Tinubu Approves Credit Scheme Takeoff “to Facilitate Purchase of Cars and Houses.”
President Bola Tinubu has authorised the first phase of the Consumer Credit Scheme, which would let working Nigerians buy houses and cars.
In a statement released on Wednesday, presidential spokesman Ajuri Ngelale said the Consumer Credit Scheme will improve residents’ quality of life by allowing them to “access goods and services upfront, paying responsibly over time.”
“It facilitates critical purchases, such as homes, vehicles, education, and healthcare, which are required for long-term stability to follow their dreams,” the statement stated.
“Through responsible repayment, individuals build credit records, opening up new prospects for a better life.” Furthermore, rising demand for goods and services boosts local industry and employment growth.
“The President believes that every hardworking Nigerian should have access to social mobility, and consumer credit plays an important part in accomplishing this goal.”
In accordance with the President’s instruction to increase consumer credit availability for Nigerians, the Nigerian Consumer Credit Corporation (CREDICORP) has developed a platform where Nigerians can indicate interest in acquiring consumer credit.
“This initiative, in collaboration with financial institutions and cooperatives nationwide, aims to broaden consumer credit availability,” the statement said, adding that working Nigerians interested in receiving consumer credit can express their interest on CREDICORP’s website before the May 15, 2024 deadline.
“The system will be implemented gradually, beginning with civil servants and progressing to the general population.”
The CREDICORP’s aims include: “(1) Strengthening Nigeria’s credit reporting systems so that every economically engaged citizen gets a reliable credit score. This score translates into personal equity, making consumer financing more accessible.
“(2) Provide credit guarantees and wholesale loans to financial institutions committed to increasing consumer credit availability today.
“(3) Promoting responsible consumer credit as a means of improving one’s standard of living, fostering a cultural shift towards growth and financial responsibility.”