The Abia State Governor Alex Otti, has commended the Federal Government for providing consumer Credit Access for Over 1,000 Abians through the Nigerian Consumer Credit Corporation.
Otti spoke in Aba the commercial hub of the state during unveiling of the new USSD-based credit product, SPARK, aimed at simplifying access to formal credit for Nigerians, particularly first-time borrowers.
The governor who was represented by his Principal secretary/chief strategic officer, Mr Chineye Mba Uzoukwu, reaffirmed the state government’s commitment to creating an enabling environment for businesses to grow and responsible consumer credit to reach more residents.
Otti said, “Our administration’s interventions have focused on energising Aba’s economy, supporting enterprise and creating conditions for investment and business expansion.
“Under our watch Abia State is putting the conditions in place for businesses to grow, investments to flourish and responsible credit to reach more of our people”.
The Managing Director and Chief Executive Officer of CREDICORP, Uzoma Nwagba, described Nigerians as hardworking people but observed that many were unable to acquire important assets, including vehicles, because they could not pay the full cost upfront.
He said the consumer credit initiative was designed to address the challenge by providing eligible Nigerians with access to structured financing through participating financial institutions.
“Consumer credit should not be a privilege reserved for a few. It should be an opportunity available to every working Nigerian,” he said.
Nwagba said the introduction of SPARK would provide another pathway for Nigerians, particularly first-time borrowers, to enter the formal credit system and establish credit histories through responsible borrowing and repayment.
The Managing Director and Chief Executive Officer of the Ministry of Finance Incorporated (MOFI), Dr Armstrong Takang, described the initiative as a practical demonstration of the Federal Government’s efforts to translate policy into economic opportunities for Nigerians.
Takang, who also serves on the CREDICORP board said consumer credit could help individuals acquire essential assets, support businesses and stimulate demand for locally manufactured goods.
Takang noted that the programme was particularly relevant to Nigeria because of the large number of people engaged in trading and other commercial activities who could benefit from better access to financing.
The Executive Director, Credit and Portfolio Management at CREDICORP, Aisha Abdullahi, said the engagement was intended to bring practical financial opportunities closer to Nigerians who needed them.
Abdullahi encouraged prospective beneficiaries to engage with representatives of the corporation and participating financial institutions, ask questions and understand the terms of available credit products before making decisions.