The Chief Executive Officer of the Nigeria Consumer Credit Corporation, Uzoma Nwagba, has launched a N100bn consumer credit initiative aimed at making car ownership more accessible to Nigerians.
Speaking at a stakeholders’ event for vehicle reward beneficiaries on Tuesday, Nwagba said the scheme was designed to empower Nigerians by providing them with access to essential goods through structured credit facilities.
“Our goal is to expand access to consumer credit for Nigerians to improve their quality of life. This includes financing for vehicles, mobility, solar panels, alternative energy, and home improvements—essential goods that enhance daily living,” he said.
“No economy grows without access to credit and its democratization. That is why we are here. The budget for this initiative is N100bn,” Nwagba added.
Nwagba revealed that CrediCorp is approaching its 50,000th beneficiary, with more Nigerians gaining access to vital goods and services through the initiative.
He noted that the agency collaborates with financial institutions, fintech firms, and regulatory bodies, including the Central Bank of Nigeria, to expand credit availability.
However, he lamented that only three per cent of Nigerians currently have access to formal consumer credit due to the country’s weak credit infrastructure.
“The challenge with credit in Nigeria is that only about three per cent of Nigerians can access formal consumer credit to obtain goods and services that improve their lives,” he said.
To address this, he stressed the need to enhance Nigeria’s credit reporting system.
“We need to improve our credit reporting system. We already have credit bureaus working on this, and our mandate is to support and strengthen their efforts. Every credit transaction must be reported and made accessible to financial institutions to build a more efficient credit market,” he added.
Nwagba also pointed out that beyond infrastructure, cultural resistance to borrowing remains a major barrier to consumer credit adoption in Nigeria.
“The average Nigerian sees credit as a bad thing—something you resort to only when you are in financial distress. People are ashamed of borrowing money,” he said.
He argued that consumer credit should be seen as a tool for improving the quality of life, rather than a last resort.
“Why wait until you are 60, saving money every month, before buying a house? Why not access credit now and start enjoying that house for the next 30 years while gradually paying for it?” he asked.
To change this perception, CrediCorp is investing in financial education programs to help Nigerians understand the benefits of responsible borrowing.
Nwagba stated that Nigerians who take loans through CrediCorp-backed financial institutions to buy locally made goods—such as vehicles, furniture, and electronics—would enjoy single-digit interest rates.
“If you are using credit from CrediCorp to buy made-in-Nigeria goods, we lower your interest rates to single digits. This is to encourage local manufacturing and consumption,” he said.
He noted that Nigeria’s current high-interest rate environment—where loans attract rates as high as 40–60 per cent per annum—was unsustainable.
“We are saying no to that. What we do is discount the interest rates to make loans more affordable,” he added.
Speaking at the event, the Chief Operating Officer of AutoCheck, Mayokun Fadeyibi, announced that the partnership with CrediCorp had already facilitated the delivery of at least 20 vehicles to beneficiaries.
“These customers applied for loans and received their vehicles through the CrediCorp partnership. So far, we have deployed over N150m, and this is just the beginning. We currently have over N1bn in processing, with more than 1,000 applications already received,” Fadeyibi said.
He urged Nigerians to take advantage of the program by visiting accredited dealerships across the country.
“AutoCheck has built a vast dealer distribution network, where customers can walk into a dealership and get instant loan offers,” he said.
Fadeyibi assured that the process was seamless, efficient, and designed to eliminate long waiting times.
A schoolteacher in Abuja, Amaka Okafor, shared how the initiative had transformed her daily life.
“This car is more than just a vehicle to me—it’s freedom. I no longer have to worry about getting to school late or spending hours waiting for a bus. Now, I can focus on my work and spend more time with my family,” she said.
CrediCorp aims to expand consumer credit access to 50 per cent of Nigeria’s working population by 2030.
With over 10,000 vehicles set to be financed in the coming months, the initiative is not only enabling car ownership but also improving lives and enhancing economic opportunities for Nigerians nationwide.
