The Ooni of Ife, Arole Oduduwa Ooni Adeyeye Enitan Ogunwusi, CFR, Ojaja II, has commended President Bola Ahmed Tinubu for initiatives aimed at expanding access to affordable consumer credit and empowering Nigerians at the grassroots.
The monarch gave the commendation on Tuesday at the Ile Oodua Palace, Ile-Ife, 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 programme enables beneficiaries to acquire locally assembled vehicles through consumer credit and repay the cost over an agreed period, with the vehicles expected to support their businesses and livelihoods.
In a statement by the Senior Media Officer to the Ooni’s Palace, Sodiq Lawal, on behalf of the Director of Media and Public Affairs, Otunba Moses Olafare, the Ooni described the initiative as a significant intervention targeted at strengthening Nigeria’s micro-economy.
The monarch, who is the Permanent Chairman of the Southern Nigerian Traditional Rulers Council (SNTRC), Natural Head of the Oduduwa Race Worldwide and Co-Chairman of the National Council of Traditional Rulers of Nigeria (NCTRN), said the programme would help bridge the gap between Nigeria’s macroeconomic reforms and the everyday economic realities of ordinary citizens.
Speaking at the event, the Ooni thanked President Tinubu for ensuring that access to credit was extended to Nigerians who needed productive assets to improve their livelihoods.
“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 said the vehicle financing scheme could particularly benefit youths, small business operators and those engaged in commercial transportation by giving them access to productive assets without requiring them to raise the full cost of a vehicle upfront.
According to the monarch, beneficiaries would be able to use the vehicles to generate income while making structured repayments until they eventually become full owners.
The Ooni also highlighted what he described as notable improvements in Nigeria’s macroeconomic indicators under the Tinubu administration, citing developments in the capital market, foreign reserves and the foreign exchange market.
“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.
He, however, stressed that macroeconomic gains would have greater meaning when ordinary Nigerians could also access affordable credit to strengthen their businesses and improve their standard of living.
The Ooni further disclosed that he had previously discussed the consumer credit initiative with President Tinubu at the Presidential Villa, describing the President as deeply committed to making the programme successful.
“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 monarch urged Nigerians to support initiatives designed to strengthen the micro-economy, stressing that improvements at the grassroots would ultimately contribute to broader 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.”
CreditCorp Targets 10,000 Vehicles Nationwide
Speaking earlier at the event, the Managing Director of CreditCorp, Uzoma Nwagba, said the Ile-Ife programme was part of the corporation’s National Mobility Programme, which targets the delivery of at least 10,000 locally assembled vehicles to Nigerians through consumer credit.
Nwagba explained that the initiative was designed to enable Nigerians to access essential means of mobility without having to save for several years before they can afford a vehicle.
He said the programme was founded 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 spreading repayment over time.
According to him, CreditCorp’s interventions cover several sectors, including mobility, digital devices, home improvement, solar and alternative energy, health and education.
Nwagba disclosed that several beneficiaries of the Ile-Ife programme had already driven their vehicles away from the Palace, with many planning to deploy them for commercial transportation.
He said beneficiaries would make structured repayments from the income generated through the vehicles and could attain full ownership within 18 to 24 months.
The CreditCorp Managing Director also revealed that demand for consumer credit had continued to increase across Nigeria, with nearly six million Nigerians currently seeking access to credit through various channels.
He said the corporation had so far reached about 301,000 beneficiaries nationwide and works with banks, microfinance banks, finance companies and fintech companies to extend consumer credit to more Nigerians.
Nwagba explained that the corporation deliberately partnered with grassroots financial institutions in Ile-Ife because of their proximity to the people and ability to reach beneficiaries at the community level.
CreditCorp Disburses Over ₦47 Billion to Nigerians
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.
Kolawole said CreditCorp was established as a presidential initiative to make responsible consumer credit more accessible to Nigerians, with an ambition to ensure that 50 per cent of working Nigerians have access to credit within the next five years.
She explained that the corporation initially focused its interventions on civil servants before expanding its programmes to reach a broader segment of the Nigerian population.
The Executive Director emphasised the importance of responsible borrowing, noting that consumer credit could serve as a powerful instrument 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 noted that micro, small and medium-sized enterprises remain critical to employment generation and economic activity in Nigeria, making access to affordable and responsible credit essential to sustainable growth.
According to Kolawole, the broader objective of the scheme is to enable Nigerians to expand their businesses, increase their incomes, provide adequately for their families and attain greater economic independence.
Beneficiary Applauds Tinubu, Ooni and CreditCorp
One of the beneficiaries, Lawrence Sunday, expressed appreciation to President Tinubu, the Ooni of Ife and CreditCorp for providing him and other beneficiaries with the opportunity to acquire vehicles through the scheme.
Sunday said the vehicle would significantly improve his livelihood and pledged to make productive use of the opportunity.
He also assured the organisers that he would remain committed to the repayment arrangement and would honour the terms attached to the vehicle financing.
The Ile-Ife beneficiaries are among Nigerians being reached through CreditCorp’s broader consumer credit intervention, which seeks to expand access to productive assets and essential goods while enabling beneficiaries to spread repayment over time.
