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CREDICORP Takes 10,000-Vehicle Credit Scheme to Ile-Ife

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Nigeria’s Consumer Credit Corporation (CREDICORP) has taken its programme to distribute 10,000 credit-backed, locally assembled vehicles to Ile-Ife, Osun State, as it expands efforts to help Nigerians acquire vehicles through consumer financing.

The latest rollout took place at the palace of the Ooni of Ife on Tuesday, 1 September, with the traditional ruler receiving the programme in the historic city.

CREDICORP says the national scheme aims to make it easier for Nigerians, particularly people who use vehicles to earn a living, to acquire productive assets and repay the cost over time.

But for potential beneficiaries, the key questions are how much the vehicles will ultimately cost, what interest rates and repayment periods apply, and whether the financing will remain affordable for low- and middle-income earners.

Why the programme matters

Access to affordable credit remains a challenge for many Nigerians, particularly those who cannot pay for vehicles or other productive assets upfront.

CREDICORP, established by the federal government to expand consumer credit, has increasingly focused on using financing to improve access to assets such as vehicles, digital devices and household essentials.

The corporation says more than 301,000 Nigerians have accessed credit supported by its programmes, although the figure covers several categories and is not limited to vehicle financing.

Its latest vehicle initiative forms part of its S.C.A.L.E. programme – Securing Consumer Access for Local Enterprises – which links consumer financing with locally produced and assembled goods.

The idea is that increased consumer purchasing power could create more demand for Nigerian manufacturers and businesses.

Also Read: Lagos Police, NYSC Strengthen Security Partnership for Corps Members 

Who benefits?

The immediate beneficiaries are Nigerians who qualify for the vehicle financing, including commercial transport operators and others who can use vehicles to generate income.

CREDICORP says the programme also includes its 10,000 Women in Mobility initiative, which seeks to increase vehicle ownership and economic opportunities for women.

For manufacturers and assemblers, increased demand could provide a larger market for locally assembled vehicles.

At the Ile-Ife rollout, Gamma Mobility handled beneficiary profiling and onboarding, while Simba TVS supplied the locally assembled three-wheelers. Accion Microfinance Bank supported the credit administration.

The involvement of financial institutions and private-sector suppliers means the programme is not simply a government vehicle distribution exercise. Beneficiaries are expected to access the vehicles through a credit arrangement.

What does CREDICORP say?

CREDICORP’s Managing Director and Chief Executive, Engr Uzoma Nwagba, said the Ile-Ife event formed part of a wider national rollout.

“What Nigerians are seeing in Ile-Ife today is one stop in a much bigger journey. We are taking consumer credit across the country and putting productive assets into the hands of hardworking people who can use them to earn, grow and live better now.”

He added:

“When a Nigerian can acquire a vehicle today and pay responsibly over time, we have not only financed an asset. We have expanded that person’s economic possibilities while creating demand for something assembled here in Nigeria. Multiply that across thousands of people, communities and industries, and consumer credit becomes a powerful engine for both better lives and national economic growth.”

Those statements represent CREDICORP’s assessment of the potential economic impact of the programme. The corporation has not provided, in the release, independent evidence showing how much additional income beneficiaries have generated or how much the scheme has contributed to local manufacturing.

Where does the rollout go next?

CREDICORP says the programme has already moved through parts of the North Central region and into the South West, including Ijebu-Ode and Ile-Ife.

It says Adamawa and Borno will be the next destinations in the North East, followed by the South East.

The corporation has not stated in the release how many vehicles have already been delivered under the 10,000-vehicle target, or how many beneficiaries have received vehicles so far.

That information will be important in assessing progress against the national target.

The affordability question

Consumer credit can help people acquire assets they could not otherwise afford, but it also creates a repayment obligation.

The success of the programme will therefore depend not only on the number of vehicles distributed but also on whether beneficiaries can make repayments without falling into excessive debt.

CREDICORP says its programmes use licensed financial institutions and are based on responsible credit. However, details such as the interest rates, deposit requirements, repayment periods, penalties for default and the total cost of ownership were not provided in the announcement.

Those terms matter to consumers because a vehicle advertised as affordable can become significantly more expensive once financing costs, insurance, maintenance and other charges are included.

