An aviation expert has made a strong case for the rapid expansion of consumer credit facilities specifically aimed at boosting the purchase of locally manufactured goods in Nigeria.
Credit as a Catalyst for Domestic Production
Capt. Samuel Caulcrick, a former Rector of the Nigerian College of Aviation Technology (NCAT) in Zaria, stated that there is no better time than now to intensify such schemes. He argued that encouraging Nigerians to buy made-in-Nigeria products through accessible credit would stimulate domestic manufacturing, create significant employment, and reduce the country's heavy reliance on imports.
Caulcrick presented this approach as a vital complement to increased government spending on public works and services. He described such public spending as "a Keynesian strategy to boost economic activity, expand employment and drive aggregate demand." However, he issued a critical warning on January 9, 2026, stressing that the strategy's success hinges entirely on effective implementation and transparent governance.
Risks and Necessary Safeguards
He cautioned that in a depressed economy, poor project execution, delays, or the misappropriation of funds could completely undermine the intended economic benefits of ramped-up public expenditure. The expert also pointed out that financing Nigeria's vast development needs solely through Internally Generated Revenue (IGR), even with expected proceeds from tax reforms, would likely be insufficient.
He advised the government to adopt a careful mix of funding sources, including well-managed borrowing, while vigilantly ensuring that public debt remains sustainable. A major challenge he identified is economic leakage, where in an open economy like Nigeria's, additional income often flows straight into the purchase of imported goods and services.
"To address the need for policies that deliberately promote spending on locally-made products, consumer credit for domestic goods will help strengthen the local manufacturing base and improve the multiplier effect within the economy," Caulcrick added.
Avoiding Inflation and Building Capacity
The aviation veteran also sounded a note of caution on inflation. He warned that a sharp rise in aggregate demand without a corresponding increase in local production capacity could fuel inflation, thereby eroding consumers' purchasing power. To prevent this, he advocated that credit expansion must be paired with concerted efforts to scale up domestic production capabilities.
Furthermore, he underscored the importance of aligning public works programs with existing labour market skills or coupling them with robust training initiatives to bridge any skills gaps.
Overall, Capt. Samuel Caulcrick maintained that a dual approach of expanded, well-managed public spending and targeted consumer credit schemes holds significant potential to accelerate Nigeria's economic growth and reduce the high rate of unemployment.
