By Ayo Kehinde
The Federal Government, through the Nigerian Consumer Credit Corporation (CREDICORP), has disbursed over ₦37 billion in consumer credit to more than 200,000 Nigerians in just one year, even as it inaugurated the corporation’s new board to expand affordable loans nationwide.
Vice-President Kashim Shettima, who led the inauguration in Abuja, said access to consumer credit is central to Nigeria’s ambition of becoming a one-trillion-dollar economy.
He noted that bridging the gap between access to capital and human dignity is critical to improving the quality of life for Nigerians.
Shettima explained that President Bola Tinubu established CREDICORP to create a trusted credit infrastructure, provide catalytic capital to lower borrowing costs, and help citizens overcome long-standing cultural resistance to formal credit.
“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. A young professional should not remain in darkness simply because solar power must be paid for all at once,” he said.
Highlighting CREDICORP’s achievements, the Vice-President disclosed that over half of the beneficiaries accessed formal credit for the first time.
The corporation is tasked with bridging the trust gap between lenders and borrowers while providing wholesale capital and credit guarantees to stimulate consumer lending.
“Ultimately, these critical jobs of CREDICORP will enable access to consumer credit for at least 50 per cent of working Nigerians by 2030,” Shettima added.
He stressed that the new board’s role is not ceremonial, describing its members as custodians of the organisation’s mission.
Shettima directed them to uphold Public Service Rules, the Board Charter, and all applicable governance frameworks, warning that accountability and stewardship of public resources are non-negotiable.
Chief Aderemi Abdul, Chairman of CREDICORP, expressed appreciation to President Tinubu for the vision behind the corporation, describing its establishment as a major step toward strengthening the nation’s financial architecture.
He assured that the board would guide the institution to deliver tangible benefits to Nigerians.
Meanwhile, Managing Director Uzoma Nwagba recalled that President Tinubu had long envisioned consumer credit as a tool to improve lives.
Over the past 18 months, the corporation has benefited students and thousands of working Nigerians. Nwagba affirmed the board’s commitment to realising the presidential vision, noting that the appointments are a unique, once-in-a-lifetime opportunity to make lasting impact.
