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Tinubu approves implementation of Consumer Credit Scheme for improved quality of life for Nigerians

*President Bola Ahmed Tinubu directs expansion of consumer credit access to Nigerians, and the Nigerian Consumer Credit Corporation has launched a portal for citizens to express interest in receiving consumer credit in the country

Isola Moses | ConsumerConnect

President Bola Ahmed Tinubu has approved the takeoff of the first phase of the Nigerian Consumer Credit Scheme.

The Federal Government has described Consumer Credit serves as “the lifeblood of modern economies, enabling citizens to enhance their quality of life by accessing goods and services upfront, paying responsibly over time.”

Chief Ajuri Ngelale, Presidential Spokesman, who disclosed this development in a statement Wednesday, April 24, 2024, noted the scheme also facilitates crucial purchases, such as homes, vehicles, education, and healthcare, essential for ongoing stability to pursue consumers’ aspirations in the economy.

Ngelale stated: “Through responsible repayment, individuals build credit histories, unlocking more opportunities for a better life.”

Besides, it is said that the increased demand for goods and services stimulates local industry and job creation.

The statement reads: “The President believes every hardworking Nigerian should have access to social mobility, with consumer credit playing a pivotal role in achieving this vision.”

The government further stressed the Nigerian Consumer Credit Corporation (CREDICORP) achieves its mandate through the following:

(1) 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.

(2) Offering credit guarantees and wholesale lending to financial institutions dedicated to broadening consumer credit access today.

(3) Promoting responsible consumer credit as a pathway to an improved quality of life, fostering a cultural shift towards growth and financial responsibility.

The Spokesman stated: “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.

The government explained  the initiative, in collaboration with financial institutions and cooperatives nationwide, aims to broaden consumer credit availability to consumers.

Working Nigerians interested in receiving consumer credit are also encouraged to visit: to express interest, and the deadline is May 15, 2024.

“The scheme will be rolled out in phases, starting with members of the Civil Service and cascading to members of the public,” Ngelale stated.

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