President Tinubu Approves Take-off Of Consumer Credit Scheme


President Bola Ahmed Tinubu has approved the take-off of the first phase of the Consumer Credit Scheme to serve as the lifeblood of modern economies.

The Consumer credit is also to enable citizens enhance their quality of life by accessing goods and services upfront and paying responsibly over time.

The scheme is expected to facilitate crucial purchases, such as homes, vehicles, education, and healthcare, essential for ongoing stability to pursue their aspirations.

A statement by Chief Ajuri Ngelale, Special Adviser to the President on Media and Publicity, explained that through responsible repayment, individuals build credit histories, unlocking more opportunities for a better life.

The statement further said that additionally, the increased demand for goods and services stimulates local industry and job creation.

While approving the take-off of the scheme, President Tinubu said he believes that every hardworking Nigerian should have access to social mobility, with consumer credit playing a pivotal role in achieving this vision.

The Nigerian Consumer Credit Corporation (CREDICORP) achieves its mandate through the following; – Strengthening Nigeria’s credit reporting systems, ensuring every economically active citizen has a dependable credit score. This score becomes personal equity they build, facilitating access to consumer credit.

  • Offering credit guarantees and wholesale lending to financial institutions dedicated to broadening consumer credit access today.
  • Promoting responsible consumer credit as a pathway to an improved quality of life, fostering a cultural shift towards growth and financial responsibility.

The statement further said that in line with the President’s directive to expand consumer credit access to Nigerians, the Nigerian Consumer Credit Corporation (CREDICORP) has launched a portal for Nigerians to express interest in receiving consumer credit.

 This initiative, in collaboration with financial institutions and cooperatives nationwide, aims to broaden consumer credit availability.

Working Nigerians interested in receiving consumer credit can visit to express interest. The deadline is May 15, 2024.

Ngelale said that the scheme will be rolled out in phases, starting with members of the civil service and cascading to members of the public.

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