President Bola Tinubu approved the first phase of the Consumer Credit Scheme in Nigeria, aiming to provide credit access to employed citizens nationwide.
Ajuri Ngelale, the President’s special adviser on media and publicity, announced the launch on Tuesday in Abuja. The scheme will roll out in stages, initially targeting civil service members and later expanding to the general public.
Ngelale emphasized consumer credit’s importance in modern economies, enabling individuals to improve their quality of life by accessing goods and services upfront and paying over time. It supports major purchases such as homes, vehicles, education, and healthcare, essential for long-term stability and personal growth.
President Tinubu advocates for every diligent Nigerian to access social mobility opportunities, with consumer credit as a central part of that vision. Ngelale outlined the Nigerian Consumer Credit Corporation’s (CREDICORP) strategies to fulfill its mission:
- Strengthening Nigeria’s credit reporting systems to provide each economically active citizen with a reliable credit score.
- Offering credit guarantees and wholesale lending to financial institutions committed to expanding consumer credit access.
- Promoting responsible use of consumer credit to improve quality of life and foster financial responsibility.
Ngelale also introduced a portal at credicorp.ng for Nigerians to register interest in obtaining consumer credit. This initiative, in partnership with financial institutions and cooperatives nationwide, aims to expand consumer credit availability.
The deadline for registering interest is May 15, 2024, with the scheme launching in stages, starting with civil service members and eventually reaching the general public.
