President Tinubu Greenlights Consumer Credit Scheme to Empower Nigerians

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President Bola Tinubu has given the green light for the launch of the first phase of the Consumer Credit Scheme, aimed at empowering Nigerians to enhance their quality of life by gaining access to goods and services.

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In a statement released on Wednesday, Ajuri Ngelale, the special adviser on media and publicity to President Tinubu, highlighted the significance of consumer credit in modern economies, emphasizing the importance of every hardworking Nigerian having access to social mobility.

The scheme, overseen by the Nigerian Consumer Credit Corporation (CREDICORP), will bolster Nigeria’s credit reporting systems, ensuring that economically active citizens have reliable credit scores, thereby facilitating access to consumer credit.

Ngelale outlined that the initiative aims to promote responsible consumer credit, fostering a cultural shift towards growth and financial responsibility. As part of the scheme, CREDICORP has launched a portal for Nigerians to register their interest in receiving consumer credit before May 15, 2024.

The rollout of the scheme will occur in phases, beginning with civil servants and later extending to the broader public. Ngelale encouraged eligible citizens to seize the opportunity, emphasizing that the initiative will contribute to stimulating local industry, job creation, and economic growth.

Through responsible repayment, individuals will have the opportunity to build credit histories, unlocking further opportunities for a better quality of life.


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