The Federal Government has intensified efforts to democratise access to consumer credit with the inauguration of the Board of the Nigerian Consumer Credit Corporation (CREDICORP), as Vice President Kashim Shettima declared that expanded credit access is central to Nigeria’s ambition of building a one-trillion-dollar economy.

Speaking on Thursday at the Presidential Villa, Abuja, during the board’s inauguration, Shettima said President Bola Tinubu established CREDICORP to develop a trusted credit infrastructure, inject catalytic capital to reduce borrowing costs, and dismantle long-standing cultural resistance to responsible credit use.

According to the Vice President, improving the quality of life for Nigerians requires closing the gap between access to capital and human dignity.

“A civil servant who earns honestly does not have to chase sudden wealth just to buy a vehicle, or save for ten years to own one. A young professional should not remain in darkness simply because solar power must be paid for all at once,” he said.

Shettima disclosed that within its first year of operations, CREDICORP has disbursed over ₦37 billion in consumer credit to more than 200,000 Nigerians, with more than half of the beneficiaries accessing formal credit for the first time.

He explained that the corporation is mandated to bridge the trust gap between lenders and borrowers by strengthening credit infrastructure and providing wholesale capital and credit guarantees through its portfolio company.

“Ultimately, these critical interventions will enable access to consumer credit for at least 50 per cent of working Nigerians by 2030,” the Vice President said.

He stressed that the role of the newly inaugurated board is far from ceremonial, describing members as custodians of the institution’s mission.

He added that CREDICORP’s long-term sustainability would depend on their vigilance, integrity, sacrifice, and commitment.

Shettima directed the board to strictly adhere to Public Service Rules, the Board Charter and all applicable governance frameworks, warning that accountability and prudent stewardship of public resources remain non-negotiable.

Earlier, Chairman of CREDICORP, Otunba Aderemi Abdul, lauded President Tinubu for the vision behind the establishment of the corporation and the confidence reposed in the board, noting that its creation marks a significant step toward strengthening Nigeria’s financial architecture.

He assured that the board understands its responsibility and is committed to delivering measurable benefits to Nigerians.

Managing Director/Chief Executive Officer of CREDICORP, Engr. Uzoma Nwagba, recalled that President Tinubu had, two decades ago, identified consumer credit as a vital tool for improving the welfare of Nigerians.

He said the institution has, in the past 18 months, impacted over 200,000 Nigerians, including students, pledging that the team would not take the presidential vision lightly, describing their appointments as a rare opportunity to drive transformational change.

Other board members inaugurated include Olanike Kolawole, Executive Director, Operations; Aisha Abdullahi, Executive Director, Credit and Portfolio Management; Dr. Armstrong Ume-Takang, Managing Director of the Ministry of Finance Incorporated (MoFI), representing MoFI; Engr. Bisoye Coke-Odusote, Director-General of NIMC, representing NIMC; and Mohammed Naziru Abbas, representing the Federal Ministry of Industry, Trade and Investment.

Also on the board are Marvin Nadah, representing the FCCPC; Chinonyelum Ndidi, representing the Federal Ministry of Finance; Mohammed Abbas Jega, Independent Director; and Toyin Adeniji, Independent Director.