Ijebu-ode: The Nigerian Consumer Credit Corporation (CREDICORP), in collaboration with the Ijebu Development Initiative on Poverty Reduction (IDIPR) and Imowo Microfinance Bank, has distributed 50 Nigerian-assembled tricycles to transport operators in Ijebu-Ode, Ogun. The handover ceremony, which took place at the Awujale Palace, aims to expand consumer credit, reduce poverty, promote financial inclusion, and stimulate local economic growth through productive asset ownership.
According to News Agency of Nigeria, ChiAderemi Abdul-Bojela, the Board Chairman of CREDICORP, emphasized that consumer credit is a key driver of industrialization, economic inclusion, and sustainable national development. The initiative aligns with President Bola Tinubu’s vision of making consumer credit accessible to ordinary Nigerians to stimulate economic growth and strengthen local industries. Abdul-Bojela stated that structured consumer credit would boost purchasing power, expand demand for Nigerian-made products, and support manufacturers through improved inventory turnover and job creation.
Earlier, Olanike Kolawole, CREDICORP’s Executive Director of Operations, explained that the programme is part of the corporation’s nationwide mobility initiative under its S.C.A.L.E. programme. This initiative enables hardworking Nigerians to acquire productive assets through responsible financing while complementing interventions such as the Women in Mobility Programme.
Mrs. Abolaji Osibogun, Chairman of Imowo Microfinance Bank, noted that the beneficiaries are transitioning from transport operators to asset owners through structured financing. The bank provided the credit structure, conducted due diligence, and ensured regulatory compliance, reaffirming its commitment to financing farmers, traders, and small businesses.
Lekan Bello, Chairman of IDIPR, mentioned that the organization has impacted over 133,000 beneficiaries through poverty reduction, enterprise development, healthcare, and financial inclusion programmes. IDIPR has facilitated over 189 community societies, created more than 1,300 jobs, and maintained a 99.4 percent loan recovery rate on its microfinance interventions. Bello added that the partnership with CREDICORP would expand access to credit and create more economic opportunities for transport operators and entrepreneurs across Ijebuland.
In his remarks, Uzoma Nwagba, Managing Director of CREDICORP, reaffirmed the corporation’s commitment to expanding consumer credit as a tool for productivity, wealth creation, and improved living standards. Nwagba disclosed that CREDICORP has enabled 227,728 Nigerians to access consumer credit through 35 financial institutions, maintaining zero non-performing loans while supporting 15 local industries.