An official statement released on Wednesday by Ajuri Ngelale, the spokesperson for President Bola Tinubu, confirmed the approval of the commencement of the N100 billion Consumer Credit Scheme aimed at alleviating the prevailing economic challenges in Nigeria.
Interested individuals are advised to explore the Nigerian Consumer Credit Corporation’s portal before the deadline on May 15, 2024.
The scheme aims to boost citizens’ quality of life by providing them with upfront access to essential goods and services, which they can responsibly pay for over time. This initiative facilitates significant purchases like homes, vehicles, education, and healthcare, crucial for stability and personal growth.
President Tinubu envisions a scenario where every diligent Nigerian can experience social mobility, with consumer credit playing a vital role in making this vision a reality.
The Nigerian Consumer Credit Corporation (CREDICORP) is empowered to enhance the country’s credit reporting systems, ensuring that every economically active citizen has a reliable credit score. This enables individuals to build personal equity, thereby gaining access to consumer credit. Additionally, the corporation provides credit guarantees and wholesale lending to financial institutions to expand consumer credit availability, promoting responsible credit behavior for a better quality of life.
To foster broader consumer credit access, the Nigerian Consumer Credit Corporation (CREDICORP) has launched a portal for interested Nigerians in collaboration with financial institutions and cooperatives nationwide.
All employed Nigerians seeking consumer credit can express their interest by visiting www.credicorp.ng before the deadline of May 15, 2024. The rollout of the scheme will begin with civil servants and eventually encompass the general public.
It is worth noting that the Federal Executive Council had earlier approved the establishment of the Consumer Credit Scheme. A committee chaired by the President’s Chief of Staff, Femi Gbajabiamila, along with other key ministers, has been tasked with ensuring the successful implementation of the scheme.
Back in March, Zacch Adedeji, the Chairman of the Federal Inland Revenue Service, had hinted that the Nigerian government was on the verge of unveiling the proposed N100 billion consumer credit loan, which has now come to fruition.