The Tinubu Media Volunteers (TMV), have applauded the Federal Government for easing access to consumer credit through the Nigerian Consumer Credit Corporation (CREDICORP).
In a statement signed by its Chairman, Chukwudi Enekwechi, the group noted that more than 100,000 Nigerians had already benefited from the initiative within just one year.
Enekwechi commended the Tinubu-led administration for the programme, which he said would significantly improve Nigerians’ living standards.“It is remarkable that CREDICORP, as an initiative of the Tinubu administration, aims to raise the social status of many Nigerians by granting access to credit, something that was previously unthinkable.
“Out of the 100,201 beneficiaries, 35,000 are civil servants.“Items accessed through the scheme include vehicles, solar home systems, digital devices, home improvement products, equipment and machinery, and other essential consumer goods.“This is a major breakthrough in a country where access to formal credit facilities has long been a challenge,” he said.
The chairman, however, emphasised that for consumer credit to make a significant economic impact, it must grow to 50 per cent of the country’s Gross Domestic Product.
He expressed satisfaction that the administration had taken the first step toward institutionalizing the scheme, which he believed would also promote local production.
“We acknowledge that the initiative aligns with the administration’s vision to support local production of goods and vehicles.“It will also help curb corruption by reducing desperation caused by financial hardship, and represents a deliberate policy to empower Nigerians with tools for an improved quality of life.
“To us, this is a life-changing programme that can greatly uplift the livelihoods of millions, and we commend the President for setting the ball rolling,” he added.
The group urged the managers of the scheme to scale up efforts to ensure broader participation, both by consumers and service providers.
The News Agency of Nigeria (NAN) reports that CREDICORP’s Managing Director, Uzoma Nwagba, recently announced plans to link Nigerians’ credit scores to their National Identification Numbers (NIN), aiming to create a unified and transparent credit system nationwide.
