President Bola Tinubu has launched the first phase of the Consumer Credit Scheme, aimed at enabling working Nigerians to purchase houses and cars. This initiative seeks to improve citizens’ quality of life by allowing them to access essential goods and services upfront, with responsible repayment plans.
According to the special adviser, media and publicity, Ajuri Ngelale, the scheme facilitates important purchases like homes, vehicles, education, and healthcare, which are essential for stability and pursuing aspirations.
Through responsible repayment, individuals will be able to build credit histories, unlocking more opportunities for a better life. In addition, the increased demand for goods and services stimulates local industry and job creation.
Ngelale said the presidency believes every hardworking Nigerian should have access to social mobility, with consumer credit playing a role in achieving this vision.
To expand consumer credit access, the Nigerian Consumer Credit Corporation (CREDICORP) has launched a portal for Nigerians to express interest in receiving the consumer credit.
He added that Working Nigerians interested in receiving consumer credit can visit CREDICORP’s website to express interest before the deadline date of 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.
CREDICORP’s objectives include strengthening Nigeria’s credit reporting systems, offering credit guarantees and wholesale lending to financial institutions, and promoting responsible consumer credit as a pathway to an improved quality of life. The initiative also aims to foster a cultural shift towards growth and financial responsibility.
