FG inaugurates CREDICORP board, targets 50% credit access for workers by 2030

The federal government has inaugurated the board of the Nigerian Consumer Credit Corporation (CREDICORP), as part of efforts to expand access to consumer credit and strengthen Nigeria’s financial system.

Vice President Kashim Shettima, who performed the inauguration on behalf of President Bola Tinubu in Abuja on Thursday, said access to consumer credit is central to Nigeria’s ambition of building a one-trillion-dollar economy.

Shettima said CREDICORP was established by President Tinubu to develop a trusted credit infrastructure, provide catalytic capital to reduce borrowing costs, and address long-standing cultural resistance to credit in the country.

He noted that improving Nigerians’ quality of life requires bridging the gap between access to capital and economic dignity. According to him, workers should not have to rely on sudden wealth or prolonged savings to meet basic needs such as purchasing vehicles or installing alternative power solutions.

The Vice President disclosed that within its first year of operations, CREDICORP has disbursed over ₦37 billion in consumer credit to more than 200,000 Nigerians. He added that over half of the beneficiaries accessed formal credit for the first time.

Shettima stated that the government aims to ensure that at least 50 per cent of working Nigerians have access to consumer credit by 2030.

Chairman of CREDICORP, Otunba Aderemi Abdul, thanked the President for the vision behind the corporation and pledged the board’s commitment to strengthening the nation’s financial architecture.

Managing Director and Chief Executive Officer of CREDICORP, Engr. Uzoma Nwagba, said the institution has benefited more than 200,000 Nigerians over the past 18 months, including students. He assured that the board and management would remain focused on delivering on the President’s vision for expanded consumer credit access.