Tinubu Launches Consumer Credit Scheme To Boost Nigerian Economy

By Adeyemi Adekunle

In a bid to boost the Nigerian economy and enhance the quality of life of its citizens, President Bola Tinubu has approved the launch of the first phase of the Consumer Credit Scheme. The scheme aims to provide access to consumer credit to hardworking Nigerians who may not have the upfront funds to pay for essential purchases such as homes, education, healthcare, and vehicles.

Consumer credit serves as the lifeblood of modern economies, enabling citizens to enhance their quality of life by accessing goods and services upfront and paying responsibly over time. The initiative is expected to stimulate local industry and job creation, as well as foster a cultural shift towards growth and financial responsibility.

The Nigerian Consumer Credit Corporation (CREDICORP) will facilitate the scheme’s implementation, ensuring every economically active citizen has a dependable credit score that becomes personal equity, enabling access to consumer credit. CREDICORP will also offer credit guarantees and wholesale lending to financial institutions dedicated to broadening consumer credit access.

The scheme will be rolled out in phases, starting with members of the civil service and cascading to members of the public. Working Nigerians interested in receiving consumer credit can visit the CREDICORP website to express their interest. The deadline for applications is May 15, 2024.

Chief Ajuri Ngelale, Special Adviser to the President (Media & Publicity), noted that the President believes every hardworking Nigerian should have access to social mobility, with consumer credit playing a pivotal role in achieving this vision. The initiative is a significant step towards achieving the government’s goal of improving the standard of living and quality of life of Nigerians.

The scheme is expected to have a far-reaching impact on the Nigerian economy, transforming the lives of millions of citizens, and positioning Nigeria as a leading economy in Africa.

With the launch of the Consumer Credit Scheme, President Tinubu has demonstrated his commitment to improving the lives of Nigerians and building a brighter future for the country.