Abuja, Nigeria – Nigerian Vice President Kashim Shettima has officially inaugurated the board of directors for the newly established Nigerian Consumer Credit Corporation (CREDICORP). The inauguration ceremony, which took place in the federal capital of Abuja on Thursday, February 26, 2026 (WAT), marks a significant step in the federal government’s broader economic strategy to expand financial access for everyday citizens.
Okay News reports that the Vice President performed the inauguration on behalf of President Bola Ahmed Tinubu. During the event, Shettima emphasized that expanding access to consumer credit is a critical component of Nigeria’s long-term ambition to transform into a one-trillion-dollar (USD) economy. He noted that the newly formed corporation was established specifically to build a trusted national credit infrastructure and provide catalytic capital that will significantly lower borrowing costs for the general public.
Addressing the cultural and economic barriers to borrowing in the West African nation, the Vice President stated that improving the quality of life for Nigerians requires closing the gap between human dignity and access to capital. The current administration aims to utilize the credit corporation to help citizens overcome long-standing cultural resistance to taking on debt for personal advancement, creating a system where working professionals can afford essential goods without experiencing extreme financial strain.
To illustrate the practical impact of the financial initiative, Shettima highlighted the everyday economic struggles faced by the country’s workforce. “A civil servant who earns honestly does not have to chase sudden wealth just to buy a vehicle, or save for ten years to buy one,” the Vice President said. He further explained the necessity of structured credit by adding, “A young professional should not remain in darkness simply because solar power must be paid for all at once.”
