The Federal Government on Thursday took a major step towards expanding financial inclusion with the inauguration of the Board of the Nigerian Consumer Credit Corporation (CREDICORP), as Vice President Kashim Shettima declared that access to consumer credit is central to Nigeria’s ambition of building a one-trillion-dollar economy.
Speaking during the inauguration ceremony at the Presidential Villa in Abuja, Shettima said CREDICORP was established by President Bola Ahmed Tinubu to build a trusted credit infrastructure, provide catalytic capital to lower borrowing costs, and help Nigerians overcome long-standing cultural resistance to credit.
According to the Vice President, improving the quality of life of Nigerians requires closing the gap between access to capital and human dignity.
“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. A young professional should not remain in darkness simply because solar power must be paid for all at once,” he said.
According to a statement issued by Senior Special Assistant to the President on Media and Communications, Office of the Vice President, Stanley Nkwocha, Shettima disclosed that within just one year of operations, CREDICORP has disbursed over ₦37 billion in consumer credit to more than 200,000 Nigerians, with over half of the beneficiaries accessing formal credit for the first time.
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He explained that the corporation is specifically tasked with building credit infrastructure to bridge the trust gap between lenders and borrowers, while also providing wholesale capital and credit guarantees through its portfolio company.
“Ultimately, these critical jobs of CREDICORP will enable access to consumer credit to at least 50 per cent of working Nigerians by 2030,” the Vice President stated.
He emphasised that the newly inaugurated board members were not appointed for ceremonial purposes but as custodians of the institution’s mission, noting that its long-term strength would depend on their “vigilance, integrity, sacrifice, and commitment.”
Shettima directed the board to strictly uphold Public Service Rules, the Board Charter, and all applicable governance frameworks, warning that accountability and stewardship of public resources are non-negotiable.
Earlier, Chairman of CREDICORP, Otunba Aderemi Abdul, thanked President Tinubu for the vision behind the establishment of the corporation and for the confidence reposed in the board, describing the move as a significant milestone in strengthening Nigeria’s financial architecture.
He assured that the board understands its responsibility and will guide the institution to deliver meaningful and measurable benefits to Nigerians.
Managing Director/Chief Executive Officer of CREDICORP, Engr. Uzoma Nwagba, recalled that President Tinubu had, two decades ago, identified consumer credit as a vital tool for improving the lives of Nigerians.
He noted that over the past 18 months, the institution has directly impacted more than 200,000 Nigerians, including students, stressing that the team considers its appointments a unique opportunity to translate the President’s long-held vision into tangible outcomes.
Other members of the board inaugurated include Olanike Kolawole, Executive Director, Operations; Aisha Abdullahi, Executive Director, Credit and Portfolio Management; Dr. Armstrong Ume-Takang, Managing Director of the Ministry of Finance Incorporated (MoFI), representing MoFI; Engr. Bisoye Coke-Odusote, Director-General of the National Identity Management Commission (NIMC), representing NIMC; and Mohammed Naziru Abbas, representing the Federal Ministry of Industry, Trade and Investment (FMITI).
Also on the board are Marvin Nadah, representing the Federal Competition and Consumer Protection Commission (FCCPC); Chinonyelum Ndidi, representing the Federal Ministry of Finance; Mohammed Abbas Jega, Independent Director; and Toyin Adeniji, Independent Director.
The inauguration signals the administration’s renewed push to deepen financial inclusion and reposition consumer credit as a catalyst for economic growth and improved living standards.