By Felicia Nwosu

President Bola Tinubu has given his permission to kick-off the launch of the first phase of the Consumer Credit Scheme, in collaboration with financial institutions and cooperatives nationwide. The initiative is aimed at broadening consumer credit availability in Nigeria.

This was disclosed by President’s special adviser on media and publicity, Ajuri Ngelale in Abuja, while stating that the intended scheme will offer credit facilities to working citizens in the country.

He described it as a strong catalyst in promoting responsible consumer credit,  improve quality of life as well as  foster a cultural shift towards growth and financial responsibility.

He noted that the scheme will be operated in various stages beginning with civil service members and then extending to the general public, adding that the Nigeria Consumer Credit Corporation (CrediCorp), whose mission is to accelerate consumer credit access to 50% of working Nigerians by 2030, has introduced a portal where Nigerians can indicate their interest in obtaining consumer credit.

“Consumer credit serves as the lifeblood of modern economies, enabling citizens to enhance their quality of life by accessing goods and services upfront, paying responsibly over time.

“It facilitates crucial purchases, such as homes, vehicles, education, and healthcare essential for ongoing stability to pursue their aspirations. Through responsible repayment, individuals build credit histories, unlocking more opportunities for a better life. Additionally, the increased demand for goods and services stimulate local industry and job creation.”