit Revolution

By tailoring consumer credit towards high-impact products and incentivizing the consumption of locally-produced goods, SCALE seeks to empower both producers and consumers, fostering economic growth and self-reliance in Nigeria.

Interested parties are encouraged to visit the SCALE website to learn more or participate in this transformative initiative.