Shettima inaugurates CREDICORP Board to expand consumer credit access

KEY POINTS

• Vice-President Kashim Shettima inaugurated the Board of the Nigerian Consumer Credit Corporation (CREDICORP), calling credit access vital to Nigeria’s $1 trillion economy goal.
• The corporation aims to bridge the trust gap between lenders and borrowers, providing catalytic capital to lower borrowing costs for working Nigerians.
• In one year, CREDICORP has disbursed over ₦37 billion to more than 200,000 Nigerians, over half of whom are first-time credit users.

MAIN STORY

Vice-President Kashim Shettima has officially inaugurated the Board of the Nigerian Consumer Credit Corporation (CREDICORP) in Abuja, marking a significant milestone in the Federal Government’s plan to democratize access to capital. During the ceremony on Thursday, Shettima emphasized that improving the quality of life for Nigerians requires closing the gap between human dignity and financial access.

He noted that President Bola Tinubu established CREDICORP to build a trusted credit infrastructure and overcome cultural resistance to borrowing.

The Vice-President highlighted the practical benefits of consumer credit, noting that honest civil servants should not have to save for a decade to buy a vehicle, nor should young professionals remain without solar power because of high upfront costs. CREDICORP is tasked with providing wholesale capital and credit guarantees through its portfolio company, with a strategic mandate to ensure at least 50 per cent of working Nigerians have access to consumer credit by 2030.

Shettima warned the new board members that their roles are not ceremonial. As custodians of the organization’s mission, they are expected to uphold Public Service Rules and govern public resources with non-negotiable accountability. The Chairman of CREDICORP, Chief Aderemi Abdul, and Managing Director Uzoma Nwagba both reaffirmed their commitment to this vision, noting that the corporation has already impacted over 200,000 lives, including students, in its initial phase of operations.

WHAT’S BEING SAID

• “A civil servant who earns honestly does not have to chase sudden wealth just to buy a vehicle, or save for ten years to buy one,” stated Vice-President Kashim Shettima.
• Chief Aderemi Abdul, Chairman of CREDICORP, noted: “The establishment of corporation marked an important step toward strengthening the nation’s financial architecture.”
• Uzoma Nwagba, Managing Director, remarked: “Over the past 18 months, the institution had benefited more than 200,000 Nigerians, including students.”

WHAT’S NEXT

• Infrastructural Development: CREDICORP will continue building the credit infrastructure necessary to lower the “trust gap” currently hindering lending activities.
• Expanded Disbursement: Following the inauguration, the board will oversee the next phase of wholesale capital distribution to reach a broader segment of the working population.
• Governance Monitoring: Board members will begin active oversight of the corporation’s portfolio to ensure compliance with the Board Charter and the Public Service Rules.

BOTTOM LINE

The Bottom Line is that the inauguration of the CREDICORP board signals a formal shift toward credit-led economic growth in Nigeria. By targeting a 50 per cent penetration rate among workers by 2030, the government aims to use consumer credit as a primary tool for poverty reduction and middle-class expansion.