Nigeria launches scale initiative to boost local industry through consumer credit

The Nigerian Consumer Credit Corporation has launched the SCALE initiative to facilitate consumer access to credit for purchasing locally-made goods, aimed at boosting the growth of Nigeria’s local industries and supporting local vendors and manufacturers.

The Nigerian Consumer Credit Corporation (CREDICORP) has unveiled a new initiative, the Securing Consumer Access for Local Enterprises (SCALE) project, aimed at stimulating the growth of local industries in Nigeria.

This initiative will offer consumer credit to Nigerians for purchasing goods and services from local vendors and manufacturers, aligning with President Bola Tinubu’s vision to enhance consumer access to credit and strengthen Nigeria’s domestic economy.

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SCALE is designed to connect Nigerian consumers with reputable local manufacturers and vendors, making it easier for them to afford high-quality locally-produced goods through accessible and affordable credit options.

The initiative is part of a broader effort to improve the quality of life, reduce corruption, and foster industrial growth in Nigeria.

CREDICORP, under the SCALE initiative, seeks to onboard at least one million credit-backed consumers to support local vendors and manufacturers, helping to drive the consumption of locally-made products.

The initiative invites local vendors and manufacturers to participate by submitting an Expression of Interest through the official SCALE website.

Uzoma Nwagba, the Managing Director/CEO of CREDICORP, emphasized the program’s potential to empower both consumers and producers.

“SCALE is a win for both the consumers and the local vendors and manufacturers. As the acronym says, it is Supporting Consumer Access for Local Enterprises,” he stated.

The initiative is expected to create incremental value in five high-impact areas, benefiting both local businesses and consumers.

By providing access to consumer credit, SCALE aims to help Nigeria’s local industries thrive, while also boosting economic activity within the country.

This marks a significant step in Nigeria’s efforts to bolster its local economy, encourage the purchase of locally-produced goods, and provide consumers with the financial means to access these products.