The Federal Government has taken a decisive step toward expanding financial inclusion and strengthening Nigeria’s credit ecosystem with the inauguration of the Board of the Nigerian Consumer Credit Corporation (CREDICORP).
The ceremony, held in Abuja, signals a renewed push to democratise access to consumer credit as part of broader economic reforms aimed at transforming Nigeria into a one-trillion-dollar economy.
Representing President Bola Ahmed Tinubu, Vice President, Kashim Shettima, described consumer credit as a vital instrument for economic growth, social mobility, and human dignity. He said the establishment of CREDICORP reflects the administration’s resolve to build a trusted and inclusive credit infrastructure that lowers borrowing costs and dismantles long-standing cultural resistance to credit in Nigeria.
Credit as a Tool for National Transformation
According to the Vice President, Nigeria’s ambition of becoming a trillion-dollar economy cannot be realised without bridging the gap between access to capital and improved quality of life for its citizens. He stressed that responsible access to consumer credit empowers individuals to meet essential needs without resorting to financial desperation or prolonged deprivation.
“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 stated.
The Vice President underscored that CREDICORP was designed not merely as a funding institution but as a structural solution to Nigeria’s credit gap. Its mandate includes building credit infrastructure, bridging the trust deficit between lenders and borrowers, and providing wholesale capital as well as credit guarantees through its portfolio company.
₦37 Billion Disbursed in One Year
Providing insight into the corporation’s performance so far, VP Shettima disclosed that within just one year of operations, CREDICORP has disbursed over ₦37 billion in consumer credit to more than 200,000 Nigerians. Notably, more than half of these beneficiaries accessed formal credit for the first time, marking a significant milestone in expanding financial inclusion.
The Vice President revealed that the administration is targeting access to consumer credit for at least 50 per cent of Nigeria’s working population by 2030. Achieving this target, he said, would require sustained institutional integrity, transparency, and accountability.
Board Charged with Institutional Stewardship
Describing the Board’s role as far from ceremonial, Shettima emphasised that members are custodians of the organisation’s mission and long-term sustainability. He directed them to uphold Public Service Rules, the Board Charter, and all applicable governance frameworks, stressing that stewardship of public resources is non-negotiable.
“The long-term strength of this institution will depend on your vigilance, integrity, sacrifice, and commitment,” he told the newly inaugurated board members.
Chairman of CREDICORP, Otunba Aderemi Abdul, expressed gratitude to President Tinubu for his vision and confidence in the board. He described the establishment of the corporation as a significant milestone in strengthening Nigeria’s financial architecture and pledged that the board would work diligently to deliver tangible benefits to Nigerians.
A Long-Standing Vision Materialises
Managing Director/CEO of CREDICORP, Engr. Uzoma Nwagba, reflected on President Tinubu’s longstanding advocacy for consumer credit as a driver of economic empowerment. He noted that over the past 18 months, the institution has supported more than 200,000 Nigerians, including students, in accessing credit facilities.
Nwagba described the opportunity to serve as a once-in-a-lifetime privilege and assured Nigerians that the team remains fully committed to delivering on the presidential vision behind CREDICORP.
Diverse Board Composition
Other members of the newly inaugurated board include Olanike Kolawole, Executive Director, Operations; Aisha Abdullahi, Executive Director, Credit and Portfolio Management; Dr. Armstrong Ume-Takang, Managing Director of the Ministry of Finance Incorporated (MoFI); Engr. Bisoye Coke-Odusote, Director-General of the National Identity Management Commission (NIMC); and Mohammed Naziru Abbas, representing the Federal Ministry of Industry, Trade and Investment (FMITI).
Also inaugurated were Marvin Nadah, representing the Federal Competition and Consumer Protection Commission (FCCPC); Chinonyelum Ndidi, representing the Federal Ministry of Finance; Mohammed Abbas Jega, Independent Director; and Toyin Adeniji, Independent Director.
Toward a Credit-Enabled Economy
The inauguration of the CREDICORP Board marks a pivotal step in institutionalising consumer credit as a mainstream financial tool in Nigeria. By expanding access to affordable credit, strengthening governance, and building trust within the financial system, the Federal Government aims to unlock productivity, stimulate demand, and enhance living standards.
If the administration meets its target of reaching 50 per cent of the working population by 2030, consumer credit could become one of the most transformative levers in Nigeria’s economic evolution—reshaping how citizens finance homes, vehicles, education, renewable energy solutions, and other essential needs.
