President Bola Tinubu has greenlit the commencement of the first phase of the Consumer Credit Scheme, designed to empower Nigerians by providing access to goods and services that enhance their quality of life. In a statement released on Wednesday, his special adviser on media and publicity, Ajuri Ngelale, emphasized the importance of consumer credit in modern economies, stating that every hardworking Nigerian should have access to social mobility.
The scheme aims to facilitate essential purchases such as homes, vehicles, education, and healthcare, which are crucial for stability and pursuing aspirations. To achieve this, the Nigerian Consumer Credit Corporation (CREDICORP) will strengthen the country's credit reporting systems, ensuring that every economically active citizen has a reliable credit score. This score will serve as personal equity, enabling access to consumer credit. CREDICORP will also provide credit guarantees and wholesale lending to financial institutions dedicated to expanding consumer credit access.
Ngelale highlighted that this initiative promotes responsible consumer credit as a means to improve the quality of life and encourages a cultural shift towards growth and financial responsibility. Following the President's directive, CREDICORP has launched a portal for working Nigerians to express their interest in receiving consumer credit. Interested individuals can visit www.credicorp.ng to register their interest before May 15, 2024. The scheme will be rolled out in phases, starting with civil servants and then extending to the general public.
The statement also emphasized that the Consumer Credit Scheme is expected to stimulate local industry and job creation, as increased demand for goods and services drives economic growth. Through responsible repayment, individuals will build credit histories, unlocking more opportunities for a better life.
