President Bola Tinubu said via the National Consumer Credit Corporation (Credicorp) that over N30 billion in affordable loans have already benefited more than 153,000 Nigerians.
Originally created to increase consumer credit access, the program has let people buy necessities, including cars, solar systems, digital devices, and home improvements, under reasonable payback conditions.
President Tinubu highlighted Credicorp among his government’s top projects to increase financial inclusion when speaking on Nigeria’s 65th Independence Anniversary broadcast. He said that YouthCred, a complementary project meant for young Nigerians, especially National Youth Service Corps (NYSC) members, has started payment. For youngsters, the facility offers resettlement credit and supports tech and creative sector innovators.
The News Chronicles understands that especially small business owners and young professionals who had long struggled to obtain cheap credit, Nigerians have greeted the introduction of Credicorp and YouthCred quite enthusiastically. The program has lessened the pressure of initial payments for many recipients and given chances for investment in companies, transportation, and alternative energy sources.
Beyond customer credit, President Tinubu also emphasized recent economic achievements. He says that Nigeria’s economy is recovering, with second-quarter GDP for 2025 increasing by 4.23 percent—the quickest pace in four years and higher than the 3.4 percent forecast of the International Monetary Fund. Having reached all-time highs in 2024, inflation had dropped to 20.12 percent by August 2025, the lowest level in three years.
Tinubu added that improvements in agriculture are increasing food output and keeping prices down. Non-oil revenue exceeded predictions on the revenue front, reaching N20 trillion by August 2025 and increasing to N3.65 trillion just in September—over four times the amount gathered in May 2023. The country’s foreign reserves also rose to $42.03 billion, the most since 2019.
Created in 2024, Credicorp aimed to increase regular Nigerians’ access to credit. Under manufacturers and the National Automotive Design and Development Council, earlier projects included financial support for locally built cars, bikes, and tricycles.
For the government, the initiative is about stimulating local businesses, generating jobs, and maintaining economic growth in addition to consumer access.
