In a rapidly globalising world, nations are looking inward to discover indigenous solutions to economic challenges. For Nigeria, one of the keys to unlocking a prosperous economic future lies in promoting “Made in Nigeria” products. However, this endeavour needs a catalyst—a force that stimulates demand, boosts production, and drives innovation. Enter consumer credit.
Consumer credit, which allows people to purchase goods or services before they’ve actually earned the money to pay for them, has long been recognised as an essential tool for stimulating demand in economies worldwide. It enables consumers to spend more, and in turn, stimulates production, job creation, and economic growth. Yet, when targeted towards locally produced goods, its benefits are magnified.: The first and most direct benefit is the empowerment of local industries.
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