The Federal Government has formally inaugurated the board of the Nigerian Consumer Credit Corporation, CREDICORP, signalling a renewed push to widen access to consumer credit and strengthen Nigeria’s financial inclusion framework.
Speaking at the inauguration ceremony held at the Presidential Villa, Abuja, Vice President Kashim Shettima said the Federal Government is targeting access to consumer credit for at least 50 percent of Nigeria’s working population by the year 2030.
According to the Vice President, consumer credit remains central to Nigeria’s long-term economic ambition, particularly the drive to build a one-trillion-dollar economy. He stressed that improving the quality of life of citizens depends largely on bridging the gap between access to capital and human dignity.
Shettima explained that the establishment of Nigerian Consumer Credit Corporation, CREDICORP, was a deliberate policy decision by President Bola Ahmed Tinubu to build a reliable credit infrastructure, reduce borrowing costs and address cultural resistance to consumer credit across the country.
Brandspur Banking News Desk reports that the Vice President noted that access to structured credit would allow Nigerians to meet essential needs without resorting to extreme financial measures. He cited examples of civil servants, young professionals and households who struggle to acquire basic assets such as vehicles and renewable energy solutions due to the absence of affordable credit systems.
Shettima disclosed that within just one year of operations, CREDICORP has disbursed more than ₦37 billion in consumer credit to over 200,000 Nigerians. He added that more than half of the beneficiaries were accessing formal credit for the first time, describing the development as a major milestone in Nigeria’s financial inclusion journey.
He further stated that the corporation has been mandated to close the trust gap between lenders and borrowers by building robust credit infrastructure and providing wholesale funding and credit guarantees through its portfolio companies.
Reaffirming the government’s expectations, the Vice President said the newly inaugurated board is expected to play an active oversight role rather than serve in a ceremonial capacity. He warned that accountability, transparency and strict adherence to governance frameworks would define the long-term credibility and success of the institution.
Shettima directed board members to comply fully with public service rules, the board charter and all relevant regulatory standards, emphasising that the management of public resources must be guided by integrity and discipline.
Earlier, Chairman of CREDICORP, Aderemi Abdul, expressed gratitude to President Tinubu for the confidence placed in the board, describing the corporation as a critical pillar in Nigeria’s evolving financial architecture. He assured that the board remains committed to ensuring that the institution delivers measurable and inclusive benefits to Nigerians.
Managing Director and Chief Executive Officer of CREDICORP, Uzoma Nwagba, recalled that consumer credit has long been identified by President Tinubu as a key tool for improving living standards. He said the institution’s work over the past 18 months has already supported students, workers and households across different sectors of the economy.
Nwagba described the opportunity to serve as a responsibility that would be approached with seriousness and dedication, adding that the organisation remains focused on translating presidential vision into tangible economic outcomes.
Other members of the board inaugurated include Olanike Kolawole, Executive Director of Operations; Aisha Abdullahi, Executive Director of Credit and Portfolio Management; Dr Armstrong Ume-Takang, Managing Director of the Ministry of Finance Incorporated, representing MoFI; Engr Bisoye Coke-Odusote, Director General of the National Identity Management Commission, representing NIMC; and Mohammed Naziru Abbas, representing the Federal Ministry of Industry, Trade and Investment.
Also on the board are Marvin Nadah, representing the Federal Competition and Consumer Protection Commission; Chinonyelum Ndidi, representing the Federal Ministry of Finance; Mohammed Abbas Jega, Independent Director; and Toyin Adeniji, Independent Director.
The Federal Government said the board’s performance will be central to achieving its 2030 target, as Nigeria accelerates efforts to build an inclusive, credit-driven economy capable of supporting sustainable growth.
