Nigerian Consumer Credit Corporation Disburses ₦37 Billion to Over 200,000 Nigerians
The Nigerian Consumer Credit Corporation (CREDICORP) has disbursed more than ₦37 billion in consumer credit to over 200,000 Nigerians, with more than half of them accessing formal credit for the first time.
The development was announced in Abuja during the inauguration of the Board of CREDICORP by Vice President Kashim Shettima, who represented President Bola Ahmed Tinubu at the event.
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Speaking at the ceremony, the Vice President said the progress made within the corporation’s first year shows that structured and affordable consumer credit can improve the standard of living of working Nigerians. He explained that many citizens struggle to meet important needs because they are required to pay large sums of money upfront.
He noted that a civil servant should not have to save for many years before buying a vehicle, and a young professional should not remain without basic facilities such as solar power simply because the full cost must be paid at once. According to him, access to credit allows people to spread payments over time in a responsible way.
The Vice President said CREDICORP was established to build a reliable credit system, reduce borrowing costs, and strengthen trust between lenders and borrowers. He added that the long-term goal is to ensure that at least 50 percent of working Nigerians have access to consumer credit by 2030.
He also reminded members of the newly inaugurated board that their role is important and requires integrity, discipline, and accountability. He directed them to strictly follow public service rules and governance guidelines in managing the institution.
Chairman of CREDICORP, Otunba Aderemi Abdul, thanked President Tinubu for establishing the corporation and for the confidence placed in the board. He assured that the board will work to ensure the institution delivers real benefits to Nigerians.
Managing Director and Chief Executive Officer of CREDICORP, Engr. Uzoma Nwagba, said the vision behind consumer credit reform has been consistent over the years. He stated that within 18 months, the corporation has supported more than 200,000 Nigerians, including students.
The ₦37 billion disbursement reflects ongoing efforts to expand access to formal credit and strengthen Nigeria’s financial system for working citizens.
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