The Nigerian Consumer Credit Corporation has disbursed more than ₦37 billion in consumer credit to over 200,000 Nigerians, with more than half of the beneficiaries accessing formal credit for the first time.
The milestone was announced on Saturday in Abuja during the inauguration of the Board of CREDICORP by Vice President Kashim Shettima, who represented President Bola Ahmed Tinubu at the ceremony.
Speaking at the event, Shettima said the corporation’s achievements within its first year demonstrate how structured and affordable consumer credit can improve the lives of working Nigerians by giving them access to essential goods and services without the burden of paying the full cost upfront.
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He noted that many Nigerians are forced to postpone important purchases because they cannot afford lump-sum payments, stressing that access to responsible credit allows people to spread payments over time.
According to the Vice President, a civil servant should not have to save for several years before purchasing a vehicle, while a young professional should not be denied access to basic amenities such as solar power simply because the full amount cannot be paid at once.
Shettima said CREDICORP was established to build a reliable consumer credit system, reduce borrowing costs, and strengthen confidence between borrowers and lenders.
He added that the Federal Government is working towards ensuring that at least 50 per cent of working Nigerians have access to consumer credit by 2030.
The Vice President also charged members of the newly inaugurated board to uphold transparency, discipline and accountability in the discharge of their responsibilities, urging them to comply strictly with public service rules and corporate governance principles.
Chairman of CREDICORP, Otunba Aderemi Abdul, thanked President Tinubu for establishing the corporation and expressed confidence that the board would deliver on its mandate of expanding access to consumer credit for Nigerians.
Also speaking, the Managing Director and Chief Executive Officer of CREDICORP, Engr. Uzoma Nwagba, said the corporation’s consumer credit reforms have remained focused on improving financial inclusion since inception.
He disclosed that within 18 months, the corporation had supported more than 200,000 Nigerians, including students, through its consumer credit programmes.
Read: Direct Link to Apply for YouthCred Loan for Nigerian Youth ( FG Loan without Collateral )
The latest disbursement marks another milestone in the Federal Government’s efforts to expand access to affordable credit and strengthen financial inclusion across the country.
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