Vice President Kashim Shettima has inaugurated the Board of the Nigerian Consumer Credit Corporation (CREDICORP), hailing it as a pivotal step towards democratising credit and propelling Nigeria to a $1 trillion economy.
Speaking at the State House, Abuja, on behalf of President Bola Tinubu, Shettima emphasised CREDICORP’s mandate to build trusted credit infrastructure, slash borrowing costs with catalytic capital and dismantle cultural barriers to credit uptake. “The quality of life of Nigerians cannot improve without closing the gap between access to capital and human dignity,” he said.
He highlighted early successes: in just one year, CREDICORP has disbursed over ₦37 billion in consumer credit to more than 200,000 Nigerians, with over half accessing formal credit for the first time. “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,” Shettima added.
The Vice President, according to his media aide, Stanley Nkwocha, set an ambitious target, directing the board to expand access to at least 50 per cent of Nigeria’s working population by 2030 through wholesale capital, credit guarantees and bridging lender–borrower trust gaps. He stressed the board’s non-ceremonial role, urging vigilance, integrity and strict adherence to public service rules. “Accountability and stewardship of public resources are non-negotiable,” he warned.
CREDICORP Chairman, Aderemi Abdul, thanked President Tinubu for the vision, describing the corporation as a milestone in strengthening Nigeria’s financial architecture. “We understand our responsibility and will guide the institution to deliver meaningful benefits to Nigerians,” Abdul assured.
Managing Director/CEO Uzoma Nwagba recalled Tinubu’s long-held belief in consumer credit as a life-improver, noting benefits to over 200,000 Nigerians – including students – in 18 months. “We consider our appointments a unique, once-in-a-lifetime opportunity,” he said.
Board members include Olanike Kolawole (Executive Director, Operations); Aisha Abdullahi (Executive Director, Credit and Portfolio Management); representatives from the Ministry of Finance Incorporated (MoFI), National Identity Management Commission (NIMC), Federal Ministry of Industry, Trade and Investment (FMITI), Federal Competition and Consumer Protection Commission (FCCPC) and the Federal Ministry of Finance; as well as independent directors Mohammed Abbas Jega and Toyin Adeniji.
