The Nigerian Consumer Credit Corporation (CrediCorp) has announced the launch of project S.C.A.L.E. (securing consumer access for local enterprises), to boost the growth of local industries.
In a statement on Monday, CrediCorp said the initiative seeks to channel consumer credit to the purchase of goods and services of local vendors and manufacturers.
According to the corporation, the initiative aims to stimulate demand, thereby fostering the growth of local industries and generating job opportunities.
“S.C.A.L.E. is a bold step toward supporting Nigerian enterprises by accelerating demand, which in turn grows local industries and creates jobs,” CrediCorp said.
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“This program connects credit-backed consumers with credible local manufacturers and vendors across critical sectors. CREDICORP, via S.C.A.L.E, seeks to drive 1 million credit-backed consumers to local vendors and manufacturers.”
The corporation said the initiative will focus on five critical areas including home improvement, mobility, electronics, energy solutions and general merchandise.
“Home Improvement (Furniture, Appliances & Building Materials): S.C.A.L.E. enables households to upgrade their living standards by heavily incentivizing consumer credit for locally-manufactured furniture, building materials, and appliances,” the statement reads.
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“Mobility (esp. CNG & Electric vehicles): S.C.A.L.E. promotes accessible transportation by facilitating access to compressed natural gas (CNG) and electric vehicles (cars, motorbikes, keke, bicycles). This will enable cheaper and cleaner transportation, and stimulate growth and value addition in Nigeria’s automotive sector.
“Electronics (Digital Devices): S.C.A.L.E. provides consumers with affordable access to essential digital devices, including smartphones, tablets, and laptops, fostering digital inclusion and participation in the digital economy.
“Energy Solutions (Generators & Solar Panels): S.C.A.L.E. empowers homes and small businesses with affordable, sustainable energy solutions, such as solar panels and efficient generators, addressing Nigeria’s energy challenges.
“General Merchandise (Healthcare, Apparel & Textiles, Food & Beverage): S.C.A.L.E. enhances access to essential healthcare products, quality apparel, and nutrition, while advancing growth in those sectors.”
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CrediCorp said vendors or manufacturers in the sectors should fill out the expressions of interest (EOI) at credicorp.ng/scale, adding that the deadline for submitting EOIs for phase 1 is December 15, 2024.
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