The Nigerian Consumer Credit Corporation (CREDICORP) has taken its National Mobility Programme to Ile-Ife, Osun State, with 100 residents accessing credit facilities to acquire locally assembled tricycles, as the Ooni of Ife, Oba Adeyeye Enitan Ogunwusi, called on Nigerians to support President Bola Ahmed Tinubu’s economic reforms.
The empowerment and industrialisation programme, held on Tuesday, September 1, 2026, at the Ile Oodua Palace, marked the latest phase of CREDICORP’s nationwide drive to deploy at least 10,000 locally assembled vehicles to Nigerians through affordable consumer credit.
The initiative is designed to enable beneficiaries to acquire productive assets without having to wait for years to accumulate enough money for outright purchase. Instead, beneficiaries are expected to repay the cost of the vehicles from income generated through their use, with ownership transferred upon completion of the agreed repayment arrangement.
The Ooni, who received the CREDICORP team at his palace, used the occasion to express strong support for the Federal Government’s economic direction, saying the policies being implemented by the Tinubu administration were aimed at tackling poverty and strengthening the Nigerian economy.
The monarch said he was optimistic that President Tinubu’s objective of reducing poverty would be achieved through the various programmes introduced by the administration.
According to him, the economic reforms were already producing positive results, particularly in the capital market, foreign exchange market and foreign reserves.
The Ooni said the country’s capital market had risen to more than N150 trillion, while foreign reserves had surpassed $53 billion, describing the developments as unprecedented.
He, however, stressed that the success of economic reforms depended not only on government action but also on the cooperation and responsible participation of Nigerians.
He urged citizens to support the reforms by fulfilling their obligations, including payment of taxes, while maintaining peace and creating the environment necessary for government policies to produce their desired impact.
The traditional ruler further said the ultimate objective of economic policies should be reflected at the grassroots, arguing that improvement in the micro-economy would translate into broader national prosperity.
“If the micro is right, then Nigeria is a better nation,” the monarch said, stressing the importance of initiatives capable of strengthening businesses and improving the livelihoods of ordinary Nigerians.
The Ooni also 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 work.
He said the President had demonstrated particular passion for the initiative and getting its implementation right.
The monarch’s intervention gave added significance to the Ile-Ife rollout, as the programme seeks to connect consumer credit directly with productive economic activity, especially among small businesses and commercial transport operators.
Speaking earlier, CREDICORP Managing Director and Chief Executive Officer, Mr Uzoma Nwagba, said the Ile-Ife activation was part of the corporation’s broader National Mobility Programme, which targets the distribution of at least 10,000 locally assembled vehicles across Nigeria.
Nwagba explained that the programme was based on the understanding that access to responsible consumer credit could allow Nigerians to obtain productive assets immediately and repay gradually from the income generated through those assets.
He said the vehicles would not merely serve as means of transportation but could become income-generating assets capable of improving household earnings and supporting local industries.
“When a Nigerian can acquire a vehicle today and pay responsibly over time, we have not only financed an asset. We have expanded that person’s economic possibilities while creating demand for something assembled here in Nigeria,” Nwagba said.
He added that the impact would become more significant when the model was replicated among thousands of Nigerians, communities and businesses across the country.
The CREDICORP chief executive disclosed that the corporation had reached about 301,000 Nigerians through its various consumer credit interventions, while nearly six million Nigerians were currently seeking access to credit.
He said the corporation’s programmes cover areas including mobility, digital devices, home improvement, solar and alternative energy, health, education and other essential or productive assets.
Nwagba further explained that beneficiaries of the mobility programme could access cars, motorcycles and tricycles and repay over periods ranging from 18 to 24 months, depending on the financing arrangement.
He said several of the Ile-Ife beneficiaries had already taken possession of their tricycles and intended to deploy them for commercial transportation.
Also speaking, CREDICORP Executive Director, Operations, Mrs Olanike Kolawole, disclosed that the corporation had provided more than N47 billion in credit to over 300,000 Nigerians since its establishment.
She said CREDICORP was created as a presidential initiative to expand access to responsible consumer credit, with an ambitious target of ensuring that 50 per cent of working Nigerians have access to credit within the next five years.
Kolawole said the corporation initially concentrated on civil servants before expanding its interventions to a wider population.
She described consumer credit as an important instrument for economic empowerment when used responsibly, particularly where it enables beneficiaries to acquire assets that can generate income.
“Consumer credit is a GDP multiplier,” she said, noting that micro, small and medium-sized enterprises remain critical to employment generation and economic activity.
According to her, the broader objective is to enable Nigerians to strengthen their businesses, increase their incomes, provide for their families and achieve greater economic independence.
The Ile-Ife programme also reflects CREDICORP’s strategy of linking credit access with local production under its S.C.A.L.E. initiative — Securing Consumer Access for Local Enterprises.
The corporation said the approach is intended to create a cycle in which consumer purchasing power supports local manufacturers and assemblers while Nigerians gain access to productive assets capable of improving their earning capacity.
For the Ile-Ife rollout, Gamma Mobility supported beneficiary profiling and onboarding, Simba TVS supplied the locally assembled three-wheelers, while Accion Microfinance Bank supported the credit administration process.
The beneficiaries, who include residents seeking to improve their livelihoods through commercial transportation, are expected to use the vehicles as income-generating assets while complying with the agreed repayment terms.
One of the beneficiaries, Mr Lawrence Sunday, expressed appreciation to President Tinubu, the Ooni of Ife and CREDICORP for the opportunity, saying the vehicle would improve his livelihood.
Sunday pledged to use the tricycle judiciously and honour the repayment agreement.
The Ile-Ife rollout therefore goes beyond the distribution of vehicles, bringing together traditional leadership, federal economic policy, consumer finance, local manufacturing and grassroots enterprise in a model CREDICORP says is designed to turn access to credit into productive economic opportunity.
For the Ooni, the test of such reforms ultimately lies in their ability to reach ordinary Nigerians. His message at the palace was that strengthening the micro-economy, empowering small businesses and expanding responsible access to credit could help translate national economic reforms into tangible improvements in people’s lives.
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