In a bold step to democratize access to consumer credit and improve the quality of life for everyday Nigerians, the federal government under the leadership of President Bola Ahmed Tinubu has launched a nationwide credit initiative through the Consumer Credit Corporation (CREDICORP).
The initiative aims to provide soft loans and affordable credit facilities to working class Nigerians, with a target to reach 50% of the nation’s workforce by 2030. Currently, only 3% of Nigerians in the workforce have access to such credit, a situation CREDICORP is determined to change.
To close the staggering ₦141 trillion consumer credit gap, the agency is mobilizing resources worth up to ₦176 trillion. The credit will empower Nigerians to borrow responsibly for essential needs like home renovation, education, vehicle purchase, and solar energy solutions.
To achieve this vision, CREDICORP plans to overhaul Nigeria’s credit ecosystem by introducing credit scoring, improving credit infrastructure, removing systemic barriers to access, and launching nationwide financial literacy campaigns.
This effort is a central pillar in President Tinubu’s economic reform agenda, which seeks to unlock opportunities for millions of Nigerians, drive local industry, create jobs, and promote inclusive economic growth.