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From Okey Sampson, Umuahia
The Abia State Governor, Dr Alex Otti, has restated his administration’s resolve to provide an enabling environment for businesses to thrive in the state.
Otti stated this during the launch of the Nigerian Consumer Credit Corporation’s (CREDICORP) pilot credit programme, SPARK, a USSD-based credit product, in Aba, the commercial hub of the state.
Otti, while welcoming the initiative, highlighted the steps taken by the state government to create an environment in which responsible consumer credit and enterprise can thrive.
Represented by one of his aides, Mr Chinenye Mba-Uzoukwu, the governor said his administration was intentionally putting the infrastructure in place for businesses to grow, investments to flourish and responsible credit to reach more people.
“By strengthening the enabling environment for enterprise, we are making it easier for initiatives such as CREDICORP to support traders, young people and hard-working families across the state,” he said.
The Managing Director/Chief Executive Officer of CREDICORP, Uzoma Nwagba, disclosed that the corporation was established under President Bola Tinubu’s administration to advance the Federal Government’s objective of expanding consumer credit access to at least 50 per cent of working Nigerians by 2030.
Nwagba emphasised that the corporation’s mission was to take consumer credit beyond financial institutions and into the hands of everyday Nigerians.
“Consumer credit should not be a privilege reserved for a few. It should be an opportunity available to every working Nigerian.
“Now in Aba, Abia State, we are demonstrating what that means in practical terms: credit for market women, a financial head start for young people, productive assets for transport operators, and with SPARK, a simple way for Nigerians to begin building their credit histories. This is how we make credit work for the people.”
He said the programme connected consumers with Nigerian manufacturers and vendors through affordable credit, thereby supporting local production, enterprise development and job creation.
He disclosed that since commencing operations, CREDICORP had given out over ₦53.5bn in consumer credit to more than 351,000 Nigerians, with women representing approximately 59 per cent of beneficiaries.
The Managing Director of MOFI and board member of CREDICORP, Dr Armstrong Ume, described the exercise as an example of translating Federal Government policy into practical economic opportunities for Nigerians.
“The Federal Government’s consumer credit initiative reflects President Bola Ahmed Tinubu’s commitment to building an economy where more Nigerians can access the tools and opportunities needed to improve their lives.
“Through CREDICORP, we are seeing how well-structured public investment can stimulate enterprise, support local manufacturers and deliver measurable economic impact directly to citizens.”
The organisers said that, by establishing repayment records through responsible borrowing, beneficiaries could progressively improve their credit profiles and create pathways to greater financial opportunities.
The highlight of the event was the handing over of locally assembled tricycles to some beneficiaries on credit through CREDICORP’s Securing Consumer Access for Local Enterprises (SCALE) initiative.
