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.

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The Federal Government has introduced a ₦10 billion initiative aimed at providing financial access to Nigerians for converting vehicles to Compressed Natural Gas (CNG) and installing solar home systems.

The program, titled Credit Access for Light and Mobility (CALM), was unveiled in Abuja on Wednesday in collaboration with the Ministry of Finance Incorporated (MOFI), the Presidential Initiative on CNG (Pi-CNG Ltd), and the Nigerian Consumer Credit Corporation (CREDICORP).

The ₦10 billion CALM Fund was established in response to rising energy and transportation costs, providing a solution for Nigerians facing financial strain due to the removal of fuel subsidies. The fund offers credit for CNG vehicle conversions and solar energy installations, enabling individuals and businesses to reduce dependency on costly fuels and high electricity bills.

Speaking at the launch event, Dr. Armstrong Takang, Managing Director of MOFI, emphasized that the fund is designed to ease the financial burden caused by the increase in transportation costs, driven by the removal of fuel subsidies. “These reforms are necessary, but they come with unintended consequences,” he noted. “The high cost of transportation is one of these, and this initiative offers a practical solution to mitigate those costs.”

Michael Oluwagbemi, CEO of Pi-CNG, highlighted the potential impact on mobility and local manufacturing. He stated, “This initiative not only promotes competition in the transportation sector but also supports the domestic production of CNG conversion kits, driving job creation and lowering energy costs for Nigerians.”

Uzoma Nwagba, Managing Director of CREDICORP, explained that the CALM Fund will enable Nigerians to access credit for vehicle conversions and solar energy adoption without the upfront financial burden. The program will offer loans through Participating Financial Institutions (PFIs) with the goal of making sustainable energy solutions more accessible.

The partnership between MOFI, Pi-CNG, and CREDICORP aims to expand the initial ₦10 billion fund by attracting additional private and institutional investors. CREDICORP will manage loan disbursements and offer credit guarantees, while Pi-CNG will facilitate vehicle conversions through authorized centers, offering discounted conversion packages.

With flexible financing options, the CALM Fund provides a lifeline for households and businesses seeking to manage their high energy and transportation costs, promoting a transition to cleaner, more affordable energy sources.

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