Kila cheers Credit Corp, but sounds warning bell over mismanagement

Onome Amuge

Anthony Kila, a professor of Strategy and Development at the Commonwealth Institute of Advanced and Professional Studies, has thrown his support behind the federal government’s recent effort to reinvigorate consumer finance by establishing the Nigerian Consumer Credit Corporation (CREDICORP). However, Kila stressed the importance of exercising due diligence and exercising strict oversight during the implementation of the project to ensure that CREDICORP does not degenerate into a mere cash-sharing scheme, which could ultimately lead to the project’s abandonment.

Kila, a prominent political economist and renowned public affairs analyst, expounded on his views while speaking at the Cambridge African Round Table (CARt), an international forum composed of analysts, corporate and public leaders, diplomats, and scholars with the aim of fostering dialogue, research, and connectivity to advance our comprehension of African and global issues.

The event, which took place on 13th September 2024, was organised to discuss economic and developmental opportunities in African and Caribbean countries at a roundtable themed “Finance, Production and the Market in African Countries.

The political economist, in his endorsement of the Nigerian Consumer Credit Corporation, acknowledged the potential of the initiative. However, he expressed his support with reservations and outlined specific caveats to ensure its successful implementation.

“The Nigerian government and those who act on their behalf should be careful not to limit or turn the project into a cash-sharing scheme,” he warned.

He also underlined the need for both the government and public to be mindful of the potential dangers of the project, while also emphasising the potential benefits it could bring.

Kila further insisted that the CREDICORP scheme should be perceived as an opportunity for Nigeria to “ginger” and empower Made in Nigeria products and services and, by doing so, increase the creation of jobs and wealth in the country.

The professor of strategy and development, in his capacity as a public analyst, urged stakeholders to steer clear of any misuse of the CREDICORP scheme, highlighting the importance of safeguarding the project from corruption and waste.

Furthermore, Kila called on political economists in African and Caribbean nations to take a proactive role in guiding their respective communities, governments, and businesses towards prosperity through collaboration.