NEWS
ASTOPU Aba Chairman Victor Azubuike Joins Stakeholders as CREDICORP Unveils Consumer Credit Opportunities for Over 1,000 Abians
The Chairman of the Abia State Tricycle Operators Union (ASTOPU), Aba Zone, Comrade Victor Azubuike, has joined other key stakeholders in Aba, Abia State, for the unveiling of the Federal Government’s consumer credit opportunities designed to empower traders, artisans, transport operators, young entrepreneurs and other residents through affordable financing.
The event, organised by the Nigerian Consumer Credit Corporation (CREDICORP), took place on Wednesday, October 28, 2026, at the Prime Time Event Centre, Osisioma Aba, attracting government representatives, financial institutions, manufacturers, vendors, business owners and prospective beneficiaries of the programme.
A major highlight of the showcase was the pilot launch of SPARK, a USSD-based credit product that enables eligible Nigerians to initiate credit applications using basic mobile phones without requiring internet access. The initiative is expected to widen access to financing and create opportunities for individuals seeking to acquire productive assets, expand businesses and improve their livelihoods.
Comrade Victor Azubuike’s participation alongside other stakeholders underscored the importance of extending affordable financing opportunities to transport operators and other small-business owners, particularly those whose daily economic activities depend on income-generating assets.
For tricycle operators, access to affordable credit could create opportunities to acquire new tricycles, improve their businesses, increase daily earnings and strengthen their capacity to support their families.
The inclusion of transport operators in the initiative also highlights the role of the informal sector in driving economic activities, providing employment and connecting communities to markets and essential services.
The programme equally presents an opportunity to support local manufacturing by connecting prospective buyers with locally assembled tricycles and other productive equipment, thereby stimulating demand, creating jobs and strengthening the domestic economy.
Governor Alex Otti, represented at the event by his Chief Principal Secretary and Chief Strategy Officer, Mr. Chinenye Mba-Uzoukwu, welcomed the initiative, describing Aba as an appropriate location for a programme designed to strengthen enterprise development and improve access to credit.
The governor noted that Aba’s longstanding reputation as a commercial and industrial hub makes it particularly suitable for interventions aimed at supporting traders, artisans, manufacturers and small-business owners.
He reiterated his administration’s commitment to building an enabling environment where businesses can thrive, investments can grow and residents can access responsible financing to improve their economic circumstances.
Governor Otti explained that the state government’s investments in infrastructure, electricity, education and environmental management were intended to improve productivity and create the foundation for sustainable economic growth.
Highlighting developments in Aba, the governor pointed to improvements in environmental sanitation and urban infrastructure, attributing the progress to the government’s waste management programme and the cooperation of residents. He also identified the resumption of operations by Geometric Power after more than two decades of inactivity as a significant step towards improving electricity supply and supporting industrial development in the state.
According to the governor, efforts are ongoing to expand electricity generation capacity and distribution networks to meet the needs of businesses and industries.
On education, Governor Otti highlighted his administration’s commitment to human-capital development, noting that 30 per cent of the annual budget had been allocated to the sector. He also cited interventions in more than 500 schools, plans to establish 21 smart schools and the recruitment of over 9,000 teachers.
The governor maintained that consumer credit would be more effective when beneficiaries operated in an environment that encouraged productivity, income generation and responsible loan repayment. He commended the Federal Government and CREDICORP for extending the initiative to Abia State.
Earlier, the Managing Director and Chief Executive Officer of CREDICORP, Engr. Uzoma Nwagba, explained that the corporation was established under President Bola Ahmed Tinubu’s administration to expand access to consumer credit and improve the quality of life of Nigerians.
Nwagba said the initiative was designed to enable individuals to acquire essential goods and productive assets without having to save for years before making such purchases. He explained that affordable financing could increase purchasing power, stimulate demand for locally manufactured products and strengthen Nigerian industries.
