Abia State Governor Alex Otti has commended the Federal Government for providing consumer credit access for more than 1,000 residents through the Nigerian Consumer Credit Corporation, known as CREDICORP. Governor Otti delivered his remarks in Aba, the commercial hub of the state, during the official unveiling of a new USSD-based credit product called SPARK. The financial tool is designed to simplify access to formal credit for citizens, with a particular focus on first-time borrowers seeking structured financial support.
Represented at the event by his Principal Secretary and Chief Strategic Officer, Chineye Mba Uzoukwu, Governor Otti reaffirmed the state government administration's dedication to building an environment where local enterprises can thrive. He emphasized that current local government interventions have centered on revitalizing the economy of Aba, backing enterprise growth, and ensuring responsible consumer credit reaches a broader demographic of residents across the state.
During the unveiling, CREDICORP Managing Director and Chief Executive Officer Uzoma Nwagba noted that many hardworking Nigerians struggle to acquire vital assets, such as vehicles, because they lack the ability to pay full costs upfront. He explained that the consumer credit program aims to bridge this gap by offering eligible citizens structured financing options through participating financial institutions, helping everyday workers build formal credit histories.
Also speaking at the event, the Managing Director and Chief Executive Officer of the Ministry of Finance Incorporated, Dr Armstrong Takang, described the initiative as a tangible translation of federal policy into direct economic opportunities. He added that expanding consumer credit helps individuals acquire essential goods, empowers businesses, and boosts overall market demand for locally manufactured products throughout the country.
Source reporting: Punch — 2026-11-04 00:30:37
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