CREDITCORP: FG Announces Plans to Give 500,000 Nigerians N45.2bn to Purchase Cars, Phones, Others
- The Federal Government set a target to grow CREDITCORP beneficiaries to 500,000 Nigerians before the end of 2026
- CREDITCORP already reached over 300,000 beneficiaries and disbursed more than N45.2bn in consumer credit in H1 2026
- Priority sectors include mobility, digital devices, energy, home improvement and life essentials for productive asset acquisition
Pascal Oparada is a journalist with Legit.ng, covering technology, energy, stocks, investment, and the economy for over a decade.
The Federal Government has announced plans to expand the reach of its consumer credit programme to 500,000 Nigerians by December 2026, as the Nigerian Consumer Credit Corporation (CREDICORP) shifts focus from building its framework to scaling its impact across the country.
The target was outlined in CREDICORP's H2 2026 Outlook, published as part of its 2026 Impact Report.
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According to a report by The Nation, the document showed that the corporation had already crossed the 300,000-beneficiary mark and disbursed over N45.2 billion in consumer credit during the first six months of the year, which the body described as a major milestone since the programme launched in April 2024 following a presidential directive.
What CREDICORP plans for H2 2026
For the remainder of the year, the government said its priorities include growing the volume of loans issued, mobilising more capital, strengthening partnerships with lenders and vendors, and deepening consumer education to encourage responsible borrowing.
CREDICORP said it will keep its attention on key sectors, including mobility, digital devices, energy solutions, home improvement and life essentials, to help Nigerians acquire assets that improve their daily lives and economic standing.
The corporation also plans to advance national initiatives such as the Credit Passport, Consumer Credit Guidelines and enabling legislation, while widening participation among lenders, manufacturers, vendors and development partners.
In its own words, CREDICORP said: "Our ambition for H2 is clear: reach more Nigerians, strengthen the consumer credit ecosystem, and accelerate the transition towards a credit-enabled economy where access to finance drives productivity, inclusion, and sustainable economic growth."
Who the programme is targeting
The report noted that CREDICORP's programmes are deliberately designed to reach women and Nigerians who have been shut out of the formal financial system. More than 40 per cent of current beneficiaries are first-time formal borrowers, according to the corporation.
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CREDICORP said its partnership model, which brings together financial institutions, government agencies, development partners and private sector players, has continued to grow, strengthening the foundation for responsible consumer lending in Nigeria.
Looking ahead, the corporation said it remains committed to responsible lending, improved consumer education, stronger governance and mobilising additional investment to build a sustainable credit market that supports inclusive economic growth.
FG offers N5m to employed Nigerian youths
Earlier, Legit.ng disclosed that the Nigerian Consumer Credit Corporation (CrediCorp) has introduced a nationwide digital device credit scheme aimed at making smartphones, laptops, and other essential tech tools more accessible to working Nigerians.
In an announcement on Tuesday, December 2, 2025, the organisation explained that the initiative is expected to enable more than 15,000 people to acquire the devices they need to stay productive in an increasingly digital world.
It also comes with a clear age requirement, limiting eligibility to citizens between 18 and 39 years.
Source: Legit.ng