Local manufacturing ambitions

The programme also comes as Nigeria seeks to increase local production and reduce pressure on foreign exchange caused by imports.

By directing some consumer spending towards locally assembled vehicles, CREDICORP hopes to support manufacturers, suppliers and other businesses within the domestic value chain.

The potential benefits extend beyond vehicle buyers if higher demand leads to more production, jobs and investment.

However, the long-term impact will depend on the scale of local content, the competitiveness of locally assembled vehicles and whether manufacturers can sustain production at prices consumers can afford.

What happens next?

CREDICORP says the national rollout will continue after Ile-Ife, with Adamawa and Borno next on the schedule before the programme moves to the South East.

The next stage will show whether the corporation can meet its 10,000-vehicle target and, more importantly, whether the credit model gives beneficiaries sustainable access to vehicles without creating unaffordable debt.

For Nigerians considering the programme, the most important information will be the eligibility requirements and the full financing terms.

Those details will determine whether the scheme delivers its promised opportunity for asset ownership or simply makes expensive vehicles available through longer-term loans.

Business &Economy

Nigeria’s SMEs Need More Than Loans as Businesses Battle Rising Costs

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Nigeria’s small and medium-sized businesses are facing a difficult balancing act: keeping operations running amid rising costs while finding enough capital, technology and expertise to grow.

Micro, small and medium-sized enterprises (MSMEs) account for 96.9 per cent of businesses in Nigeria, 87.9 per cent of employment, 46.32 per cent of gross domestic product and 6.21 per cent of exports, according to figures from the National Bureau of Statistics and SMEDAN cited in PwC Nigeria’s 2024 MSME Survey.

Their performance therefore has implications well beyond individual business owners, affecting jobs, household incomes, consumer prices and the wider economy.

But for many entrepreneurs, access to finance is only one part of the problem.

Why access to finance is not enough

The PwC survey, which covered 557 businesses across 13 sectors and 29 states, identified access to finance, unreliable electricity and multiple taxation among major obstacles to business growth.

It also found that 69 per cent of surveyed businesses had not received government grants in the previous 24 months.

For businesses already dealing with higher input costs, exchange-rate pressures, fuel expenses and weaker consumer purchasing power, the cost of running a business can consume funds that would otherwise be used for expansion.

The challenge is particularly significant for smaller businesses that may have limited financial records, inconsistent cash flows or little collateral.

This means the relationship between an SME and its bank increasingly goes beyond whether a loan is available.

Business owners also need affordable transactions, appropriate financing, digital tools, financial management support and access to markets.

What businesses should expect from their banks

For an entrepreneur, the cost of everyday banking can become significant when a business processes large volumes of transactions.

Fidelity Bank says its SME strategy is designed around a combination of banking services, financing, advisory support, capacity building and market access.

One of its products, the Fidelity Premium Business Account (FPBA), is structured around different transaction levels.

Under FPBA Variant 1, customers are required to maintain a minimum opening and operating balance of ₦100,000. The bank says eligible customers can access up to ₦300 million in monthly debit turnover without account maintenance charges, subject to the product’s conditions.

The bank said the ₦300 million threshold represents an increase from the ₦100 million limit contained in earlier product documentation, with the revised threshold communicated by its SME Product Development Division in April 2025.

FPBA Variant 2 requires an operating balance of ₦1 million and, according to the bank, has no monthly debit turnover cap.

Account maintenance charges can apply when customers fall below the prescribed operating balance or operate an overdraft facility.

The accounts also provide access to electronic banking, financing options and business advisory services, according to Fidelity.

For SMEs, the practical consideration is whether such products reduce the cost of managing cash while leaving more working capital available for inventory, salaries, equipment and expansion.

The digital gap can affect access to credit

Another challenge confronting smaller businesses is the quality of their financial records.

Informal bookkeeping can make it difficult for entrepreneurs to demonstrate revenue, expenses, inventory levels and cash flow when seeking financing.

Digital tools can help businesses organise this information while giving owners a clearer picture of how their enterprises are performing.

Fidelity Bank launched its Fidelity SME Empowerment Programme in July 2025, targeting 100 growth-ready SMEs.

