Abuja, Nigeria – The Federal Government has inaugurated the Board of the Nigerian Consumer Credit Corporation (CREDICORP), marking a major step toward expanding financial inclusion after the agency disbursed over N37 billion (approximately $23.6 million) in consumer credit to more than 200,000 Nigerians within its first year of operations.
Okay News reports that Vice President Kashim Shettima performed the inauguration on Thursday in Abuja on behalf of President Bola Tinubu, describing access to consumer credit as critical to Nigeria’s ambition of becoming a one-trillion-dollar economy. Shettima stated that CREDICORP was established to build trusted credit infrastructure, provide catalytic capital to lower borrowing costs, and help Nigerians overcome long-standing cultural resistance to credit.
The Vice President emphasized that improving the quality of life for Nigerians requires closing the gap between access to capital and human dignity, noting that a civil servant should not have to chase sudden wealth just to buy a vehicle or save for ten years to afford one. He disclosed that over half of the 200,000 beneficiaries accessed formal credit for the first time through the programme, which has recorded zero non-performing loans.
CREDICORP Managing Director Uzoma Nwagba recalled watching President Tinubu articulate the vision for consumer credit two decades ago, noting that the institution has now directly impacted more than 200,000 Nigerians including students. He assured that the team considers their appointments a unique opportunity to translate that long-held vision into tangible outcomes, with a target of enabling access to consumer credit for at least 50 percent of working Nigerians by 2030.
Board Chairman Otunba Aderemi Abdul thanked the President for his vision and pledged the board’s commitment to strengthening the nation’s financial architecture. Other board members include representatives from the Ministry of Finance Incorporated, National Identity Management Commission, Federal Ministry of Industry Trade and Investment, Federal Competition and Consumer Protection Commission, and independent directors. The corporation has partnered with 35 financial institutions nationwide and launched targeted initiatives including YouthCredit and the Women in Mobility programme. Expanding consumer credit access remains central to the administration’s economic empowerment agenda.
