Mr Uzoma Nwagba, Managing Director of the Nigeria Consumer Credit Corporation (CREDICORP), says the scheme is critical to improving the living standards of Nigerians and curbing corruption across the system.
Nwagba stated this on Tuesday during a ‘Meet the Press’ event organised by the Presidential Media Team at the State House, Abuja.
He said the initiative launched less than a year ago has delivered consumer credit to over 100, 000 Nigerians, with civil servants making up a large percentage.
“The idea is simple: when civil servants can access consumer credit to improve their homes, buy vehicles, or handle personal needs, the pressure to engage in corrupt practices significantly reduces.
“Corruption becomes less comfortable when your basic needs are already met,” he said.
Nwagba explained that the well -conceived Tinubu-led government initiative was not just about access to financing, but about creating real, dignified economic alternatives for Nigerians.
According to him, the CREDICORP mandate include improving quality of life and strengthening local industries by enabling Nigerians to access consumer credit to buy locally made goods.
“The President has made it clear that improving lives is a top priority.
“If people can access credit responsibly, it reduces the pressure that pushes them into corruption or financial missteps.
“At the same time, it drives demand for Nigerian products and helps create jobs,” he said
He also announced plans to roll out a nationwide consumer credit programme targeting 400,000 young Nigerians, beginning with members of the National Youth Service Corps (NYSC), under the YouthCred scheme.
To ensure sustainability, Nwagba emphasised that strict repayment mechanisms are being put in place, in line with global best practices.
“Beneficiaries must repay their loans on schedule.
“Defaulters may face restrictions such as being unable to renew their passport, obtain a driver’s license, or even rent a house,” he warned.
Nwagba said that as part of a broader effort to build a centralised and reliable credit infrastructure, the Federal Government is working to link individual credit scores directly to the National Identification Number (NIN).
“All financial institutions, whether commercial banks, FinTechs, or microfinance lenders will be mandated to report loan performance.
“Every Nigerian will have an accurate and traceable credit score.
“No matter where the loan originates, unpaid credit will be tracked and recoverable,” Nwagba said.
In her remarks, Mrs. Olanike Kolawole, Executive Director of Operations at CREDICORP, confirmed that the youth credit initiative will cover individuals aged 18 to 35.
She said that the programme is being executed in collaboration with participating banks, technology firms, and youth-focused organisations.
“YouthCred is not just a credit product, it’s a generational investment in financial confidence, trust, and economic inclusion,” she said.
The agency estimates that Nigeria needs about N183 trillion naira in credit to support broad-based development, noting that the government alone cannot provide this capital.
“No government has that kind of money, We need all financial institutions to buy into this and commit to sustainable consumer credit.
“With the right infrastructure, lenders will be more confident, and Nigerians will have better access to credit.”
The Nigeria Consumer Credit Corporation (CREDICORP) is a Federal Government-backed Development Finance Institution (DFI), established to democratize access to consumer credit for Nigeria’s working population.
CREDICORP prides itself as Nigeria’s first fully paperless government agency, operating with just 19 staff members, using AI-powered, digital-first systems and a fleet of fully electric vehicles.
