Consumer Credit Takes Centre Stage as CREDICORP, IDIPR and Imowo MFB Boost Local Enterprise
... 50 Made-in-Nigeria Three-Wheelers Delivered to Ijebu Transport Operators in Major Economic Empowerment Drive
IJEBU-ODE — Consumer credit emerged as a powerful tool for economic transformation in Ijebuland on Friday as the Nigerian Consumer Credit Corporation (CREDICORP), the Ijebu Development Initiative on Poverty Reduction (IDIPR) and Imowo Microfinance Bank handed over 50 assembled-in-Nigeria three-wheel mobility assets to transport operators in Ijebu-Ode.
The initiative, which brought together government agencies, financial institutions, traditional leaders, development practitioners and business stakeholders at the Awujale Palace, was widely applauded as a practical demonstration of how structured credit can stimulate local enterprise, reduce poverty and create sustainable wealth.
Beyond the distribution of mobility assets, stakeholders described the programme as a strategic intervention designed to unlock economic opportunities for hardworking Nigerians while supporting local manufacturing and industrial growth.
Implemented in partnership with Simba TVS, the scheme forms part of CREDICORP's nationwide mobility programme under its flagship S.C.A.L.E. initiative—Securing Consumer Access for Local Enterprises—which seeks to connect consumer purchasing power with local manufacturing, industrial growth and job creation.
Speaking during the ceremony, Chairman of the CREDICORP Board, Otunba Aderemi Abdul-Bojela, emphasized that consumer credit remains one of the most effective instruments for industrial development and inclusive economic growth.
According to him, President Bola Ahmed Tinubu has consistently advocated broader access to consumer credit as a pathway to economic empowerment and national prosperity.
Abdul-Bojela explained that many manufacturers struggle not because of inadequate production capacity but because consumers often lack the purchasing power required to acquire available products.
He noted that structured consumer credit provides a practical solution by enabling Nigerians to purchase locally manufactured goods while creating a stronger market for domestic industries.
"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 stated.
He explained that by connecting consumers directly to local producers, the programme stimulates production, increases demand, creates jobs and strengthens Nigeria's industrial base.
Also speaking, CREDICORP Executive Director of Operations, Olanike Kolawole, described the initiative as another milestone in the corporation's mission to empower Nigerians through productive asset ownership.
She noted that the mobility programme allows beneficiaries to acquire income-generating assets immediately while spreading repayment over manageable periods.
"Ijebu-Ode is the latest chapter in a story we are writing across Nigeria. Our mission remains helping hardworking Nigerians access the assets they need today while paying responsibly over time," she said.
Kolawole added that the initiative complements other programmes such as the Women in Mobility Scheme, which is expanding opportunities for women through access to productive assets.
For many of the beneficiaries, the programme represents a transition from daily survival to long-term economic stability.
Chairman of Imowo Microfinance Bank, Otunba (Mrs.) Abolaji Osibogun, described the beneficiaries as pioneers in a new model of financial inclusion that prioritizes dignity, responsibility and asset ownership.
According to her, the three-wheelers are not merely transportation vehicles but instruments of empowerment capable of increasing income, expanding economic opportunities and improving family livelihoods.
"This is what responsible financial inclusion looks like. It is not charity; it is structured, dignified financing that enables hardworking people to build better lives for themselves," she said.
Osibogun disclosed that Imowo Microfinance Bank designed and managed the credit framework, conducted due diligence and ensured regulatory compliance throughout the implementation process.
She noted that the bank's collaboration with CREDICORP reflects a shared commitment to improving access to finance for transport operators, artisans, traders, farmers and small-scale entrepreneurs.
Congratulating the beneficiaries, she urged them to remain disciplined and committed to meeting their obligations.
"You were selected because you demonstrated commitment and creditworthiness. You are no longer just operators; you are becoming owners," she said.
Chairman of IDIPR, Lekan Bello, described the initiative as a natural extension of the organization's long-standing commitment to poverty reduction and economic empowerment in Ijebuland.
Tracing the evolution of IDIPR, Bello recalled that the organization emerged from the historic Ijebu Day Consultative Conference on Poverty Reduction convened in 1999 under the leadership of the late Awujale of Ijebuland.
Since then, he said, the organization has grown into a widely recognized model for community-driven development, impacting over 133,000 beneficiaries across various sectors.
According to Bello, IDIPR has facilitated the establishment of more than 189 community societies and generated over 1,300 direct jobs through programmes focused on youth development, enterprise support, healthcare and financial inclusion.
He further revealed that the organization's microfinance interventions have disbursed billions of naira in loans—primarily to women entrepreneurs—while maintaining an impressive loan recovery rate of 99.4 percent.
Highlighting one of the organization's flagship achievements, Bello pointed to the Ijebu Village Innovation Cluster, reputed to be the largest community-based fish farming project in Sub-Saharan Africa, producing approximately 2,000 metric tonnes of catfish annually.
"What CREDICORP is doing today is helping significantly in reducing poverty in Ijebuland. Our appetite for microcredit is far larger than what we currently have, and this partnership will help expand economic opportunities for our people," Bello said.
Managing Director and Chief Executive Officer of CREDICORP, Uzoma Nwagba, reaffirmed the corporation's commitment to expanding access to consumer credit across Nigeria.
He disclosed that the agency has already enabled 227,728 Nigerians to access financing for vehicles, digital devices, solar energy systems, work tools, home improvement projects and other productive assets.
According to him, CREDICORP currently works through 35 financial institutions nationwide, maintains zero non-performing loans and supports growth across 15 local industries.
Stakeholders at the event agreed that the initiative demonstrates the practical value of consumer credit as a tool for economic development, particularly when linked to productive assets and local manufacturing.
The event was attended by Chief Olorogun Sonny Kuku, Ogbeni Oja Akile Ijebu and Chairman of the occasion, represented by the Apebi of Ijebu-Ode, Chief Kunle Ogunade; Otunba Lateef Owoyemi, former President of the Institute of Chartered Accountants of Nigeria (ICAN) and Head of the Fusengbuwa Ruling House; members of the CREDICORP Board; directors of Imowo Microfinance Bank; traditional rulers; community leaders; development partners and business executives from across Ijebuland and beyond.
For many observers, the significance of the programme extends beyond the 50 beneficiaries. It represents a model for sustainable economic development—one that combines access to finance, local production, responsible lending and asset ownership to create lasting prosperity for communities.
As Nigeria continues to seek practical solutions to unemployment, poverty and low industrial productivity, stakeholders believe initiatives such as this offer a pathway toward broader economic inclusion and shared growth.
Report by Femi Mebude for Ijebu Today/ Today RadioTV online Station and Igboro Lawa Update
Member, Nigeria Union of Journalists (NUJ), Ogun East Independent Chapel
