By Adekunle Oluwafunmilayo
In a major boost to urban transportation and financial inclusion in Ijebuland, the Nigerian Consumer Credit Corporation (CREDICORP), the Ijebu Development Initiative on Poverty Reduction (IDIPR), and Imowo Microfinance Bank (MFB) on Friday handed over 50 assembled-in-Nigeria tricycles to transport operators in Ijebu-Ode.
The initiative is aimed at expanding access to consumer credit, promoting asset ownership, reducing poverty, and stimulating local economic growth.
The handover ceremony, held at the Awujale Palace, attracted traditional rulers, business leaders, development practitioners, financial institutions, and community stakeholders, all united in support of efforts to deepen financial inclusion and create sustainable economic opportunities across Ijebuland.
Implemented in partnership with Simba TVS, the programme forms part of CREDICORP’s nationwide mobility initiative under its flagship S.C.A.L.E. (Securing Consumer Access for Local Enterprises) programme, designed to connect 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 vital catalyst for industrialisation, economic inclusion, and shared prosperity.
According to him, the initiative aligns with President Bola Ahmed Tinubu’s vision of making credit accessible to ordinary Nigerians as a means of stimulating economic growth and strengthening indigenous industries.
Abdul-Bojela noted that President Tinubu had long advocated broader access to consumer credit, maintaining that sustainable economic development depends largely on empowering citizens with affordable financing options.
Drawing from his experience as an industrialist, he identified weak consumer purchasing power as a major challenge facing manufacturers.
“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 stated.
He added that CREDICORP’s interventions are strategically designed to connect Nigerian consumers directly with local producers, thereby increasing demand for locally manufactured goods and creating jobs across the value chain.
Also speaking, CREDICORP’s Executive Director of Operations, Mrs. Olanike Kolawole, described asset-backed credit as one of the most effective tools for inclusive economic growth.
“Ijebu-Ode is the latest chapter in a story we are writing across Nigeria. Our mission remains helping hardworking Nigerians access the assets they need today while paying responsibly over time,” she said.
Kolawole explained that the mobility initiative complements other interventions by the corporation, including its recently launched Women in Mobility Programme aimed at empowering Nigerians through productive asset ownership.
Chairman of Imowo Microfinance Bank, Otunba (Mrs.) Abolaji Osibogun, said the programme would transform beneficiaries from transport operators into asset owners, thereby improving their earning potential and financial independence.
Describing the tricycles as more than transportation assets, she said they represent opportunities for economic empowerment, livelihood enhancement, and wealth creation.
“This is what responsible financial inclusion looks like. It is not charity; it is structured, dignified financing that enables hardworking people to build better lives for themselves,” she remarked.
Osibogun disclosed that Imowo MFB provided the credit framework for the programme, carried out due diligence, and ensured full regulatory compliance throughout the implementation process.
She further noted that the bank’s partnership with CREDICORP reflects a shared commitment to expanding access to finance for farmers, traders, artisans, and small business owners across Ogun State.
Congratulating the beneficiaries, she described them as pioneers of a new generation of asset owners in Ijebuland.
“You were selected because you demonstrated commitment and creditworthiness. You are no longer just operators; you are becoming owners,” she said.
Chairman of IDIPR, Mr. Lekan Bello, described the collaboration as a natural alliance between organisations committed to improving livelihoods and expanding economic opportunities.
Tracing 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, Bello noted that the organisation has evolved into a nationally and internationally recognised model for poverty reduction and community development.
He revealed that IDIPR has impacted over 133,000 beneficiaries, facilitated the establishment of more than 189 community societies, and generated over 1,300 direct jobs through initiatives focused on youth empowerment, healthcare, enterprise development, and financial inclusion.
According to him, the organisation’s microfinance programmes have disbursed billions of naira in loans—primarily to women entrepreneurs—while maintaining an impressive 99.4 per cent repayment rate.
Bello also highlighted the Ijebu Village Innovation Cluster, which he described as the largest community-based fish farming project in sub-Saharan Africa, producing about 2,000 metric tonnes of catfish annually and contributing significantly to the local economy.
“What CREDICORP is doing today is helping significantly in reducing poverty in Ijebuland. Our appetite for microcredit is far larger than what we currently have, and this partnership will help expand economic opportunities for our people,” he stated.
The Managing Director and Chief Executive Officer of CREDICORP, Mr. Uzoma Nwagba, reaffirmed the corporation’s commitment to making consumer credit accessible to hardworking Nigerians, stressing that responsible access to finance remains a key driver of productivity, wealth creation, and improved living standards.
He disclosed that CREDICORP has so far enabled 227,728 Nigerians to access consumer credit for vehicles, digital devices, solar energy systems, work tools, home improvement projects, and other essential needs.
According to him, the corporation currently works through 35 financial institutions nationwide and has maintained zero non-performing loans while supporting growth across 15 local industries.
Dignitaries at the event included Chief Olorogun Sonny Kuku, Ogbeni Oja Akile Ijebu and Chairman of the occasion, represented by the Apebi of Ijebu-Ode, Chief Kunle Ogunade; Otunba Lateef Owoyemi, former President of the Institute of Chartered Accountants of Nigeria (ICAN) and Head of the Fusengbuwa Ruling House; members of the CREDICORP Board; directors of Imowo Microfinance Bank; traditional rulers; community leaders; business executives; development partners; and other distinguished guests from across Ijebuland and beyond.
Stakeholders expressed optimism that the partnership would strengthen access to credit for transport operators, entrepreneurs, small business owners, and households, while supporting broader efforts to reduce poverty, expand local enterprise, and accelerate sustainable economic development in Ogun State and across Nigeria.
