The Nigerian government has announced that 153,000 citizens have so far benefitted from N30 billion in affordable loans disbursed under the National Consumer Credit Corporation (Credicorp) scheme.
Delivering a national broadcast to mark Nigeria’s 65th Independence Anniversary, the President highlighted the impact of Credicorp, noting that the facility has enabled Nigerians to acquire vehicles, solar energy systems, home upgrades, digital devices, and other essentials at affordable rates.
“Credicorp, another initiative of our administration, has granted 153,000 Nigerians N30 billion affordable loans for vehicles, solar energy, home upgrades, digital devices, and more,” the President said.
The President further announced that YouthCred, a complementary credit programme targeted at young Nigerians, particularly members of the National Youth Service Corps (NYSC), has become a reality.
According to him, “tens of thousands of NYSC members are now active beneficiaries of consumer credit for resettlement.”
He explained that “over the last two years, we have collaborated with our partners to launch the programme, supporting our young builders and dreamers in the technology and creative sectors.”
Also in the address, the President mentioned some economic milestones achieved by the Nigerian government. He noted that the economy is recovering fast, and the reforms introduced over the past two years are delivering tangible results.
The country’s Gross Domestic Product grew by 4.23% in the second quarter of 2025, Nigeria’s fastest pace in four years surpassing the 3.4 per cent growth projected by the International Monetary Fund. Inflation also declined to 20.12% in August 2025, the lowest level in three years.
The President noted that the government is working diligently to boost agricultural production and ensure food security, thereby reducing food costs.
He further stated that the administration recorded “a record-breaking increase in non-oil revenue, achieving the 2025 target by August with over N20 trillion. In September 2025 alone, N3.65 trillion was raised , 411% higher than the amount generated in May 2023.”
The country’s external reserves, he added, increased to $42.03 billion in September, the highest level since 2019.
The Credicorp programme was launched in 2024 by the Nigerian government with a mandate to expand access to credit and ease the financial burden on citizens.
In February 2025, Credicorp introduced a credit scheme for the purchase of locally assembled vehicles. In the first phase, credit facilities were provided to hundreds of buyers of motorcycles and tricycles assembled by Simba (TVS), Nigeria’s largest manufacturer of two- and three-wheelers.
In December 2024, Credicorp and the National Automotive Design and Development Council (NADDC) provided a similar credit facility with a N20 billion consumer credit fund, according to MSME Africa.
