Tinubu inaugurates CREDICORP board, says $1trn economy dependent on democratisation of credit

President Bola Ahmed Tinubu has formally inaugurated the Board of the Nigerian Consumer Credit Corporation (CREDICORP) noting that the success of Nigeria's one-trillion-dollar economic ambition is linked directly to the democratization of credit.

Represented by Vice President Kashim Shettima, the President noted that the administration's vision is to bridge the gap between hard work and human dignity, ensuring that essential life improvements from solar power to vehicle ownership are accessible to honest earners without the need for decades of grueling savings or sudden, illicit wealth.

The operational impact of CREDICORP is already being felt, with over ₦37 billion disbursed to more than 200,000 Nigerians in its first year, the President noted.

Also speakimg, the Managing Director of CREDICORP, Engr. Uzoma Nwagba noted that the initiative is finally bringing to life a two-decade-old vision held by President Tinubu to use consumer credit as a tool for social mobility.

By providing wholesale capital and credit guarantees, CREDICORP acts as a de-risking mechanism for lenders, effectively lowering borrowing costs for the average Nigerian professional.

The newly inaugurated board, chaired by Otunba Aderemi Abdul, faces a mandate that is far from ceremonial.

The President further tasked the board members to serve as the custodians of mission emphasizing that the corporation must reach 50% of the working population by 2030.