Vice President Kashim Shettima, has inaugurated the board of the Nigerian Consumer Credit Corporation (CREDICORP), hailing access to affordable loans as key to transforming the country into a $1tn economy.
Inaugurating the board on Thursday in Abuja on behalf of President Bola Tinubu, Shettima said improving Nigerians’ quality of life hinged on bridging the divide between capital access and basic dignity.
“President Tinubu established CREDICORP to build trusted credit infrastructure, slash borrowing costs with catalytic capital, and dismantle deep-seated cultural aversion to debt,”the Vice President said.
He painted a vivid picture of the stakes: civil servants no longer chasing get-rich-quick schemes for a car, or young professionals spared from darkness by upfront solar payments.
NewsQuest reports that in its first year, CREDICORP has already disbursed more than ₦37bn (£17m) in loans to over 200,000 people—half experiencing formal credit for the first time.
Vice President Shettima tasked the board with erecting credit infrastructure to close the trust gap between lenders and borrowers, via wholesale funding and guarantees. The goal: consumer credit for 50% of working Nigerians by 2030.
He stressed their role was far from ceremonial, demanding “vigilance, integrity, sacrifice and commitment” under strict public service rules, with zero tolerance for mismanagement of funds.
Otunba Aderemi Abdul, CREDICORP chair, thanked President Tinubu for the vision, calling the corporation a milestone in bolstering Nigeria’s financial system and pledging delivery of tangible benefits.
Managing Director Uzoma Nwagba recalled Tinubu’s long-held belief—voiced 20 years ago—that consumer credit could uplift lives. Over 18 months, it has reached 200,000 Nigerians, including students, with the team treating their roles as a rare honour.
Board members include Olanike Kolawole (operations executive director), Aisha Abdullahi (credit and portfolio executive director), and representatives from key Ministries and agencies such as finance, industry, and the consumer protection commission, alongside Independent Directors including Mohammed Abbas Jega and Toyin Adeniji.