The programme provided selected businesses with ERPRev-enabled point-of-sale systems and other support tools, including receipt printers, barcode scanners, inventory data support, bookkeeping training and branding assistance.

The initiative also included six months of post-installation monitoring, masterclasses and networking opportunities, according to the bank.

Such interventions are relevant because better records can help businesses make more informed decisions and potentially present a clearer financial picture when seeking appropriate funding.

Also Read: Ogun Police Pays ₦37.9m to Families of Fallen Officers 

From banking to business support

For many entrepreneurs, however, financial literacy, pricing, marketing and access to professional networks can be just as important as access to capital.

Fidelity Bank operates the Fidelity SME Hub in Gbagada, Lagos, which provides training facilities, meeting spaces, networking opportunities, advisory support and creative facilities, according to the bank.

The bank also runs programmes including its SME Masterclass Series, Fidelity SME Forum and Quarterly Business Forum.

These platforms focus on areas such as financial management, pricing, product quality, online sales, business visibility, trade and preparation for international markets.

Fidelity also says eligible customers can receive opportunities to feature on its Fidelity SME Radio Programme, subject to its selection arrangements.

The broader question for business owners is whether such support produces measurable improvements in business performance rather than simply increasing access to financial products.

Recognition for SME lending

Fidelity Bank’s SME activities have also attracted industry recognition.

The bank says it received the Development Bank of Nigeria Service Ambassadors Award in 2026 for having the highest impact on MSMEs accessing credit for the first time.

It also received a Development Bank of Nigeria Innovation Award in 2025 for its contribution to financial products and services for MSMEs, according to the bank.

Such awards provide recognition of the bank’s activities, but the broader challenge remains whether financial institutions can translate their SME programmes into sustained improvements in business survival, productivity and employment.

What SMEs should consider before choosing a bank

The difficult operating environment means entrepreneurs may need to assess financial institutions on more than interest rates or the availability of loans.

Businesses should consider transaction costs, minimum balance requirements, financing terms, repayment schedules, digital banking capabilities and the quality of advisory support available to them.

The type of business also matters.

A retailer requiring regular inventory financing may have different needs from a manufacturer purchasing equipment, while a school expanding its facilities may require a different repayment structure from a service company opening another location.

The right financial arrangement should therefore reflect the business’s cash-flow cycle rather than simply the amount of money being offered.

The bigger economic picture

No bank can resolve the structural problems facing Nigerian businesses on its own.

Reliable electricity, improved infrastructure, predictable regulation, efficient logistics and stable economic policies remain important to the long-term survival of MSMEs.

Financial institutions can nevertheless play a significant role by lowering transaction costs, providing appropriate financing, supporting digital adoption and connecting entrepreneurs with knowledge and markets.

For Nigeria, the stakes are high.

With MSMEs accounting for a substantial share of businesses, employment and economic activity, improving their ability to survive and scale could have a direct effect on jobs, household incomes and economic growth.

The emerging question is therefore not simply whether Nigerian SMEs can access finance, but whether the financial partnerships available to them can help turn limited capital into sustainable businesses.

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Customs Seizes 56 Containers of Prohibited Goods Worth N5.53bn

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The Nigeria Customs Service (NCS) says it has intercepted 56 containers carrying prohibited goods with a combined duty-paid value of N5.53 billion at the Port Harcourt II Area Command in Onne, Rivers State.

The Comptroller-General of Customs, Adewale Adeniyi, disclosed the seizure on Tuesday, 15 September 2026, saying the operation was part of efforts to protect Nigerian farmers, manufacturers and other local businesses from prohibited imports and false declarations.

The seized consignments comprised 45 20-foot containers of foreign vegetable oil, nine 40-foot containers of used clothing and two 20-foot containers of Channy tomato paste, according to the NCS.

Also Read: Delta Police Arrest Nine Suspected Cultists, Recover Two Locally Made Guns 

Customs links imports to pressure on local producers

Adeniyi said the interceptions were the result of intelligence-driven and risk-based operations targeting consignments considered prohibited, restricted or improperly declared.

“The intervention formed part of intelligence-driven and risk-based operations aimed at preventing prohibited, restricted and improperly declared consignments from entering the Nigerian market, thereby crippling the overall productivity of our local businesses.”

