The Federal Government has formally inaugurated the Board of the Nigerian Consumer Credit Corporation (CREDICORP) after the institution recorded significant consumer credit activity in its first year of operation.
Vice President Kashim Shettima led the inauguration on Thursday, underscoring the role of CREDICORP in expanding access to credit across the economy. The Vice President highlighted that in the one year since its launch, CREDICORP has disbursed more than ₦37 billion in consumer credit to Nigerians, reaching over 200,000 beneficiaries.
CREDICORP was established by the Federal Government as a development finance institution mandated to deepen consumer credit availability and strengthen Nigeria’s credit infrastructure. At the event, Shettima reiterated that broad access to credit is a critical enabler of economic growth and structural diversification.
The newly inaugurated board includes key public and private sector representatives. These include Otunba Aderemi Abdul as Chairman, Engr. Uzoma Nwagba as Managing Director/CEO, Olanike Kolawole and Aisha Abdullahi as Executive Directors, and several representatives from government ministries and agencies.
According to the Vice President’s office, CREDICORP’s mandate is to bridge the longstanding gap between lenders and potential borrowers. Beyond lending capital, the corporation is tasked with building reliable credit infrastructure and providing wholesale financing and credit guarantees.
On the institution’s progress, Shettima noted that more than half of CREDICORP’s beneficiaries accessed formal credit for the first time, indicating an expansion of financial inclusion. He emphasised the strategic importance of the corporation’s work, framing it as central to achieving broader economic goals.
Within his address, Shettima stressed the board’s responsibilities going forward, urging members to adhere strictly to governance standards. He stated that accountability and the prudent management of public resources are essential.
On CREDICORP’s purpose and long-term outlook, Shettima reiterated that the institution is expected to enable credit access for at least 50 per cent of Nigeria’s working population by 2030. This target aligns with government objectives to expand economic participation and improve living standards through affordable financing.
Board Chairman Otunba Aderemi Abdul thanked President Bola Tinubu for the appointment and affirmed the board’s commitment to guiding CREDICORP in delivering tangible benefits to Nigerians. Engr. Uzoma Nwagba noted that in the past 18 months the corporation has continued to serve hundreds of thousands of citizens, including students, through its credit programmes.
The establishment and mobilisation of CREDICORP reflect a broader policy push to democratise access to credit, improve financial inclusion, and enhance the nation’s credit ecosystem.
