CREDICORP, Partners Distribute 50 Tricycles To Transport Operators in Ijebu-Ode

Fifty transport operators in Ijebu-Ode, Ogun State, have received locally assembled three-wheel mobility assets through a partnership between the Nigerian Consumer Credit Corporation (CREDICORP), Ijebu Development Initiative on Poverty Reduction (IDIPR), and Imowo Microfinance Bank.

The presentation ceremony, held at the Awujale Palace, was part of efforts aimed at expanding access to consumer credit, reducing poverty and promoting economic growth through asset ownership.

The initiative, implemented in partnership with Simba TVS, is part of CREDICORP’s nationwide mobility programme under its S.C.A.L.E. (Securing Consumer Access for Local Enterprises) initiative, designed to link consumer purchasing power with local manufacturing, job creation and industrial development.

Speaking at the event, Chairman of the CREDICORP Board, Otunba Aderemi Abdul-Bojela, described consumer credit as a major catalyst for industrial growth, economic inclusion and shared prosperity.

He said the programme aligns with President Bola Ahmed Tinubu’s vision of expanding access to credit for Nigerians as a means of stimulating economic activities and strengthening local industries.

Abdul-Bojela explained that one of the major challenges facing manufacturers is limited consumer purchasing power, which affects sales and business expansion.

“Manufacturing succeeds when producers can sell what they make at the right speed. The answer is structured consumer credit designed to enable Nigerians to purchase Nigerian-made goods and services,” he said.

He added that CREDICORP’s programmes are focused on connecting consumers with locally produced goods, increasing demand and creating employment opportunities across the value chain.

The corporation’s Executive Director of Operations, Olanike Kolawole, said asset-backed credit remains a powerful tool for inclusive economic development.

She noted that the Ijebu-Ode initiative represents another step in CREDICORP’s efforts to help hardworking Nigerians acquire productive assets while repaying responsibly over time.

Chairman of Imowo Microfinance Bank, Otunba Abolaji Osibogun, said the programme would enable beneficiaries to transition from transport operators to asset owners, thereby improving their income potential and financial independence.

She described the tricycles as more than mobility tools, saying they represent opportunities for livelihood improvement, empowerment and wealth creation.

Osibogun explained that Imowo Microfinance Bank provided the credit structure, conducted due diligence and ensured compliance throughout the process.

She added that the partnership reflects the bank’s commitment to extending financial support to farmers, traders, artisans and small business owners across Ogun State.

Chairman of IDIPR, Lekan Bello, described the collaboration as a significant intervention aimed at improving livelihoods and expanding economic opportunities in Ijebuland.

Bello said IDIPR, which was established following the Ijebu Day Consultative Conference on Poverty Reduction in 1999, has impacted over 133,000 beneficiaries through various empowerment, healthcare, enterprise development and financial inclusion programmes.

He added that the organisation has supported the creation of more than 1,300 direct jobs and facilitated billions of naira in microfinance loans, particularly for women entrepreneurs.

According to him, the partnership with CREDICORP would further expand opportunities for residents and contribute to poverty reduction in the region.

The Managing Director and Chief Executive Officer of CREDICORP, Uzoma Nwagba, reaffirmed the corporation’s commitment to making consumer credit accessible to Nigerians, describing responsible financing as a key driver of productivity and wealth creation.

CREDICORP disclosed that it has so far enabled over 227,000 Nigerians to access credit for vehicles, digital devices, solar energy systems, work tools and other essential needs through partnerships with financial institutions nationwide.

The event was attended by traditional leaders, including representatives of the Awujale of Ijebuland, members of the CREDICORP Board, directors of Imowo Microfinance Bank and other stakeholders.