Abuja: The Tinubu Media Volunteers (TMV) have expressed approval of the Federal Government’s efforts to enhance consumer credit access through the Nigerian Consumer Credit Corporation (CREDICORP). The group highlighted that over 100,000 Nigerians have already benefited from this initiative within just one year.
According to News Agency of Nigeria, the statement, signed by TMV Chairman Chukwudi Enekwechi, praised the Tinubu-led administration for the program, which is expected to significantly improve the living standards of Nigerians. Enekwechi remarked on the initiative’s aim to elevate the social status of many Nigerians by providing access to credit, which was previously difficult to obtain.
Enekwechi pointed out that out of the 100,201 beneficiaries, 35,000 are civil servants. The scheme has facilitated access to various items, including vehicles, solar home systems, digital devices, home improvement products, equipment and machinery, and other essential consumer goods. This development is considered a significant breakthrough in a country where access to formal credit facilities has been challenging.
The chairman also stated that for consumer credit to have a substantial economic impact, it should grow to 50 percent of the country’s Gross Domestic Product. He expressed optimism that the administration’s steps toward institutionalizing the scheme would also promote local production.
Enekwechi noted that the initiative aligns with the administration’s vision to support local production of goods and vehicles. He added that it could help curb corruption by alleviating financial hardship and represents a policy aimed at empowering Nigerians with tools for an improved quality of life. The group praised the President for initiating this potentially life-changing program.
The TMV urged the scheme’s managers to intensify efforts to ensure broader participation from both consumers and service providers. The News Agency of Nigeria also reported that CREDICORP’s Managing Director, Uzoma Nwagba, recently unveiled plans to link Nigerians’ credit scores to their National Identification Numbers (NIN) to establish a unified and transparent nationwide credit system.