A major economic empowerment initiative aimed at expanding access to consumer credit and stimulating local enterprise took centre stage in Ijebu-Ode on Friday as the Nigerian Consumer Credit Corporation (CREDICORP), the Ijebu Development Initiative on Poverty Reduction (IDIPR) and Imowo Microfinance Bank officially handed over 50 assembled-in-Nigeria three-wheelers to transport operators across Ijebuland.
The programme, held at the historic Awujale Palace in Ijebu-Ode, brought together traditional rulers, financial sector leaders, development experts, community stakeholders, entrepreneurs and government representatives in what participants described as a practical demonstration of how structured consumer financing can drive economic inclusion and poverty reduction.
The beneficiaries, selected from among transport operators in the area, received the mobility assets through a credit-backed arrangement designed to transform them from daily operators into asset owners while improving their income-generating capacity.
The initiative was implemented in partnership with Simba TVS and forms part of CREDICORP’s flagship S.C.A.L.E. (Securing Consumer Access for Local Enterprises) programme, a national strategy designed to link consumer purchasing power with local manufacturing, industrial expansion and job creation.
aking at the event, Chairman of the CREDICORP Board, Otunba Aderemi Abdul-Bojela, described consumer credit as one of the most effective tools for stimulating economic growth and strengthening domestic industries.
According to him, the programme aligns with President Bola Ahmed Tinubu’s long-standing vision of making credit more accessible to ordinary Nigerians as a pathway to economic prosperity and industrial development.
Abdul-Bojela explained that inadequate consumer purchasing power remains one of the biggest challenges confronting manufacturers, often slowing sales and limiting expansion opportunities.
He noted that structured consumer credit helps bridge the gap between production and consumption by enabling Nigerians to acquire locally produced goods while supporting domestic industries.
“Manufacturing thrives when producers can sell what they make at the right pace. Consumer credit provides that bridge by empowering Nigerians to purchase Nigerian-made products and services while supporting local businesses,” he said.
He added that CREDICORP’s intervention is strategically designed to strengthen local value chains, boost demand for Nigerian products and create employment opportunities across multiple sectors of the economy.
Also speaking, CREDICORP Executive Director of Operations, Olanike Kolawole, described asset-backed financing as a powerful instrument for economic inclusion and social mobility.
She said the Ijebu-Ode rollout represents another milestone in the corporation’s nationwide efforts to help hardworking Nigerians acquire productive assets through responsible financing mechanisms.
According to her, the mobility programme complements other initiatives already being implemented by the corporation, including the Women in Mobility Programme, which seeks to expand opportunities for women through access to transportation assets and entrepreneurship.
“Ijebu-Ode is another important chapter in our national story of economic empowerment. Our objective is to help Nigerians access the tools they need to improve their livelihoods today while building sustainable financial futures,” she said.
Chairman of Imowo Microfinance Bank, Otunba (Mrs.) Debola Osibogun, described the three-wheelers as far more than transportation assets, noting that they represent opportunities for economic independence, wealth creation and long-term financial security.
She emphasized that the programme reflects a practical model of financial inclusion that combines dignity, accountability and economic opportunity.
“This initiative is not charity. It is a structured financing arrangement that enables hardworking individuals to build sustainable livelihoods and become asset owners,” she said.
Osibogun disclosed that Imowo Microfinance Bank provided the financial architecture for the programme, conducted beneficiary assessments and ensured full regulatory compliance throughout the implementation process.
She added that the bank’s partnership with CREDICORP reflects a shared commitment to extending credit access to underserved groups, including farmers, traders, artisans and small business owners.
Addressing the beneficiaries, she congratulated them for qualifying as the first batch of asset owners under the programme in Ijebuland.
“You were selected because you demonstrated commitment, discipline and creditworthiness. Today marks your transition from operators to owners,” she stated.
Chairman of IDIPR, Lekan Bello, described the partnership as a natural collaboration among institutions committed to poverty reduction and sustainable development.
He traced the origins of IDIPR to the landmark Ijebu Day Consultative Conference on Poverty Reduction convened in 1999 under the leadership of the late Awujale of Ijebuland, recalling that the organisation has since evolved into one of Nigeria’s most respected community development platforms.
According to Bello, IDIPR has directly impacted more than 133,000 beneficiaries through programmes spanning youth development, healthcare, entrepreneurship, financial inclusion and community empowerment.
He revealed that the organisation has facilitated the establishment of over 189 community-based societies and generated more than 1,300 direct jobs through various interventions.
Bello also highlighted the success of IDIPR’s microfinance programmes, which have disbursed billions of naira in loans, largely benefiting women entrepreneurs while maintaining a remarkable 99.4 percent loan recovery rate.
Among the organisation’s flagship achievements, he cited the Ijebu Village Innovation Cluster, regarded as the largest community-driven fish farming project in sub-Saharan Africa, producing approximately 2,000 metric tonnes of catfish annually.
“What CREDICORP is doing today is making a significant contribution to poverty reduction in Ijebuland. The demand for microcredit remains enormous, and this partnership will help unlock new economic opportunities for our people,” Bello said.
Managing Director and Chief Executive Officer of CREDICORP, Uzoma Nwagba, reaffirmed the corporation’s commitment to making consumer credit accessible to millions of Nigerians.
He stressed that responsible access to finance remains essential for improving productivity, enhancing living standards and expanding economic participation.
Nwagba disclosed that the corporation has already enabled more than 227,000 Nigerians to access consumer credit for transportation assets, digital devices, solar energy solutions, work tools, home improvement projects and other productive needs.
According to him, CREDICORP currently works with 35 financial institutions nationwide, maintains a zero non-performing loan record and supports growth across at least 15 local industries.
The ceremony attracted a wide range of dignitaries, including Chief Olorogun Sonny Kuku, Ogbeni Oja Akile Ijebu and Chairman of the occasion, represented by the Apebi of Ijebu-Ode, Chief Kunle Ogunade; former President of the Institute of Chartered Accountants of Nigeria (ICAN), Otunba Lateef Owoyemi; members of the CREDICORP Board; directors of Imowo Microfinance Bank; traditional rulers; development partners; business executives and community leaders from across Ijebuland.
Participants described the initiative as a model for community-driven economic development, expressing optimism that it would enhance access to credit, stimulate entrepreneurship, strengthen local enterprise and contribute to broader poverty reduction efforts across Ogun State and Nigeria.
With the deployment of the first batch of 50 three-wheelers, stakeholders believe the programme marks the beginning of a wider economic empowerment drive capable of transforming livelihoods while strengthening the connection between consumer finance, local manufacturing and sustainable development.
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