FG Inaugurates CREDICORP Board, Targets 50% Credit Access by 2030
The Federal Government has inaugurated the Board of the Nigerian Consumer Credit Corporation (CREDICORP) as part of efforts to expand access to consumer credit across the country. Vice President Kashim Shettima said access to consumer credit is critical to Nigeria’s ambition of becoming a one-trillion-dollar economy. Speaking in Abuja while inaugurating the Board on behalf of President Bola Ahmed Tinubu, the Vice President said the establishment of the Nigerian Consumer Credit Corporation was aimed at building a trusted credit infrastructure, reducing borrowing costs and helping Nigerians overcome long-standing resistance to formal credit.
By Abubakar Mala Gajibo
The Federal Government has inaugurated the Board of the Nigerian Consumer Credit Corporation (CREDICORP) as part of efforts to expand access to consumer credit across the country.
Vice President Kashim Shettima said access to consumer credit is critical to Nigeria’s ambition of becoming a one-trillion-dollar economy.
Speaking in Abuja while inaugurating the Board on behalf of President Bola Ahmed Tinubu, the Vice President said the establishment of the Nigerian Consumer Credit Corporation was aimed at building a trusted credit infrastructure, reducing borrowing costs and helping Nigerians overcome long-standing resistance to formal credit.
According to him, improving the quality of life of Nigerians requires closing the gap between access to capital and human dignity.
He said that within one year of operations, CREDICORP has disbursed over ₦37 billion in consumer credit to more than 200,000 Nigerians, with over half of the beneficiaries accessing formal credit for the first time.
The Vice President explained that the corporation is mandated to build credit infrastructure to bridge the trust gap between lenders and borrowers, as well as provide wholesale capital and credit guarantees through its portfolio company.
He added that these measures would enable access to consumer credit for at least 50 per cent of working Nigerians by 2030.
Vice President Shettima described the Board’s role as non-ceremonial and urged members to uphold Public Service Rules, the Board Charter and all applicable governance frameworks, stressing that accountability in the management of public resources is non-negotiable.
Earlier, the Chairman of CREDICORP, Otunba Aderemi Abdul, thanked President Tinubu for the vision behind the establishment of the corporation, describing it as a major step towards strengthening Nigeria’s financial architecture.
He assured that the Board would guide the institution to deliver meaningful benefits to Nigerians.
Also speaking, the Managing Director and Chief Executive Officer of CREDICORP, Engr. Uzoma Nwagba, said consumer credit remains a key tool for improving the living standards of Nigerians, adding that more than 200,000 people, including students, have benefited from the corporation’s interventions.
Other members of the Board inaugurated include Olanike Kolawole, Executive Director (Operations); Aisha Abdullahi, Executive Director (Credit and Portfolio Management); Dr. Armstrong Ume-Takang, representative of the Ministry of Finance Incorporated; Engr. Bisoye Coke-Odusote, representative of the National Identity Management Commission; and Mohammed Naziru Abbas, representative of the Federal Ministry of Industry, Trade and Investment.
Also appointed are Marvin Nadah, representative of the Federal Competition and Consumer Protection Commission; Chinonyelum Ndidi, representative of the Federal Ministry of Finance; Mohammed Abbas Jega, Independent Director; and Toyin Adeniji, Independent Director.
