FG Launches CREDICORP Board After N37bn Credit Disbursement

On Thursday, the Federal Government of Nigeria, represented by Vice President Kashim Shettima, inaugurated the board of the Nigerian Consumer Credit Corporation (CREDICORP). This event follows the disbursement of N37 billion in consumer credit within one year of operation.

The board includes Chairman Otunba Aderemi Abdul, Managing Director/CEO Engr Uzoma Nwagba, and other key members such as Olanik Kolawole and Aisha Abdullahi. Vice President Shettima emphasized the importance of improving access to consumer credit to support Nigeria's ambition of becoming a trillion-dollar economy.

He highlighted the board's role in building trust in credit infrastructure and providing wholesale capital to bridge the gap between lenders and borrowers. The initiative has already benefited 200,000 Nigerians, including students, and aims to expand access to credit further.

CREDICORP plans to launch a program in 2024 to alleviate financial burdens on citizens, with a focus on facilitating the acquisition of vehicles and solar energy systems.