FG Set To Give 1 Million Nigerians Loans For Cars, Phones, Food, Others Purchase

The Nigerian Consumer Credit Corporation (CREDICORP) has introduced a new program called Securing Consumer Access for Local Enterprises (SCALE), designed to empower one million Nigerians with credit to purchase locally made goods and services.

The initiative is part of the corporation’s broader strategy to boost domestic industries, generate employment opportunities, and enhance economic growth.

CREDICORP urged local vendors and manufacturers to enrol in the first phase of the program by December 15, 2024.

According to CREDICORP, SCALE will connect credit-supported consumers directly with local vendors and manufacturers in key sectors, fostering increased demand for locally produced items.

The program focuses on areas such as home improvement, offering access to locally made furniture, building materials, and appliances to help improve household living conditions.

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The project will focus on the following sectors: Mobility (CNG and Electric Vehicles): Supporting the adoption of cleaner, cost-effective transportation by offering credit for compressed natural gas (CNG) and electric vehicles, including cars, buses, motorcycles, and bicycles.

Facilitating access to essential products, including healthcare items, quality clothing, and nutritious food, while promoting growth in these vital sectors.

CREDICORP stated: “SCALE is a bold step toward supporting Nigerian enterprises by accelerating demand, which in turn grows local industries and creates jobs.

“This programme connects credit-backed consumers with credible local manufacturers and vendors across critical sectors.”

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By integrating consumer credit with locally produced goods, the initiative aims to boost production, foster innovation, and enhance the competitiveness of Nigerian businesses.

The corporation urged credible/sizeable vendors or manufacturers in these sectors to fill out our EOI today at http://credicorp.ng/scale.