The Nigerian Consumer Credit Corporation (CREDICORP) has disbursed over ₦37 billion in consumer credit to more than 200,000 Nigerians, with more than half of the beneficiaries accessing formal credit for the first time.
This milestone was highlighted in Abuja during the inauguration of the Board of CREDICORP by Vice President Kashim Shettima on behalf of President Bola Ahmed Tinubu. The event marked a significant step in strengthening Nigeria’s consumer credit system and expanding financial access to working citizens across the country.
Speaking at the ceremony, the Vice President said the progress recorded by CREDICORP within its first year of operations shows that structured consumer credit can play a major role in improving the quality of life for Nigerians. He noted that access to affordable credit is essential to the country’s ambition of building a one-trillion-dollar economy.
According to him, the establishment of CREDICORP is aimed at creating a trusted credit infrastructure, reducing borrowing costs through catalytic capital, and addressing long-standing cultural resistance to credit usage. He explained that many hardworking Nigerians struggle to meet important needs because they must pay for major expenses upfront.
“A civil servant who earns honestly does not have to chase sudden wealth just to buy a vehicle, or save for ten years to buy one. A young professional should not remain in darkness simply because solar power must be paid for all at once,” he said.
The Vice President emphasized that closing the gap between access to capital and human dignity is necessary for sustainable economic growth. He added that CREDICORP has been specifically tasked with bridging the trust gap between lenders and borrowers by building strong credit infrastructure and offering wholesale capital and credit guarantees through its portfolio company.
He further stated that the goal is to enable access to consumer credit for at least 50 percent of working Nigerians by 2030.
Addressing members of the newly inaugurated board, the Vice President said their role is not ceremonial. He described them as custodians of the institution’s mission and stressed that the long-term strength of CREDICORP will depend on their vigilance, integrity, sacrifice, and commitment.
He directed the board to strictly uphold Public Service Rules, the Board Charter, and all applicable governance frameworks, noting that accountability and responsible management of public resources are non-negotiable.
Chairman of CREDICORP, Otunba Aderemi Abdul, thanked President Tinubu for his vision in establishing the corporation and for the confidence placed in the board. He described the creation of CREDICORP as an important step toward strengthening Nigeria’s financial architecture.
He assured that the board understands its responsibility and will guide the institution to deliver meaningful benefits to Nigerians.
Managing Director and Chief Executive Officer of CREDICORP, Engr. Uzoma Nwagba, said the vision behind consumer credit has been consistent for years. He noted that within 18 months, the institution has impacted more than 200,000 Nigerians, including students.
He added that the team views their appointments as a rare opportunity to contribute to a system that can transform financial access across the country.
