PRESIDENT Bola Tinubu has approved the launch of the first phase of the Consumer Credit Scheme to cater to crucial needs such as housing, vehicles, health, and other crucial needs.
The programme is designed to offer credit facilities to working citizens in the country.
The Special Adviser to the President on Media and Publicity, Ajuri Ngelale, made this known in a statement he signed on Wednesday, April 24.
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“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.
He added: “It facilitates crucial purchases, such as homes, vehicles, education, and healthcare, essential for ongoing stability to pursue their aspirations.”
He explained that individuals build credit histories through responsible repayment, unlocking more opportunities for a better life. He also stated that the increased demand for goods and services stimulates local industry and job creation.
Ngelale noted that the President believed every hardworking Nigerian should have access to social mobility, with consumer credit playing a pivotal role in achieving this vision.
Besides, he disclosed that the Nigerian Consumer Credit Corporation (CREDICORP) could achieve its mandate through the following:
- 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.
- Offering credit guarantees and wholesale lending to financial institutions dedicated to broadening consumer credit access.
- Promoting responsible consumer credit as a pathway to an improved quality of life, and fostering a cultural shift towards growth and financial responsibility.
Ngelale also informed that in line with the President’s directive to expand consumer credit access to Nigerians, CREDICORP had launched a portal for Nigerians to express interest in receiving consumer credit.
He noted that this was in collaboration with financial institutions and cooperatives nationwide, which aims to broaden consumer credit availability.
He advised working Nigerians interested in receiving consumer credit to visit www.credicorp.ng to express interest. The deadline is May 15, 2024.
He added that the scheme would be rolled out in phases, starting with civil servants and cascading to other Nigerians.
Harrison Edeh is a journalist with the International Centre for Investigative Reporting, always determined to drive advocacy for good governance through holding public officials and businesses accountable.