The Federal Government has formally inaugurated the board of the Nigerian Consumer Credit Corporation following the disbursement of more than ₦37 billion in consumer loans within its first year of operations, reinforcing its ambition to deepen credit access across the country.
Vice President Kashim Shettima presided over the inauguration ceremony on Thursday, describing consumer credit expansion as a strategic pillar in Nigeria’s journey toward becoming a one-trillion-dollar economy. According to a statement issued by Stanley Nkwocha, Senior Special Assistant to the President on Media and Communications in the Office of the Vice President, the administration views structured credit access as essential for stimulating household consumption and economic growth.
The Vice President disclosed that within just one year, CREDICORP has disbursed over ₦37 billion to more than 200,000 Nigerians, with more than half of the beneficiaries accessing formal credit for the first time. He noted that the milestone signals early progress in bridging Nigeria’s longstanding credit gap and formalising retail lending channels.
President Bola Ahmed Tinubu established CREDICORP to build a trusted consumer credit infrastructure, reduce borrowing costs through catalytic capital, and address the cultural hesitancy toward credit usage. Shettima emphasised that the institution is mandated to provide wholesale funding and credit guarantees via its partner financial institutions, while strengthening credit data systems and identity verification frameworks.
The newly inaugurated board is chaired by Otunba Aderemi Abdul. Other members include Engr. Uzoma Nwagba as Managing Director and Chief Executive Officer; Olanike Kolawole, Executive Director, Operations; and Aisha Abdullahi, Executive Director, Credit and Portfolio Management. Institutional representatives include Dr. Armstrong Ume-Takang of the Ministry of Finance Incorporated, Engr. Bisoye Coke-Odusote of the National Identity Management Commission, and Mohammed Naziru Abbas representing the Federal Ministry of Industry, Trade and Investment. Additional members represent the Federal Competition and Consumer Protection Commission and the Federal Ministry of Finance, alongside independent directors.
Shettima stressed that the long-term sustainability of CREDICORP would depend on the board’s governance discipline, integrity, and adherence to public service regulations. He urged members to comply strictly with the Board Charter and applicable financial management frameworks, underscoring that accountability in the stewardship of public resources remains non-negotiable.
In his remarks, Chairman Aderemi Abdul thanked the President for the confidence reposed in the board and pledged to guide the institution in delivering measurable economic benefits. Managing Director Uzoma Nwagba added that over the past 18 months, the corporation has expanded its reach to students and working Nigerians, widening financial inclusion and supporting asset acquisition.
CREDICORP was launched in 2024 as part of the Federal Government’s strategy to expand access to structured consumer finance. The initiative seeks to reduce the reliance on informal lending, improve credit reporting systems, and stimulate domestic production by linking credit access to locally manufactured goods.
One of its flagship programmes includes a vehicle financing scheme for locally assembled automobiles. In February 2025, the corporation introduced credit facilities for motorcycles and tricycles assembled by Simba (TVS), Nigeria’s leading two- and three-wheeler manufacturer. The initiative followed a December 2024 collaboration between CREDICORP and the National Automotive Design and Development Council, supported by a ₦20 billion consumer credit fund.
Earlier in October 2025, President Tinubu announced during Nigeria’s 65th Independence Anniversary broadcast that 153,000 Nigerians had already benefited from ₦30 billion in affordable loans under the scheme. Beneficiaries reportedly used the facilities to acquire vehicles, solar energy systems, home improvement materials, and digital devices.
The administration has set a target of enabling at least 50 percent of working Nigerians to access consumer credit by 2030. Analysts suggest that achieving this objective will require continued expansion of credit infrastructure, robust risk management systems, and collaboration with financial institutions and identity verification agencies.
With the board now formally inaugurated, the Federal Government appears poised to accelerate the next phase of CREDICORP’s operations, positioning consumer credit as a central driver of financial inclusion, household asset ownership, and macroeconomic growth.
