The Nigeria Consumer Credit Corporation (CrediCorp) has launched a N100bn consumer credit initiative to make car ownership more accessible to Nigerians. The scheme, announced by CrediCorp CEO Uzoma Nwagba at a stakeholders’ event in Abuja, is designed to provide structured financing for essential goods, including vehicles, solar panels, alternative energy, and home improvements.
“Our goal is to expand access to consumer credit to improve Nigerians’ quality of life. No economy grows without credit access, and that’s why we are investing N100bn in this initiative,” Nwagba said.
He revealed that CrediCorp is nearing its 50,000th beneficiary, with more Nigerians gaining access to vital goods through partnerships with financial institutions, fintech firms, and the Central Bank of Nigeria. However, he lamented that only three per cent of Nigerians currently have access to formal consumer credit, citing weak credit infrastructure as a major barrier.
To address this, he stressed the need to improve Nigeria’s credit reporting system. “Every credit transaction must be reported and accessible to financial institutions to build a more efficient credit market,” he said.
Beyond infrastructure, Nwagba pointed to cultural resistance as another obstacle. “Many Nigerians see credit as something you turn to only in financial distress, but credit should be a tool for improving life. Why wait until you’re 60 to buy a house when you can start enjoying it now and pay gradually over 30 years?” he argued.
CrediCorp is also working to make borrowing more affordable. Nigerians who take loans through CrediCorp-backed institutions to buy locally made goods including vehicles, furniture, and electronics will enjoy single-digit interest rates. “We want to encourage local manufacturing and consumption. That’s why we are lowering interest rates for those buying Nigerian-made products,” Nwagba said.
With interest rates currently as high as 40–60 per cent per annum, he described this credit scheme as a game-changer. “We are saying no to that. We discount the rates to make loans more affordable,” he added.
The initiative is already making an impact. AutoCheck’s Chief Operating Officer, Mayokun Fadeyibi, announced that at least 20 vehicles had been delivered to beneficiaries through the CrediCorp partnership. “So far, we have deployed over N150m, with over N1bn in processing and more than 1,000 applications received,” he said, encouraging Nigerians to visit accredited dealerships for instant loan offers.
One of the beneficiaries, Amaka Okafor, a schoolteacher in Abuja, shared how the scheme had transformed her life. “This car is more than just a vehicle to me it’s freedom. I no longer have to worry about getting to school late or spending hours waiting for a bus. Now, I can focus on my work and spend more time with my family,” she said.
CrediCorp aims to extend consumer credit access to 50 per cent of Nigeria’s working population by 2030. With over 10,000 vehicles set to be financed in the coming months, the initiative is not just promoting car ownership but also improving livelihoods and expanding economic opportunities nationwide.
