Abia Creating Conducive Investment Environment, Otti Declares As CREDICORP Is Launched In Aba

UMUAHIA – Abia State Governor Alex Otti has said his administration is creating conducive business environment that would enable investments to grow and flourish, stressing that the state government is ready to partner with any local or foreign investor who want to invest in the state.

Speaking at the unveiling of the Nigerian Consumer Credit Corporation (CREDICORP) pilot project tagged “SPARK”, in Aba, Abia State, Governor Otti assured investors of a well packaged business conditions that would make investors realise their funds quickly, adding that apart from the investments growing and flourishing, responsible credit would be made available for them.

CREDICORP is a new credit product designed by the Federal Government to encourage new borrowers to access credit. The Corporation during the launching in Aba, highlighted the affordable credit opportunities for over 1,000 citizens and residents of Abia State.

The event brought together beneficiaries, participating financial institutions, local vendors and government representatives to demonstrate how consumer credit can improve everyday livelihoods.

Represented by his Principal Secretary and Chief Strategy Officer, Mr. Chinenye Mba-Uzoukwu, Otti stated said CREDICORP’s initiatives were commendable and stated that it was in line with his vision of ensuring that thye citizens and residents easily access credit at the time of need.

His word, “By strengthening the enabling environment for enterprise, we’re making it easier for initiatives such as CREDICORP to support traders, young people and hardworking families across the state”.

In his speech at the event, the Managing Director, CEO of CREDICORP, Mr Uzoma Nwagba said the loan facility type is the first of its kind in the corporation, saying that it concluded in Abia for strategic reasons.

“It is a first-of-its-kind, USSD-based entry-level credit product designed to enable Nigerians, particularly first-time borrowers, to access credit.

“It is an entry-level credit product to test your use of credit and when given a little amount and you pay back, when you want another credit, the amount you will get will increase.

“It helps you build your formal credit history by establishing repayment records through responsible borrowing”, he Nwagba declared.

CREDICORP boss informed that the beneficiaries can progressively improve their credit profiles and create pathways to greater financial opportunities by using the SPARK platform, pointing out that the corporation was in Aba to revive the creative spirit of Aba artisans in order to boost their creativity which had dwindled because of paucity of funds.

He therefore urged the residents of Aba to thank President Bola Tinubu who gave them the chance to touch lives through CREDICORP.

Also speaking, the Managing Director, Ministry of Finance Incorporated (MOFI), Dr Armstrong Takang explained that the product unveiling exemplified the transformation of government’s policies into practical economic opportunities.

“The Federal Government’s consumer credit initiative reflects President Bola Ahmed Tinubu’s commitment to building an economy where more Nigerians can access the tools and opportunities needed to improve their lives.

“Through CREDICORP, we are seeing how well-structured public investment can stimulate enterprise, support local manufacturers and deliver measurable economic impact directly to citizens.” Takang stated.

The highlight of the event was the handing over of about 25 sample Tricycles out of the 1000 Tricycles acquired through third party agents to be given to the rest of the beneficiaries after the event.

At the showcase, market women and traders participated in live credit-access activities, while young Nigerians engaged with YouthCred and transport operators were showcased as beneficiaries of credit-backed tricycles.

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