The launch of the Nigerian Consumer Credit Corporation (CREDICORP) by the Federal Government to improve consumer finance has elicited positive reactions, including from eminent political economy professor and public affairs analyst, Professor Anthony Kila.
Speaking at the Cambridge African Round Table (CARt) held on September 13, 2024, Professor Kila expressed support for the initiative while stressing the need to closely monitor its use. He cautioned against any drift that would turn the project into a mere fund distribution scheme. To him, the primary objective of CREDICORP should be to empower “Made in Nigeria” products and services, create jobs and generate wealth.
As Professor of Strategy and Development at the Commonwealth Institute for Advanced and Professional Studies, Professor Kila stressed the importance of staying true to this vision. According to him, any deviation from this objective would be a waste of a good idea. He also encouraged policy economists in African and Caribbean countries to collaborate to guide stakeholders towards prosperity.
The theme of the CARt event, “Finance, Production and Market in African Countries”, aimed to discuss economic and development opportunities in African and Caribbean countries. Professor Kila’s call to action is to engage investors, innovators and experts from around the world in finding sustainable solutions for these developing nations.
In conclusion, the rollout of the Nigerian Consumer Credit Corporation (CREDICORP) represents a unique opportunity to drive the development of the financial sector and support the local economy. While welcoming this initiative, it is crucial to remain vigilant to ensure that the initial objectives are achieved and that funds are used effectively to meet the needs of Nigerian consumers.