FG Launches SCALE Project to Boost Local Industries with Consumer Credit 

The Federal Government, through the Nigerian Consumer Credit Corporation (CREDICORP), has launched a new initiative tagged Securing Consumer Access for Local Enterprises (SCALE). This project aims to promote Nigeria’s local industries by providing consumer credit specifically for purchasing goods and services from local vendors and manufacturers.  

President Tinubu’s Vision for Consumer Credit  

The SCALE initiative is part of President Bola Tinubu’s broader vision to improve the quality of life for Nigerians, curb corruption, and stimulate local industries. A statement released on Wednesday emphasized that this program will enhance access to consumer credit, enabling Nigerians to afford life-enhancing goods and services from credible local vendors.  

How SCALE Works  

SCALE connects Nigerian consumers with local manufacturers across key sectors. It facilitates affordable payment options by offering consumer credit, allowing buyers to pay overtime. The initiative is designed to encourage patronage of locally produced goods, thus empowering both consumers and producers to thrive. The Managing Director/CEO of CREDICORP, Uzoma Nwagba, highlighted that SCALE is focused on thematic areas that directly impact lives. He explained that the approach tailor’s consumer credit to support the consumption of locally manufactured products, fostering incremental value addition in Nigeria’s economy.  

Targets and Benefits of SCALE  

CREDICORP aims to bring at least one million consumers to local vendors and manufacturers through credit-backed purchases. The initiative also seeks to drive:  

    Increased accessibility to locally made products.  

    Support for local businesses and industries.  

    Job creation and economic growth in high-impact sectors.  

Call for Participation  

Local vendors and manufacturers are encouraged to participate in the SCALE program by submitting an Expression of Interest via the official SCALE website. This opens the door for businesses to connect with a growing consumer base while enjoying the support of government-backed credit schemes.  

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.” 

– Uzoma Nwagba, MD/CEO of CREDICORP 

A Win-Win for Nigerians  

Nwagba described SCALE as a dual victory, benefiting both consumers and producers. “This is about enabling tailored consumer credit while incentivizing the consumption of locally produced goods and services,” he said. The program has already achieved significant milestones, with over 30,000 civil servants accessing credit for life-enhancing goods and services. It is now expanding to the public, driving economic empowerment nationwide. SCALE stands as a testament to the government’s commitment to fostering local enterprise and improving the lives of Nigerians.  

The SCALE initiative by the Federal Government represents a transformative step towards boosting Nigeria’s local industries and improving the lives of its citizens. By making consumer credit more accessible, the program not only empowers Nigerians to afford quality goods and services but also strengthens local businesses and promotes economic growth. SCALE is more than just a credit scheme; it is a pathway to a thriving, self-reliant economy. With its focus on locally-made products, this initiative is set to drive sustainable development and create lasting value for consumers and producers alike.