The Customs chief argued that unchecked imports of products that can be produced or processed locally could put additional pressure on domestic producers by exposing them to competition and reducing demand for locally made goods.

“The economic impact is especially significant in the agricultural and manufacturing sectors,” he said.

“Large-scale importation of products that Nigeria can produce or process may undermine the Federal Government’s efforts to promote local industries, strengthen food security, create jobs, and diversify the economy.”

What was seized?

The NCS said the intercepted containers contained:

– 45 20-foot containers of foreign vegetable oil

– Nine 40-foot containers of used clothing

– Two 20-foot containers of Channy tomato paste

The combined duty-paid value of the consignments was put at N5.53 billion by the Customs Service.

The seizure comes as the government continues to promote domestic production and policies aimed at increasing the consumption of goods made or processed in Nigeria.

Customs says legitimate trade will continue

Adeniyi said Customs enforcement was not intended to prevent legitimate businesses from importing goods.

He said the Service’s risk-based approach was designed to allow compliant cargo to move while subjecting high-risk consignments to additional scrutiny.

“The Service’s risk-based approach enabled it to facilitate legitimate cargo while directing enhanced scrutiny towards consignments considered high-risk.”

He also advised importers to confirm whether their intended goods are admissible before beginning transactions.

Importers, he said, should make accurate declarations covering the description, quantity, value, origin and classification of their goods.

Customs commends Onne officers

Adeniyi commended the Customs Area Controller, Comptroller Aliyu Alkali, and officers of the Port Harcourt II Area Command for the interceptions.

The NCS said the enforcement action was consistent with the Federal Government’s wider economic objectives, particularly efforts to encourage made-in-Nigeria products.

The latest seizure also highlights the continuing role of Customs in regulating imports while balancing enforcement with the facilitation of legitimate trade.

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EKO International Trade Expo 2026: Lagos Roadshow Begins Ahead of September Event

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Organisers of the EKO International Trade Expo 2026 have concluded a two-day roadshow across major parts of Lagos Mainland as part of efforts to create awareness about the upcoming trade exhibition and encourage participation from businesses and the public.

The campaign, organised by Momentum Trading Enterprises (MTE), took the Expo message directly to commercial centres and residential communities ahead of the five-day event scheduled to hold later this month in Ikeja.

According to the organisers, the roadshow was designed to inform residents, entrepreneurs, small and medium-sized enterprises (SMEs), manufacturers and other stakeholders about opportunities available through the Expo.

On the first day, the campaign began at Costain and moved through Iponri, Alaka, Surulere, Ojuelegba, Yaba, Maryland, Ojota, Ketu, Mile 12, Ikosi and Magodo.

The second day started from the Expo venue at Testing Ground, Obafemi Awolowo Way, Alausa, Ikeja, before covering Ikeja Underbridge, Ogba, Agege, Iyana Dopemu, Berger, Fagba, Ojodu, Oregun and Alausa.

Officials of Momentum Trading Enterprises and members of the Larry Kay Events team engaged residents and business owners along the routes, sharing information about the event and how interested participants can register.

Also Read: Nigeria Journalists Invited to 5-Day Counter-Disinformation Workshop in Abuja 

Expo to Focus on Trade and Innovation

The EKO International Trade Expo 2026 is expected to bring together businesses, entrepreneurs, manufacturers, investors, professionals, consumers and public-sector stakeholders on one platform for trade, networking and business engagement.

The Expo is themed “Driving Inclusive Growth and Investment Opportunities through Trade and Innovation.”

Organisers said the event would provide opportunities for exhibitors to showcase products and services, connect with potential customers, build partnerships and explore new markets.

Members of the public are also expected to interact with exhibitors, discover new products and services, and participate in activities planned during the event.

Public entry to the Expo will be free, according to the organisers.

Event Details

The EKO International Trade Expo 2026 will hold from Tuesday, September 22 to Saturday, September 26, 2026, at Testing Ground, Obafemi Awolowo Way, Alausa, Ikeja, Lagos.

Organisers said the roadshow formed part of wider efforts to deepen awareness of the event and encourage participation from communities and businesses across Lagos.

They added that government institutions, private-sector organisations and development stakeholders are expected to participate in the Expo.

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