The Nigerian Consumer Credit Corporation (CREDICORP) has unveiled another initiative, Securing Consumer Access for Local Enterprises (SCALE), aimed at empowering one million Nigerian consumers to access credit for purchasing locally manufactured goods and services.
The initiative, announced yesterday, is part of the Corporation’s efforts to strengthen domestic industries, create jobs, and stimulate economic growth.
CREDICORP revealed that SCALE would link credit-backed consumers directly to local vendors and manufacturers across key sectors, driving demand for homegrown products. The initiative prioritizes areas such as: Home Improvement (Furniture, Appliances, Building Materials): Facilitating consumer access to locally manufactured furniture, building materials, and appliances to help households improve their living standards.
Mobility (CNG and Electric Vehicles): Promoting cleaner and cheaper transportation through credit for compressed natural gas (CNG) and electric vehicles, including cars, buses, motorbikes, and bicycles.
Electronics (Digital Devices): Enabling affordable access to smartphones, tablets, and laptops, fostering digital inclusion and participation in the digital economy.
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Energy Solutions (Solar Panels, Generators): Addressing energy challenges with affordable, sustainable energy solutions for homes and small businesses.
General Merchandise (Apparel, Healthcare, Food): Enhancing access to healthcare products, quality apparel, and nutritious food while supporting growth in these critical sectors.
“SCALE is a bold step toward supporting Nigerian enterprises by accelerating demand, which in turn grows local industries and creates jobs,” CREDICORP stated. “This programme connects credit-backed consumers with credible local manufacturers and vendors across critical sectors.”
By linking consumer credit to locally manufactured products, the initiative is expected to stimulate production, encourage innovation, and improve the competitiveness of Nigerian enterprises.
CREDICORP has called on local vendors and manufacturers to register for phase one of the initiative before December 15, 2024. This registration will ensure their inclusion in the programme and allow them to benefit from the increased consumer demand generated by credit-backed purchases.
The Corporation noted the transformative potential of the initiative, stating that it aims to empower Nigerians while simultaneously driving growth across the nation’s industrial landscape.
Through the S.C.A.L.E. programme, CREDICORP seeks to bridge the gap between consumers and local enterprises, laying a foundation for sustained economic development.