The Federal Government has rolled out a Consumer Credit Scheme to put money in the pockets of Nigerians, boost manufacturing, and stimulate economic growth.
Presidential spokesman Ajuri Ngelale yesterday announced the beginning of the plan following its approval by President Bola Ahmed Tinubu.
It is a cardinal campaign promise by the President.
According to Ngelale, apart from empowering Nigerians to improve their quality of life, the programme will also lead to access to goods and services.
The first phase of the programme will be available to civil servants before its extension to other Nigerians.
Ngelale explained: “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 will stimulate 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.
“The Nigerian Consumer Credit Corporation (CREDICORP), which will drive the scheme, will achieve its mandate through the following:
*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.
*Promoting responsible consumer credit as a pathway to an improved quality of life, fostering a cultural shift towards growth and financial responsibility.
“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 on May 15.”
