Ijebu Transport Operators Receive Major Boost As CREDICORP, IDIPR, Imowo MFB Deploy 50 Locally Manufactured

The Nigerian Consumer Credit Corporation (CREDICORP), the Ijebu Development Initiative on Poverty Reduction (IDIPR) and Imowo Microfinance Bank on Friday handed over 50 assembled-in-Nigeria three-wheel mobility assets to urban transport operators in Ijebu-Ode as part of efforts to expand access to consumer credit, reduce poverty and stimulate local economic growth.

The handover ceremony, held at the Awujale Palace, brought together traditional rulers, business leaders, development practitioners, financial institutions and community stakeholders in a demonstration of support for initiatives aimed at promoting financial inclusion, asset ownership and sustainable development across Ijebuland.

The programme, implemented in partnership with Simba TVS, forms part of CREDICORP's nationwide mobility initiative and its flagship S.C.A.L.E. (Securing Consumer Access for Local Enterprises) programme, which seeks to connect consumer purchasing power with local manufacturing, job creation and industrial growth.

Speaking at the event, Chairman of the CREDICORP Board, Otunba Aderemi Abdul-Bojela, described consumer credit as a critical driver of industrialisation, economic inclusion and shared prosperity.

According to him, the initiative aligns with President Bola Ahmed Tinubu's long-standing vision of making credit accessible to ordinary Nigerians as a means of stimulating economic growth and strengthening local industries.

Abdul-Bojela said President Tinubu had championed the idea of consumer credit long before assuming office, maintaining that broad-based access to finance is essential for sustainable economic development.

Drawing from his experience as an industrialist, he noted that one of the biggest challenges facing manufacturers is weak consumer purchasing power, which often slows inventory turnover and constrains business growth.

"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 designed to connect Nigerian consumers directly to Nigerian producers, expand demand for locally manufactured products and create jobs across the value chain.

Also speaking, CREDICORP's Executive Director of Operations, Olanike Kolawole, described asset-backed credit as one of the most powerful 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 noted that the mobility programme complements other interventions by the corporation, including the 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 initiative would enable beneficiaries to move from being transport operators to asset owners while improving their earning capacity and financial independence.

She described the three-wheelers as more than transportation assets, saying they represent opportunities for livelihood, economic empowerment 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 said.

Osibogun explained that Imowo Microfinance Bank, which has served communities across Ogun State for more than three decades, provided the credit structure for the programme, conducted due diligence and ensured regulatory compliance throughout the process.

She 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.

The Imowo MFB chairman congratulated the beneficiaries, describing them as the first batch of asset owners under the programme 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, Lekan Bello, described the collaboration as a natural partnership between institutions committed to improving livelihoods and expanding economic opportunities.

Bello traced the origins of IDIPR to the historic Ijebu Day Consultative Conference on Poverty Reduction convened in 1999 under the leadership of the late Awujale of Ijebuland, noting that the organisation has since evolved into a nationally and internationally recognised model for poverty reduction and community development.

According to him, IDIPR has impacted more than 133,000 beneficiaries, facilitated the establishment of over 189 community societies and created more than 1,300 direct jobs through programmes focused on youth empowerment, healthcare, enterprise development and financial inclusion.

He disclosed that the organisation's microfinance initiatives have disbursed billions of naira in loans, primarily to women entrepreneurs, while maintaining an impressive 99.4 per cent loan recovery 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," Bello said.

The Managing Director and Chief Executive Officer of CREDICORP, 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.

CREDICORP disclosed that it 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. 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 said the partnership is expected to 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 across Ogun State and Nigeria as a whole.