The CREDICORP chief executive disclosed that the corporation had facilitated more than ₦53.5 billion in consumer credit for over 351,000 Nigerians nationwide since commencing operations, with women accounting for approximately 59 per cent of beneficiaries.
He added that the corporation worked with banks, microfinance banks, finance companies and financial technology firms to deliver financing to eligible Nigerians through established financial channels.
According to Nwagba, the Aba showcase was expected to provide more than 1,000 residents with opportunities to access different forms of credit for business equipment, mobility and other goods and services capable of improving their livelihoods. He noted that many micro, small and medium-sized enterprises relied on personal credit to finance their operations because they often lacked the formal business structures, collateral and other requirements necessary to secure conventional business loans.
He explained that consumer credit was particularly relevant to Aba, where a significant number of traders, artisans and manufacturers operated individual businesses and needed additional financing to expand their activities.
Nwagba added that many Nigerians already used personal consumer loans for productive purposes, including purchasing equipment, acquiring vehicles and expanding small businesses. He said the corporation was also working to help first-time borrowers establish formal credit histories through responsible borrowing and timely repayment, while assessing applicants’ financial information and cash flows to determine credit amounts they could reasonably manage.
Also speaking, the Managing Director of the Ministry of Finance Incorporated (MOFI) and CREDICORP board member, Dr. Armstrong Ume Takang, encouraged Abians to take advantage of the programme to expand their businesses and improve their livelihoods.
Takang, who recalled growing up in a business-owning family and selling provisions, bread and groundnuts, said his personal experience had given him a practical understanding of the difficulties traders and entrepreneurs face in accessing capital. He described Aba and the wider South-East as major beneficiaries of the initiative because of the region’s concentration of traders, artisans, manufacturers and small-business operators.
According to him, more than 70 per cent of beneficiaries of the consumer credit programme use the financing to support their businesses. He explained that the initiative could help traders acquire goods, expand their operations and invest in productive assets, while manufacturers and vendors would benefit from increased demand for their products.
Takang also urged manufacturers and vendors to collaborate with CREDICORP by making more locally produced goods available to prospective beneficiaries. He highlighted other Federal Government initiatives, including the MOFI Real Estate Investment Fund and the Nigerian Education Loan Fund, encouraging eligible Nigerians to explore the opportunities offered by the programmes.
The CREDICORP board member commended President Tinubu for establishing the corporation, describing consumer credit as an important reform aimed at broadening access to financing and strengthening economic participation.
Beyond the SPARK product, the showcase featured YouthCred, an initiative designed to connect eligible young Nigerians, including serving members of the National Youth Service Corps, with affordable credit opportunities to support their financial development and encourage responsible borrowing.
The event also featured locally assembled tricycles under the consumer credit initiative, highlighting the potential of affordable financing to support transport operators, promote domestic manufacturing and create additional economic opportunities.
For ASTOPU Aba Zone and the wider transport sector, the programme represents a potentially significant opportunity to improve access to income-generating assets. However, its practical impact will depend on the eligibility requirements, affordability of repayment terms, availability of financing and the ability of operators to meet the programme’s conditions.
CREDICORP’s engagement in Abia builds on similar showcases held in Lagos, Abuja, Ondo, Osun, Ogun, Rivers and Adamawa states as the corporation expands its national reach.
Established under the Tinubu administration, the corporation is working towards the Federal Government’s target of extending consumer credit access to at least 50 per cent of working Nigerians by 2030. Through initiatives such as SPARK, YouthCred and S.C.A.L.E., CREDICORP aims to bridge financing gaps, improve access to essential goods and productive assets, support local industries and create opportunities for Nigerians to improve their economic circumstances.
The Aba showcase brought the importance of accessible financing into focus, particularly for the traders, artisans, manufacturers and transport operators whose businesses sustain commercial activities across the state.
With stakeholders such as ASTOPU Aba Zone Chairman, Comrade Victor Azubuike, participating in the engagement, attention will now turn to how eligible beneficiaries can translate the opportunities presented into tangible econom
ic gains, improved business capacity and sustainable livelihoods.