Federal Government Targets 50% Expansion in Consumer Credit Access by 2030
The Federal Government has announced plans to expand access to consumer credit to at least 50 per cent of working Nigerians by 2030, as part of efforts to deepen financial inclusion and stimulate economic growth.
Vice President Kashim Shettima disclosed this during the inauguration of the board of the Nigerian Consumer Credit Corporation (CREDICORP), describing consumer credit as a key driver of Nigeria’s ambition to build a one-trillion-dollar economy.
Shettima said CREDICORP was established by President Bola Ahmed Tinubu to create a trusted and structured credit infrastructure, lower borrowing costs through catalytic capital, and address long-standing concerns and resistance to credit in the country.
According to the Vice President, within one year of operations, CREDICORP has disbursed over ₦37 billion in consumer credit to more than 200,000 Nigerians, with more than half of the beneficiaries accessing formal credit for the first time.
He noted that the corporation is mandated to bridge the trust gap between lenders and borrowers by providing wholesale capital and credit guarantees, thereby strengthening confidence in Nigeria’s consumer credit ecosystem.
Shettima emphasised that the newly inaugurated board has a critical governance role to play, stressing that accountability, transparency and adherence to Public Service Rules and established frameworks are non-negotiable.
Chairman of CREDICORP, Otunba Aderemi Abdul, commended the President’s vision in establishing the corporation and assured that the board would guide the institution to deliver tangible benefits to Nigerians.
Managing Director and Chief Executive Officer, Engr. Uzoma Nwagba, said the corporation’s interventions have already benefited over 200,000 Nigerians, including students, pledging continued commitment to achieving the objectives set out by the Federal Government.
The move signals the administration’s broader strategy to use structured consumer financing as a lever for economic expansion and improved living standards.