Prof. Kila Endorses Nigerian Consumer Credit Corporation, Urges Caution and Conditions

Segun Atanda/

Renowned political economist and public affairs analyst, Prof. Anthony Kila, has expressed cautious support for the Nigerian government’s initiative to boost consumer finance through the newly established Nigerian Consumer Credit Corporation (CREDICORP).

Speaking at the Cambridge African Round Table (CARt) on September 13, 2024, Prof. Kila acknowledged the potential of CREDICORP to transform Nigeria’s consumer finance landscape but stressed the importance of vigilance in its implementation. The event, which gathered analysts, corporate leaders, diplomats, and scholars, focused on exploring economic and developmental opportunities in African and Caribbean countries under the theme: “Finance, Production, and the Market in African Countries.”

Prof. Kila, a professor of Strategy and Development at the Commonwealth Institute of Advanced and Professional Studies, expressed his endorsement of CREDICORP but emphasized the need for careful management. He warned that the initiative should not be reduced to a “cash-sharing scheme,” but rather, must remain a tool for promoting “Made in Nigeria” products and services.

According to him, “The Nigerian Government and those implementing this scheme must ensure it serves as a platform to boost local production, create jobs, and stimulate wealth creation within the country. Any deviation from this purpose will result in the corruption of a sound idea.”

CREDICORP, a government-owned development finance institution, is focused on enhancing access to consumer credit. Kila’s endorsement came with conditions aimed at ensuring the institution remains a driver of economic growth and avoids falling into the trap of mismanagement.

In his address, Prof. Kila also urged political economists across Africa and the Caribbean to collaborate with governments, businesses, and other stakeholders to guide their nations toward prosperity. He emphasized the need for collective action to empower investors, innovators, and experts to contribute to sustainable development solutions.