President Bola Tinubu said 153,000 Nigerians have benefitted from ₦30 billion in consumer loans under the National Consumer Credit Corporation (Credicorp), allowing them to purchase vehicles, solar systems, home upgrades, and digital devices at affordable rates.
In his Independence Day broadcast marking Nigeria’s 65th anniversary, Tinubu described the scheme as central to his administration’s drive to expand credit access and ease financial pressure on households.
“Credicorp, another initiative of our administration, has granted 153,000 Nigerians ₦30 billion affordable loans for vehicles, solar energy, home upgrades, digital devices, and more,” Tinubu said.
He added that YouthCred, a complementary programme targeted at young Nigerians, especially members of the National Youth Service Corps (NYSC), has begun disbursing funds. According to him, tens of thousands of corps members are already accessing loans to support resettlement and entrepreneurship in the technology and creative sectors.
Credicorp was established in 2024 with a mandate to widen access to affordable credit. It has since launched vehicle financing schemes in partnership with local manufacturers, including Simba (TVS), Nigeria’s largest assembler of motorcycles and tricycles. In December 2024, it worked with the National Automotive Design and Development Council (NADDC) to deploy a ₦20 billion credit fund for consumers.
