The Permanent Chairman of the Southern Nigerian Traditional Rulers Council (SNTRC), Arole Oodua Olofin Adimula and the Natural Head of the Oduduwa race worldwide, the Ooni of Ife, Ooni Adeyeye Enitan Ogunwusi, CFR, Ojaja II, has commended President Bola Ahmed Tinubu for introducing initiatives aimed at improving access to affordable credit and empowering Nigerians at the grassroots.
In a statement by the Senior Media Officer, Ooni’s Palace, Sodiq Lawal, on behalf of the Director of Media and Public Affairs, Ooni’s Palace, Otunba Moses Olafare, the Ooni who is also the Co-Chairman of the National Council of Traditional Rulers of Nigeria (NCTRN) disclosed this on Tuesday at the Ile Oodua palace during the unveiling of the National Mobility Programme of the Nigerian Consumer Credit Corporation (CreditCorp), where 100 residents of Ile-Ife benefited from the vehicle financing scheme.
The initiative enables beneficiaries to acquire locally assembled vehicles through affordable consumer credit and repay over an agreed period.
Speaking at the event, the Ooni described the programme as one of the most significant initiatives targeted at strengthening Nigeria’s micro-economy, particularly by providing access to credit for ordinary Nigerians, youths and small business operators.
He commended President Tinubu for ensuring that the benefits of economic reforms extend beyond the macroeconomic level to people at the grassroots.
The Ooni said, “I want to thank Mr President for bringing such an initiative to reach the micro-economy, the real people that need it. Obviously, they are the ones that have been lacking.”
He noted that beneficiaries of the mobility programme would be able to use the vehicles to improve their livelihoods, particularly through commercial transportation, while gradually working towards full ownership.
The Ooni also highlighted what he described as significant improvements recorded in Nigeria’s macroeconomic indicators under the Tinubu administration.
According to him, the country’s capital market and foreign reserves have witnessed unprecedented growth, while the foreign exchange market has become more stable, allowing businesses and individuals to make better economic projections.
“Things that have never been recorded in history, we have recorded them. Our capital market has gotten to over ₦150 trillion. Nigeria is now the most capitalised market in the world, and we are now over $53 billion in foreign reserves,” he said.
The Ooni, however, stressed that the gains recorded at the macroeconomic level would have greater impact if ordinary Nigerians could also access affordable credit to improve their businesses and standard of living.
He said he had the opportunity to discuss the consumer credit initiative with President Tinubu at the Presidential Villa, describing the President as passionate about getting the programme right.
“I was opportune to sit with Mr President in the Villa, and he got so engrossed talking about it. He is so passionate about getting things right for the country,” the Ooni said.
He urged Nigerians to support initiatives aimed at strengthening the micro-economy, saying a stronger grassroots economy would contribute significantly to national development.
“If the micro is right, then Nigeria is a better nation. These are initiatives that will get the micro right, and then we keep praying for Mr President,” he added.
10,000 Vehicles To Be Distributed Nationwide
Speaking earlier, the Managing Director of CreditCorp, Uzoma Nwagba, said the event formed part of the corporation’s National Mobility Programme, which is targeting the delivery of at least 10,000 locally assembled vehicles to Nigerians through consumer credit.
Nwagba explained that the programme was designed to enable Nigerians to acquire vehicles without having to save for several years before accessing essential means of mobility.
He said the initiative was based on President Tinubu’s belief that responsible consumer credit could improve the quality of life of Nigerians by allowing them to access essential goods and services while paying over time.
According to him, CreditCorp’s intervention covers several areas, including mobility, digital devices, home improvement, solar and alternative energy, health and education.
Nwagba disclosed that several beneficiaries at the Ife programme had already driven their vehicles away from the Palace, with many intending to use them for commercial transportation.
He explained that beneficiaries would make structured repayments from their earnings and could become full owners of the vehicles within 18 to 24 months.
The CreditCorp boss also disclosed that demand for consumer credit had continued to grow across the country, with nearly six million Nigerians currently seeking access to credit through one form or another.
He said the corporation had so far reached about 301,000 beneficiaries nationwide and works with banks, microfinance banks, finance companies and fintech firms to extend its reach to Nigerians.
Nwagba said the corporation deliberately partnered with grassroots financial institutions in Ile-Ife because of their proximity to the people.
CreditCorp Records ₦47bn In Credits
Also speaking, the Executive Director of CreditCorp, Olanike Kolawole, disclosed that the corporation had provided more than ₦47 billion in credit to over 300,000 Nigerians since its establishment about two years ago.
She said the corporation was established as a presidential initiative to make responsible consumer credit accessible to Nigerians, with a target of ensuring that 50 per cent of working Nigerians have access to credit within the next five years.
Kolawole said the corporation initially focused on civil servants before expanding its programmes to the wider Nigerian population.
She stressed the importance of responsible borrowing, noting that consumer credit could serve as a tool for economic empowerment when used to acquire productive assets and improve livelihoods.
“Consumer credit is a GDP multiplier, and these people we are taking care of are the ones who contribute more than 50 per cent to the GDP of this country,” she said.
She added that micro, small and medium-sized enterprises remain critical to employment generation in Nigeria, making access to affordable credit essential for economic growth.
According to her, the ultimate objective of the scheme is to help Nigerians improve their businesses, increase their incomes, provide for their families and achieve greater economic independence.
One of the beneficiaries, Lawrence Sunday, expressed appreciation to President Tinubu, the Ooni of Ife and CreditCorp for providing the opportunity to acquire a vehicle through the scheme.
Sunday said the vehicle would help improve his livelihood and promised to make judicious use of the opportunity.
He assured the organisers that he would remain committed to the repayment arrangement and would not disappoint those who had entrusted the asset to him.
