Credicorp’s consumer credit scheme strengthening local manufacturing, says TSF

The Tinubu Stakeholders Forum (TSF) has commended the Nigerian Consumer Credit Corporation (CrediCorp) for reaching more than 300,000 Nigerians and disbursing over ₦45.2 billion in consumer credit within the first half of 2026, describing the achievement as evidence that President Bola Tinubu’s Renewed Hope reforms are delivering tangible benefits to citizens.

In a statement signed by its chairman, Ahmad Sajoh, and secretary, Danjuma Sada, the forum said the milestone underscores the growing impact of the consumer credit initiative in improving household welfare and expanding access to essential goods and services.

The group noted that consumer credit is a key driver of modern economies, as it enables households to acquire education, healthcare, transportation, household appliances and other essential needs through affordable financing rather than waiting years to accumulate savings.

According to the forum, the programme is also boosting the demand for Made-in-Nigeria products by making it easier for consumers to purchase locally manufactured goods, thereby increasing manufacturers’ sales, encouraging business expansion and strengthening local supply chains.

“The resulting growth will create jobs, strengthen local supply chains, reduce dependence on imports, conserve foreign exchange and accelerate Nigeria’s industrialisation and long-term economic growth,” the statement added.

TSF further said the rapid uptake of the programme reflects growing public confidence in Nigeria’s consumer credit ecosystem and validates the Tinubu administration’s efforts to build inclusive financial institutions that support sustainable economic growth.

The forum commended CrediCorp for surpassing 300,000 beneficiaries within six months and expressed confidence that the corporation would exceed its target of 500,000 beneficiaries before the end of the year as more financial institutions, employers and manufacturers participate in the scheme.

It also urged Nigerians to take advantage of the opportunities provided by the programme while maintaining a strong repayment culture, stressing that responsible borrowing is essential to building a sustainable consumer credit market that will improve household welfare, strengthen domestic production and support enterprise growth.