The Nigerian Consumer Credit Corporation (CREDICORP) has deployed over N30 billion in credit within a few months of operation. Its Chief Executive Officer, Uzoma Nwagba revealed this recently.
The institution, he said, brought “life-changing financial support to nearly 200,000 Nigerians and enabled 31 financial institutions to expand their lending capacity.”
CREDICORP is a development-finance institution established by the Federal Government in April last year.
It was created as part of the Tinubu Administration’s “Renewed Hope Agenda,” to democratise access to consumer credit for working Nigerians who previously were denied formal lending.
Rather than lending directly, CREDICORP partners with banks, microfinance institutions and fintechs, offering credit guarantees and wholesale funding.
The goal is to enable citizens to buy essential goods (vehicles, solar power systems, home improvements, devices) on manageable credit rather than relying only on savings, thereby boosting consumption, raising living standards, and stimulating local industry and economic growth.
Nwagba provided an update on its performance in the organisation’s in-house publication.
He described the development as a “significant demonstration of what a modern, high-efficiency government institution can achieve when built deliberately from the ground up.”
Nwagba said the achievement was made possible by designing the corporation as a new kind of public institution, one purposefully created to avoid the entrenched inefficiencies that have shaped government operations for decades.
“We built this institution from scratch with the conviction that we must rewrite rules,” he said.
According to him, CREDICORP’s early accomplishments show what is possible when the government adopts systems that value speed, discipline, transparency and innovation.
