Shettima Inaugurates Board of Nigerian Consumer Credit Corporation

Africa, Politics

ABUJA, NIGERIA (NPA) — Nigeria’s Vice President, Senator Kashim Shettima, on Thursday inaugurated the Board of the Nigerian Consumer Credit Corporation (CREDICORP) in Abuja, underscoring its importance to the country’s ambition of building a $1 trillion economy.

Speaking on behalf of President Bola Ahmed Tinubu, Shettima highlighted the administration’s vision for CREDICORP, noting that the institution was established to build a trusted credit infrastructure, provide catalytic capital to reduce borrowing costs, and help Nigerians overcome long-standing cultural resistance to credit.

“The quality of life of Nigerians cannot improve without closing the gap between access to capital and human dignity,” Shettima said. He emphasized that ordinary citizens should not have to wait years to afford basic assets. “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.”

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The newly inaugurated Board of CREDICORP is tasked with driving Nigeria’s consumer credit revolution. Its key functions include:

• Policy Oversight: Guiding the corporation’s strategic direction.
• Credit Infrastructure Development: Building systems that foster trust between lenders and borrowers.
• Catalytic Capital Provision: Ensuring affordable financing options for working Nigerians.
• Democratization of Credit Access: Expanding credit opportunities nationwide.
• Cultural Shift Management: Promoting financial literacy and responsible borrowing.
• Performance Monitoring: Tracking disbursement levels and impact on citizens.
• Broader Economic Impact: Supporting financial inclusion and boosting consumer-driven growth.

The inauguration marks a significant step in Nigeria’s efforts to expand access to consumer credit, strengthen financial inclusion, and stimulate economic growth.