Going forward, getting a better quality of life seems like a thing that will no longer be so hard compared to the years prior and this is because a consumer credit facility by Nigeria’s president Bola Tinubu has just kick-started.

By mid-May when they would have registered their interest, says presidential spokesperson Ajuri Ngelale in a statement issued yesterday, hardworking citizens, through the Nigerian Consumer Credit Corporation (CREDICORP) will get a chance to acquire assets with the positive credit score they have built.

It is only the pilot phase of the initiative and at this stage the opportunity to get goods and services upfront, paying responsibly over time will be open to civil servants. The scheme, adds Ngelale, facilitates crucial purchases, such as homes, vehicles, education, and healthcare, essential for ongoing stability to pursue their aspirations, features that were previously scarce and limited to the private sector financial services who provided them.

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That early ground building has now created room for the federal government to launch a programme of national scale that caters to the yearnings of overburdened Nigerians who would certainly see the president’s scheme as a relief and at the same encouraging local consumption.

According to the Special Adviser on Media & Publicity, while painting Mr Tinubu’s vision concerning CREDICORP, through responsible repayment, individuals build credit histories, unlocking more opportunities for a better life. Additionally, the increased demand for goods and services stimulates local industry and job creation.

The President believes every hardworking Nigerian should have access to social mobility, with consumer credit playing a pivotal role in achieving this vision.

As the outcome, the scheme envisions the strengthening of Nigeria’s credit reporting systems, which then becomes personal equity for those that have been successfully onboarded, reads the statement.

The specific deadline set for the first phase registrations happening via www.credicorp.ng is 15 May 2024. In just about 15 days after this date, Mr Bola Tinubu will be marking his first year anniversary as the President of Nigeria, a role he firmly believed he deserved.

President Tinubu Approves Takeoff of Consumer Credit Scheme pic.twitter.com/Eqtm38f9sA

— Presidency Nigeria (@NGRPresident) April 24, 2024

Optics show that he is looking to make the anniversary a grand success. Already, he has plans in the works to release up to 2,500 compressed natural gas-powered vehicles to make room for cheaper public transportation in the country.

This is expected to go a long way in complementing what private sector actors like Aliko Dangote is doing in that field by making both diesel and aviation fuel produced at his Lagos petrochemical refinery much more affordable.

It is anticipated that all these concerted efforts, including the credit scheme that has just launched, will make for a better life in a wealthy Nigeria even though the citizens largely still struggle to attain a financial breakthrough in the meantime.

Ayodele Johnson

Ayodelé is a Lagos-based journalist and the Content and Editorial Coordinator at Meiza. All around the megacity, I am steering diverse lifestyle magazine audiences with ingenious hacks and insights that spur fast, informed decisions in their busy lives.