Consumer Credit: Great News as President Tinubu Approves Scheme's Takeoff

Consumer Credit: Great News as President Tinubu Approves Scheme's Takeoff

  • Nigerians now have more reasons to rejoice, thanks to the launch of the federal government's Consumer Credit scheme
  • The presidency in a statement released on Wednesday, April 24, said that President Tinubu had approved the takeoff of the initiative
  • The scheme will help Nigerians have access to goods and services upfront and pay in a fixed and organised method later

President Bola Tinubu on Wednesday, April 24, approved the takeoff of the first phase of the Consumer Credit Scheme.

The consumer credit serves as the lifeblood of modern economies, enabling citizens to enhance their quality of life by accessing goods and services upfront, and paying responsibly over time.

President Bola Tinubu
The president is giving Nigerians reason to trust his administration (Photo: @officialABAT/X)
Source: Twitter

In a statement released by the president's media aide, Ajuri Ngelale, the presidency explained that the initiative facilitates crucial purchases, such as homes, vehicles, education, and healthcare, essential for ongoing stability to pursue their aspirations.

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According to the presidency, with the scheme, individuals can build credit histories, unlocking more opportunities for a better life, apart from the fact that the increased demand for goods and services stimulates local industry and job creation.

The presidency believes every hardworking Nigerian should have access to social mobility, with consumer credit playing a pivotal role in achieving this vision.

It explained that the Nigerian Consumer Credit Corporation (CREDICORP) achieves its mandate through the following:

  1. Strengthening Nigeria's credit reporting systems, ensuring every economically active citizen has a dependable credit score. This score becomes personal equity they build, facilitating access to consumer credit.
  2. Offering credit guarantees and wholesale lending to financial institutions dedicated to broadening consumer credit access today.
  3. Promoting responsible consumer credit as a pathway to an improved quality of life, fostering a cultural shift towards growth and financial responsibility.

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In line with the president's directive to expand consumer credit access to Nigerians, the Nigerian Consumer Credit Corporation (CREDICORP) has launched a portal for Nigerians to express interest in receiving consumer credit.

This initiative, in collaboration with financial institutions and cooperatives nationwide, aims to broaden consumer credit availability.

Nigerians who are interested in receiving consumer credit can visit to express interest. The deadline is May 15, 2024.

The scheme will be rolled out in phases, starting with members of the civil service and then members of the public.

Tinubu appoints CEO for consumer credit corporation

Meanwhile, Tinubu had approved the appointment of Engineer Uzoma Nwagba as the Managing Director/Chief Executive Officer of the Nigerian Consumer Credit Corporation (CREDICORP).

The presidency confirmed Nwagba's appointment in a statement signed and issued to newsmen on Friday, April 5.


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