In his bid to improve the quality of life of Nigerians, President Bola Tinubu has approved the launch of the first phase of the Nigerian Consumer Credit Scheme.
This was announced by the Special Adviser to the President on Media and Publicity, Ajuri Ngelale, who described consumer credit as the lifeblood of modern economies which every hardworking Nigerian should have access to. Hear him: ‘This scheme facilitate crucial purchases, such as homes, vehicles, education and healthcare, essential for ongoing stability to pursue their aspirations.’
The presidency has also hinted at moves to tackle the problem of poverty and insecurity headlong in Nigeria through financial inclusion for all citizens.
It has also disclosed that there are high level talks to introduce a road map that will integrate the unbanked Nigerian population into the formal financial system, adding that it was a priority of the Renewed Hope Agenda of President Bola Ahmed Tinubu’s administration.
Speaking on the launch of the Nigerian consumer credit scheme, Ngelale stated: ‘Through responsible repayment, individuals build credit histories, unlocking more opportunities for a better life.’
‘Additionally, the increased demand for goods and services stimulates local industry and job creation.’
‘The President believes every hardworking Nigerian should have access to social mobility, with consumer credit playing a pivotal role in achieving this vision.’
He also said that the Nigerian Consumer Credit Corporation (CREDICORP), achieves its mandate thus: ‘Strengthening Nigeria’s credit reporting systems, ensuring every economically active citizen has a dependable credit score. This score becomes personal equity they build, facilitating access to consumer credit.’
‘Offering credit guarantees and wholesale lending to financial institutions dedicated to broadening consumer credit access today.’
‘Promoting responsible consumer credit as a pathway to an improved quality of life, fostering a cultural shift towards growth and financial responsibility.’
Ngelale further stated that in line with the President’s directive to expand consumer credit access to Nigerians, (CREDICORP) has launched a portal for Nigerians to express interest in receiving consumer credit.
‘This initiative, in collaboration with financial institutions and cooperatives nationwide, aims to broaden consumer credit availability.’
‘Working Nigerians interested in receiving consumer credit can visit www.credicorp.ng to express interest. The deadline is May 15, 2024.’
‘The scheme will be rolled out in phases, starting with members of the civil service and cascading to members of the public’, he said.
Meanwhile, the Speaker of the House of Representatives, Hon. Abbas Tajudeen, has lauded the president for approving the kick off of the first phase of the Consumer Credit Scheme in the country, stating that it shows his avowed readiness, steadfastness and commitment to improve the lives of Nigerians through people-oriented policies and programs.
Speaking through a press release by his Special Adviser on Media and Publicity, Musa Abdullahi Krishi, in Abuja, the Speaker showed his elation that Nigerians who are interested in enhancing their lives now have the lifeline of acquiring credit for goods and services to be paid back, based on agreed terms.
He further said that it was an action that tallied with his message to Nigerians on October 1, 2023, where he expressed hope that Nigeria will be great again under President Bola Tinubu. He further described it as a laudable initiative, which will promote transparency and reduce corruption and waste in the civil service since workers will have the opportunity to get credit for goods and services.15:40
