President Tinubu Launches Consumer Credit Scheme to Empower Nigerians

By Milcah Tanimu

President Bola Tinubu has given the green light for the commencement of the inaugural phase of the Consumer Credit Scheme, aimed at providing Nigerians with opportunities to enhance their quality of life by accessing goods and services.

The announcement of President Tinubu’s approval was made by his special adviser on media and publicity, Ajuri Ngelale, in a statement released on Wednesday. Ngelale emphasized the importance of consumer credit in modern economies and highlighted the scheme’s role in facilitating essential purchases such as homes, vehicles, education, and healthcare.

The Nigerian Consumer Credit Corporation (CREDICORP) will play a vital role in strengthening the country’s credit reporting systems, ensuring that every economically active citizen has a reliable credit score. This score will serve as personal equity, facilitating access to consumer credit, while CREDICORP will also provide credit guarantees and wholesale lending to financial institutions dedicated to expanding consumer credit access.

Ngelale emphasized that the initiative promotes responsible consumer credit, fostering a cultural shift towards growth and financial responsibility. As per the President’s directive, CREDICORP has launched a portal for Nigerians to express their interest in receiving consumer credit, with a deadline of May 15, 2024.

The scheme will be implemented in phases, starting with civil servants and extending to other members of the public. The statement encouraged all eligible citizens to take advantage of this opportunity, emphasizing that the Consumer Credit Scheme is expected to stimulate local industry and job creation, driving economic growth through increased demand for goods and services. Additionally, responsible repayment will enable individuals to build credit histories, unlocking more opportunities for a better life.


Leave a Reply

Your email address will not be published. Required fields are marked *