The federal government has formally inaugurated the board of the Nigerian Consumer Credit Corporation (CreditCorp), marking a strategic step toward widening access to consumer credit and strengthening the nation’s financial infrastructure.
Vice-President Kashim Shettima, representing President Bola Tinubu, led the ceremony in Abuja on Thursday. He said expanding access to credit is crucial for realising Nigeria’s goal of becoming a $1 trillion economy, and stressed that better credit availability is vital for improving living standards.
According to Shettima, CreditCorp was established to create a trusted credit framework, lower borrowing costs through catalytic capital, and tackle the country’s long-standing cultural hesitancy toward formal borrowing.
He remarked, “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.” He added, “A young professional should not remain in darkness simply because solar power must be paid for all at once.”
Highlighting progress so far, Shettima noted that within a year of operations CreditCorp has disbursed over ₦37 billion in consumer credit to more than 200,000 Nigerians, with more than half accessing formal credit for the first time.
He said the corporation’s mandate includes closing the trust gap between lenders and borrowers and providing wholesale capital alongside credit guarantees via its portfolio company. Looking ahead, the vice-president outlined an ambitious target: enabling consumer credit access for at least 50 percent of Nigeria’s working population by 2030.
Shettima emphasised that board members are expected to play an active, mission-driven role. Their performance, he said, would determine the institution’s long-term impact. He instructed them to adhere to public service rules, the board charter, and all governance frameworks, emphasising that accountability and stewardship of public funds are non-negotiable.
In his remarks, CreditCorp Chairman Aderemi Abdul thanked President Tinubu for the vision behind the corporation’s formation, describing it as a pivotal move toward reinforcing Nigeria’s financial systems.
CreditCorp’s Managing Director and CEO, Uzoma Nwagba, said the institution has already benefited more than 200,000 Nigerians, including students. He described the board’s appointment as a unique opportunity to advance the president’s long-standing vision of expanding consumer credit across the country.
The newly inaugurated board includes executives and representatives from key government agencies and ministries, spanning operations, credit management, identity verification, consumer protection, and finance.
