The Federal Government yesterday took a major step towards expanding financial inclusion with the inauguration of the board of the Nigerian Consumer Credit Corporation (CREDICORP).
Vice President Kashim Shettima, who performed the ceremony at the Presidential Villa, said access to consumer credit is central to Nigeria’s ambition of building a one-trillion-dollar economy.
Shettima disclosed that about 200,000 Nigerians have benefited from ₦37 billion disbursed under the consumer credit scheme over the past 18 months, describing the intervention as a critical enabler of economic participation and household stability.
He explained that CREDICORP was established by the administration of President Bola Ahmed Tinubu in April 2024 to create a trusted national credit infrastructure, provide catalytic capital to reduce borrowing costs, and help Nigerians overcome long-standing cultural resistance to credit.
According to the Vice President, the availability of affordable consumer credit would empower citizens to meet essential needs, invest in productivity, and improve their standard of living.
“Improving the quality of life of Nigerians requires closing the gap between access to capital and human dignity,” Shettima said, stressing that responsible credit systems are vital for inclusive growth.
He charged the newly inaugurated board to ensure transparency, sustainability and broad access as the corporation scales up operations nationwide.
Officials at the event said the inauguration of the board marks a significant milestone in strengthening Nigeria’s consumer credit ecosystem, with expectations that expanded access to credit will stimulate demand, support small businesses and contribute to long-term economic growth.
