President Bola Tinubu has given the green light for the commencement of the initial phase of the Consumer Credit Scheme, as announced in a statement signed by Ajuri Ngelale, the Special Adviser to the President on Media and Publicity.
In the statement, it was emphasized that the President is committed to ensuring that every hardworking Nigerian has access to social mobility, with consumer credit serving as a vital tool in realizing this vision.
Ngelale elaborated on the significance of consumer credit in modern economies, highlighting its role in enabling citizens to improve their quality of life by accessing goods and services upfront while responsibly managing payments over time. This access facilitates essential purchases such as homes, vehicles, education, and healthcare, fostering ongoing stability and pursuit of aspirations.
He further explained that through responsible repayment, individuals can build credit histories, thereby unlocking more opportunities for a better life. Additionally, increased demand for goods and services stimulates local industries and job creation.
The Nigerian Consumer Credit Corporation, in line with its mandate, aims to strengthen the country’s credit reporting systems, offer credit guarantees and wholesale lending to financial institutions, and promote responsible consumer credit as a means to improve the quality of life.
To expand consumer credit access to Nigerians, the Nigerian Consumer Credit Corporation has launched a portal for interested individuals, in collaboration with financial institutions and cooperatives nationwide. Working Nigerians can express their interest in receiving consumer credit by visiting www.credicorp.ng before the deadline on May 15, 2024.
The scheme will be implemented in phases, beginning with members of the civil service before extending to the general public, reflecting the government’s commitment to enhancing access to consumer credit for all Nigerians.
