President Bola Tinubu has approved the commencement of the first phase of the Consumer Credit Scheme aimed at facilitating the purchase of houses and cars by working Nigerians.
This initiative, designed to enhance the quality of life for citizens, was announced by presidential spokesman Ajuri Ngelale on Wednesday.
The Consumer Credit Scheme aims to empower Nigerians by allowing them to access essential goods and services upfront and pay responsibly over time.
This includes crucial purchases such as homes, vehicles, education, and healthcare, which are essential for ongoing stability and pursuing personal aspirations.
“Through responsible repayment, individuals can build credit histories, unlocking more opportunities for a better life. Additionally, increased demand for goods and services will stimulate local industry and job creation,” the statement read.
In line with President Tinubu’s directive to expand consumer credit access, the Nigerian Consumer Credit Corporation (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 CREDICORP’s website to express interest before the deadline date of May 15, 2024.
The scheme will be rolled out in phases, starting with members of the civil service and extending to the general public.
CREDICORP aims to achieve the following objectives:
- 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: Providing credit guarantees and wholesale lending to financial institutions dedicated to broadening consumer credit access.
- Promoting Responsible Consumer Credit: Fostering a cultural shift towards growth and financial responsibility as a pathway to an improved quality of life.
President Tinubu believes that every hardworking Nigerian should have access to social mobility, with consumer credit playing a pivotal role in achieving this vision.
By facilitating responsible consumer credit, the government aims to empower Nigerians to pursue their aspirations and contribute to economic growth.
