The Federal Government has formally inaugurated the Board of the Nigerian Consumer Credit Corporation (CREDICORP) following significant consumer credit activity recorded in the institution’s first year of operation.
Vice President Kashim Shettima led the inauguration on Thursday, underscoring CREDICORP’s expanding role in broadening access to credit across the economy. He revealed that within one year of launch, the corporation has disbursed more than ₦37 billion in consumer credit to over 200,000 beneficiaries nationwide.
Established as a development finance institution by the Federal Government, CREDICORP is mandated to deepen consumer credit availability and strengthen Nigeria’s credit infrastructure. At the event, the Vice President reiterated that widespread access to credit remains a critical driver of economic growth, job creation, and structural diversification.
The newly inaugurated board comprises key public and private sector representatives, including Otunba Aderemi Abdul as Chairman; Engr. Uzoma Nwagba as Managing Director/CEO; Olanike Kolawole and Aisha Abdullahi as Executive Directors; alongside representatives from relevant ministries and government agencies.
According to the Vice President’s office, CREDICORP’s mandate extends beyond capital disbursement. The institution is tasked with bridging the long-standing gap between lenders and potential borrowers, building reliable credit infrastructure, and providing wholesale financing as well as credit guarantees.
Highlighting the corporation’s early impact, Shettima noted that more than half of its beneficiaries accessed formal credit for the first time — a development he described as a strong indicator of expanding financial inclusion. He emphasized that the institution’s work is central to achieving broader national economic objectives.
In his address, the Vice President charged board members to uphold strict governance standards, stressing that accountability and prudent management of public resources will determine the corporation’s long-term credibility and success.
Looking ahead, Shettima reiterated CREDICORP’s ambitious target of enabling credit access for at least 50 percent of Nigeria’s working population by 2030 — a goal aligned with the administration of President Bola Tinubu to expand economic participation and improve living standards through affordable financing.
Board Chairman Otunba Aderemi Abdul expressed appreciation to President Tinubu for the appointment and pledged the board’s commitment to delivering measurable impact. Managing Director Engr. Uzoma Nwagba added that over the past 18 months, the corporation has continued to extend credit facilities to hundreds of thousands of citizens, including students, under its various programmes.
The inauguration and operational expansion of CREDICORP reflect a broader policy push by the Federal Government to democratize access to credit, strengthen financial inclusion, and enhance the nation’s overall credit ecosystem.
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