ByHenry Ojelu

Fifty transport operators in Ogun State have secured credit-financed tricycles under a consumer credit initiative facilitated by the Nigerian Consumer Credit Corporation, CREDICORP, the Ijebu Development Initiative on Poverty Reduction, IDIPR, and Imowo Microfinance Bank.

The beneficiaries received the assembled-in-Nigeria three-wheelers during a handover ceremony held at the Awujale Palace in Ijebu-Ode, in a move aimed at promoting asset ownership, expanding access to finance and reducing poverty.

The programme, implemented in partnership with Simba TVS, forms part of CREDICORP’s nationwide mobility scheme under its S.C.A.L.E. (Securing Consumer Access for Local Enterprises) initiative, designed to stimulate local manufacturing, create jobs and strengthen consumer purchasing power.

Chairman of the CREDICORP Board, Otunba Aderemi Abdul-Bojela, described consumer credit as a key driver of industrialisation and economic inclusion.

According to him, the initiative aligns with President Bola Tinubu’s vision of making credit accessible to ordinary Nigerians as a means of boosting economic growth and supporting local industries.

He noted that weak consumer purchasing power remains a major challenge for manufacturers, stressing that structured consumer credit helps connect consumers with locally produced goods and services.

“Manufacturing succeeds when producers can sell what they make at the right speed. The answer is structured consumer credit designed to enable Nigerians to purchase Nigerian-made goods and services,” he said.

CREDICORP’s Executive Director of Operations, Mrs. Olanike Kolawole, said the scheme was part of efforts to help hardworking Nigerians acquire productive assets and improve their livelihoods.

She noted that the mobility programme complements other interventions of the corporation, including initiatives targeted at expanding economic opportunities through asset ownership.

Also speaking, Chairman of Imowo Microfinance Bank, Otunba (Mrs.) Abolaji Osibogun, said the programme would transform beneficiaries from transport operators into asset owners, thereby improving their earning capacity and financial independence.

She described the tricycles as tools for empowerment capable of generating sustainable income and creating wealth.

“This is not charity; it is structured financing that enables hardworking people to build better lives for themselves,” she said.

Osibogun disclosed that the bank provided the credit structure for the programme, carried out due diligence and ensured regulatory compliance throughout the process.

On his part, Chairman of IDIPR, Mr. Lekan Bello, said the partnership would expand economic opportunities and support poverty reduction efforts across Ijebuland.

He disclosed that the organisation has impacted more than 133,000 beneficiaries through various empowerment and financial inclusion programmes, while maintaining a strong loan recovery record.

Bello described the collaboration with CREDICORP as a significant intervention that would deepen access to microcredit and improve livelihoods.

Managing Director and Chief Executive Officer of CREDICORP, Mr. Uzoma Nwagba, reaffirmed the corporation’s commitment to making consumer credit accessible to Nigerians.

According to him, CREDICORP has enabled over 227,000 Nigerians to access credit for vehicles, digital devices, solar energy systems, work tools and other essential needs through 35 partner financial institutions nationwide.

Stakeholders at the event said the initiative would strengthen financial inclusion, support local enterprise development and create more economic opportunities for transport operators and small business owners across Ogun State.