Vice-President Kashim Shettima has inaugurated the board of the Nigerian Consumer Credit Corporation (CreditCorp), stating that expanding consumer credit is key to Nigeria’s ambition of building a $1 trillion economy.
Gatekeepers News reports that Shettima performed the inauguration on Thursday in Abuja on behalf of President Bola Tinubu, describing the establishment of CreditCorp as part of efforts to develop a reliable credit system, lower borrowing costs, and address what he called Nigeria’s long-standing resistance to credit culture.
He said improving access to credit would enhance citizens’ quality of life and economic stability.
“A civil servant who earns honestly does not have to chase sudden wealth just to buy a vehicle, or save for ten years to buy one,” the vice-president said.
“A young professional should not remain in darkness simply because solar power must be paid for all at once.”
According to Shettima, CreditCorp has disbursed more than N37 billion in consumer credit to over 200,000 Nigerians within its first year of operation, with more than half of the beneficiaries accessing formal credit for the first time.
He said the corporation has been mandated to strengthen credit infrastructure, bridge trust gaps between lenders and borrowers, and provide wholesale funding and credit guarantees through its portfolio institutions.
“Ultimately, these critical jobs of CreditCorp will enable access to consumer credit to at least 50 percent of working Nigerians by 2030,” he said.
Shettima told board members that their roles were critical to the institution’s success and not merely ceremonial, stressing that its long-term sustainability would depend on their integrity and commitment.
He also directed them to comply strictly with public service rules, governance frameworks, and the board charter, emphasising that accountability in managing public resources is essential.
In his remarks, CreditCorp Chairman Aderemi Abdul thanked the president for what he described as a bold initiative, noting that the corporation represents a major step toward strengthening Nigeria’s financial system.
Managing Director and Chief Executive Officer of CreditCorp, Uzoma Nwagba, said the organisation has supported over 200,000 Nigerians in the past 18 months, including students, adding that the team is committed to expanding access to consumer credit nationwide.
Other members of the newly inaugurated board include Olanike Kolawole, executive director (operations); Aisha Abdullahi, executive director (credit and portfolio management); Armstrong Ume-Takang, representing the Ministry of Finance Incorporated; Bisoye Coker-Odusote, director-general of the National Identity Management Commission; and Mohammed Naziru Abbas, representing the Federal Ministry of Industry, Trade and Investment.
Also on the board are Marvin Nadah, representing the Federal Competition and Consumer Protection Commission; Chinonyelum Ndidi, representing the Federal Ministry of Finance; and independent directors Mohammed Abbas Jega and Toyin Adeniji.
