The Ooni of Ife, Adeyeye Ogunwusi, has commended President Bola Tinubu for providing 100 residents with an affordable consumer credit scheme that will enable them to acquire locally assembled vehicles,  which they can repay over an agreed period.

The senior media officer for the Ooni’s palace, Sodiq Lawal, said in a statement on Tuesday, on behalf of the palace’s spokesperson, Moses Olafare, that the initiative was implemented under the National Mobility Programme of the Nigerian Consumer Credit Corporation (CreditCorp).

According to the statement, Mr Ogunwusi, who is also the co-chairman of the National Council of Traditional Rulers of Nigeria, made the commendation earlier in the day at the Ile Oodua palace during the unveiling of the scheme.

He said, “The Permanent Chairman of the Southern Nigerian Traditional Rulers Council (SNTRC), Arole Oodua Olofin Adimula and the Natural Head of the Oduduwa race worldwide, the Ooni of Ife, Ooni Adeyeye Enitan Ogunwusi, CFR, Ojaja II, has commended President Bola Ahmed Tinubu for introducing initiatives aimed at improving access to affordable credit and empowering Nigerians at the grassroots.

“The initiative enables beneficiaries to acquire locally assembled vehicles through affordable consumer credit and repay over an agreed period.”

Mr Ogunwusi described the programme as one of the most significant initiatives targeted at strengthening Nigeria’s micro-economy, particularly by providing access to credit for ordinary Nigerians, youths and small business operators.

“I want to thank Mr President for bringing such an initiative to reach the micro-economy, the real people that need it. Obviously, they are the ones that have been lacking,” he said.

According to him, the beneficiaries of the initiative would be able to use the vehicles to improve their livelihoods, particularly through commercial transportation, while gradually working towards full ownership.

He, however, stated that the gains recorded at the macroeconomic level would have a greater impact if ordinary Nigerians could also access affordable credit to improve their businesses and standard of living.

“I was opportune to sit with Mr President in the Villa, and he got so engrossed talking about it. He is so passionate about getting things right for the country. If the micro is right, then Nigeria is a better nation. These are initiatives that will get the micro right, and then we keep praying for Mr President,” he added.

The Managing Director of CreditCorp, Uzoma Nwagba, said at the event that the programme is targeting the delivery of at least 10,000 locally assembled vehicles to Nigerians nationwide.

Mr Nwagba explained that, instead of saving for several years before acquiring vehicles, the initiative allows beneficiaries to make structured repayments from their earnings and become full owners within 18 to 24 months.

He said the corporation had so far reached about 301,000 beneficiaries nationwide, while efforts are underway with banks, microfinance banks, finance companies and fintech firms to extend its reach to Nigerians.