The Federal Government has taken a significant step toward deepening financial inclusion with the inauguration of the board of the Nigerian Consumer Credit Corporation (CREDICORP).
Vice President Kashim Shettima performed the ceremony at the Presidential Villa in Abuja, declaring that consumer credit is central to Nigeria’s ambition of building a $1 trillion economy.
According to Shettima, about 200,000 Nigerians have already benefited from ₦37 billion disbursed under the scheme in the past 18 months, with more than half of them accessing formal credit for the first time.
The Vice President said CREDICORP was established in April 2024 by President Bola Ahmed Tinubu to build a trusted credit infrastructure, provide catalytic capital to lower borrowing costs, and tackle long-standing cultural resistance to consumer borrowing.
He noted that improving Nigerians’ quality of life requires bridging the gap between access to capital and human dignity.
“A civil servant who earns honestly does not have to chase sudden wealth just to buy a vehicle, or save for 10 years to buy one. A young professional should not remain in darkness simply because solar power must be paid for all at once,” Shettima said.
He explained that CREDICORP’s mandate includes strengthening credit infrastructure, closing the trust gap between lenders and borrowers, and providing wholesale capital and credit guarantees through its portfolio company.
“Ultimately, these critical jobs of CREDICORP will enable access to consumer credit to at least 50 per cent of working Nigerians by 2030,” he added.
Shettima stressed that the newly inaugurated board members were appointed not for ceremonial roles but as custodians of a national mission, urging them to uphold vigilance, integrity and strict compliance with public service rules.
Chairman of CREDICORP, Aderemi Abdul, thanked the President for the confidence reposed in the board, describing the corporation as a milestone in strengthening Nigeria’s financial architecture.
Managing Director and Chief Executive Officer, Uzoma Nwagba, recalled that President Tinubu had identified consumer credit as a key economic lever two decades ago. He said the institution has directly impacted students and working Nigerians, pledging to translate the President’s long-held vision into measurable outcomes.
The nine-member board includes representatives from key institutions such as the Ministry of Finance Incorporated (MoFI), the National Identity Management Commission (NIMC), the Federal Ministry of Industry, Trade and Investment, and the Federal Competition and Consumer Protection Commission (FCCPC), alongside independent directors.
With the formal inauguration complete, the Federal Government is betting on CREDICORP as a cornerstone of its strategy to expand consumer credit, stimulate domestic demand and accelerate economic growth over the next decade.
