President Bola Tinubu has given the green light for the commencement of the first phase of the Consumer Credit Scheme, aimed at facilitating the purchase of houses and cars by working Nigerians.

In a statement released on Wednesday, Ajuri Ngelale, the presidential spokesman, highlighted that the Consumer Credit Scheme will significantly improve citizens’ quality of life by enabling them to access goods and services upfront while responsibly paying over time.

“The scheme is designed to facilitate crucial purchases such as homes, vehicles, education, and healthcare, which are essential for ongoing stability and the pursuit of aspirations,” the statement elaborated.

Ngelale emphasized that through responsible repayment, individuals will build credit histories, unlocking more opportunities for a better life. Additionally, the increased demand for goods and services is expected to stimulate local industry and job creation.

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

Aligned with the President’s directive to expand consumer credit access, the Nigerian Consumer Credit Corporation (CREDICORP) has launched a portal for Nigerians to express interest in receiving consumer credit.

“This initiative, in collaboration with financial institutions and cooperatives nationwide, aims to broaden consumer credit availability,” the statement reiterated, urging working Nigerians interested in consumer credit to visit CREDICORP’s website and express interest before the deadline date of May 15, 2024.

The scheme will be implemented in phases, starting with members of the civil service and gradually extending to members of the public.