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By Faheem Lawal
The Nigerian Consumer Credit Corporation (CREDICORP), a key development finance institution under the federal government, has launched Project S.C.A.L.E. (Securing Consumer Access for Local Enterprises), an initiative designed to boost Nigeria’s local industries by facilitating consumer credit specifically for the purchase of goods and services from local vendors and manufacturers.
Project S.C.A.L.E. aims to drive significant growth in Nigeria’s local industries by enhancing demand for locally-produced goods, which in turn will create job opportunities and support economic development. By linking Nigerian consumers with trustworthy local manufacturers and vendors, the initiative ensures that consumers can access these goods via affordable consumer credit, thus empowering both consumers and producers. With an initial target of one million credit-backed consumers, CREDICORP is also calling on local vendors and manufacturers to participate in this transformative program. Interested parties are invited to submit their Expression of Interest (EOI) via the official S.C.A.L.E. website at www.credicorp.ng/scale.
The S.C.A.L.E. Programne focuses on five high-impact sectors, which will stimulate industrial growth and improve access to essential products for Nigerians: home improvement, which entails furniture, appliances and building materials.
Another is mobility (CNG and electric vehicles) to support accessible transportation.
Another is electronics and digital offerings. This is followed by energy solutions (generators and solar panels) and general merchandise. (Healthcare, apparel, textiles, food & beverage).
By addressing these diverse areas, CREDICORP aims to create a wide-reaching impact, providing opportunities for local industries to expand while simultaneously improving the living standards of millions of Nigerians.
Speaking on the S.C.A.L.E. programme, CREDICORP’s MD/CEO, Uzoma Nwagba, remarked: “The public has witnessed CREDICORP’s evolution, from an idea championed by Mr. President to a reality involving several financial institutions and 30,000 civil servants now receiving consumer credit for essential goods and services. Our approach is product-led, where we enable tailored consumer credit for specific areas of impact, while incentivizing the consumption of locally-produced goods and services.”
