From Juliana Taiwo-Obalonye, Abuja

President Bola Tinubu has approved the takeoff of the first phase of the Consumer Credit Scheme, according to a statement issued by Special Adviser on Media and Publicity, Ajuri Ngelale.

He emphasised the pivotal role of consumer credit in driving modern economies. He highlighted how consumer credit acts as the lifeblood of economic progress, empowering individuals to elevate their quality of life by gaining access to goods and services upfront while responsibly managing payments over time.

President Tinubu underscored the significance of consumer credit in facilitating essential purchases like homes, vehicles, education, and healthcare, crucial for maintaining stability and pursuing personal aspirations.

Be noted that through responsible repayment, individuals build credit histories, unlocking more opportunities for a better life. Additionally, the increased demand for goods and services stimulates local industry and job creation.

The President expressed the belief that every hardworking Nigerian should have access to social mobility, with consumer credit playing a pivotal role in achieving this vision.

The Nigerian Consumer Credit Corporation (CREDICORP) achieves its mandate through the following: Strengthening Nigeria’s credit reporting systems, and ensuring every economically active citizen has a dependable credit score. This score becomes personal equity they build, facilitating access to consumer credit;

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Offering credit guarantees and wholesale lending to financial institutions dedicated to broadening consumer credit access today;

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

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 initiative, in collaboration with financial institutions and cooperatives nationwide, aims to broaden consumer credit availability.

Working Nigerians interested in receiving consumer credit can visit to express interest. 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.