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Govt opens Nigerians’ access to consumer credit with N100b
• Govt opens Nigerians’ access to consumer credit with N100b
A Consumer Credit Scheme to put money in the pockets of Nigerians, boost manufacturing and stimulate economic growth has been rolled out by the Federal Government.
Presidential spokesman Ajuri Ngelale on Wednesday announced the beginning of the plan following its approval by President Bola Ahmed Tinubu.
It is a cardinal campaign promise by the President.
According to Ngelale, apart from empowering Nigerians to improve their quality of life, the programme will also lead to access to goods and services.
The first phase of the programme will be available to civil servants before its extension to other Nigerians.
Ngelale explained: “Consumer credit serves as the lifeblood of modern economies, enabling citizens to enhance their quality of life by accessing goods and services upfront, paying responsibly over time.
“It facilitates crucial purchases, such as homes, vehicles, education, and healthcare, essential for ongoing stability to pursue their aspirations.
“Through responsible repayment, individuals build credit histories, unlocking more opportunities for a better life.
“Additionally, the increased demand for goods and services will stimulate 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.
“The Nigerian Consumer Credit Corporation (CREDICORP), which will drive the scheme, will achieve its mandate through the following:
*Strengthening Nigeria’s credit reporting systems, ensuring every economically active citizen has a dependable credit score. This score becomes personal equity they build, facilitating access to consumer credit.
*Offering credit guarantees and wholesale lending to financial institutions dedicated to broadening consumer credit access.
*Promoting responsible consumer credit as a pathway to an improved quality of life, fostering a cultural shift towards growth and financial responsibility.
“In line with the President’s directive to expand consumer credit access to Nigerians, 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.
“Working Nigerians interested in receiving consumer credit can visit www.credicorp.ng to express interest. The deadline is on May 15.”
In an earlier comment on the scheme, Minister for Budget and Economic Planning, Abubakar Bagudu, noted that N100 billion is included in this year’s budget for the programme
He said: “We put N100 billion fund in the budget to support consumer credit.
“This is important because the manufacturing sector is struggling with two challenges: efficiency of production and finding someone who can buy.
“The introduction and support of consumer credit, we believe, will help in the revival of our manufacturing sector to meet international standards. It is a catalytic fund that is expected to have significant growth.”
House of Representatives Speaker Tajudeen Abbas, and economic experts, such as Dr. Muda Yusuf, Mr. Olatunde Amolegbe and Mr. David Andori, gave kudos to the scheme.
The absence of recent and relevant credit demand data poses challenges to operators and investors, leaving them “market-blind” in estimating Nigeria’s actual consumer credit market size, according to experts.
To address this issue, Stears, a leading data analysis firm, has developed a credit market mapping model that leverages robust data and innovative methodologies to comprehensively understand Nigeria’s consumer credit market.
This includes not only assessing the formal market but also offering insights into the substantial informal credit market, thus identifying opportunities for credit providers and investors within this segment.
The experts added that consumer credit can have both positive and negative impacts on the economy.
On the positive side, it can stimulate economic growth by increasing consumer spending. When individuals have access to credit, they are more likely to make purchases, driving demand for goods and services and leading to increased production and job creation.
This, in turn, can boost overall economic activity and contribute to higher levels of economic growth.
However, it is crucial to manage consumer credit responsibly to avoid negative consequences.
Excessive consumer debt can lead to financial instability, as individuals may struggle to repay their debts, resulting in defaults and bankruptcies.
These repercussions can have a ripple effect on the economy, causing lenders to incur losses and reducing their willingness to extend credit in the future.
Moreover, high levels of consumer debt can hinder long-term economic growth by reducing savings and investment.
Yusuf, Amolegbe, Andori on the scheme
Economic and finance experts described the takeoff of the consumer credit scheme as laudable.
They noted that it has the potential to stimulate the economy and enhance the quality of living of average Nigerians.
They said a functional credit scheme not only provides an opportunity to lift a substantial part of the population from poverty but also to create massive opportunities for the development of the productive and financial services sectors.
They, however, called for supportive regulatory and policy frameworks to make the scheme sustainable and successful.
The experts that spoke yesterday include Chief Executive Officer of the Centre for Promotion of Private Enterprise (CPPE); Dr Muda Yusuf; Managing Director, Arthur Steven Asset Management, Mr Olatunde Amolegbe and Managing Director, HighCap Securities, Mr David Adonri.
Yusuf said the introduction of the consumer credit scheme is a welcome development as it would boost consumer demand.
“One of the major shortcomings of our financial system is the absence of consumer credit. Where it exists, the conditions are often very difficult to meet.
“The resultant enhancement of purchasing power would be beneficial to other sectors of the economy. We need robust consumption capabilities to complement production.
“But the implementation framework should be such that would deliver the desired outcomes,” Yusuf said.
Amolegbe noted that the Nigerian economy cannot reach its full potential if it remains a largely informal and cash-based economy.
According to him, the availability of credit means consumers can leverage their incomes in other to buy more, thus indirectly boosting production, capacity utilisation and employment
“It will also have a significant social economic impact as it has the potential to lift many people out of poverty by providing them credit to finance their small businesses and trades,” Amolegbe, a past president of the Chartered Institute of Stockbrokers (CIS), said.
He, however, pointed out the need to ensure a proper and workable framework, especially when the scheme becomes accessible to operators in both formal and informal sectors.
“The pitfalls include: how do you properly capture and monitor borrowers to ensure they make good on their commitments in a country dominated by people operating in a largely unstructured and informal environment?
“If we can overcome this hurdle, then the benefits of this scheme will be clear for all to see within a short period,” Amolegbe said.
Adonri said the scheme was in line with the global operating environment, noting that it has the potential to boost the economy if well managed.
“Modern economies run on credit. Therefore, it is a commendable initiative to make consumer credit readily available in Nigeria.
“However, it may aggravate the galloping inflation in Nigeria now. The main economic challenge facing Nigeria comes from the excessive supply gap due to the near collapse of domestic agricultural and industrial production.
“Consumer credit is a potent tool for stimulating consumer pull, especially when an economy is be-labored with unsold inventory,” Adonri said.
He said macroeconomic policy thrust now ought to be focused on the mobilisation of credit to boost local production to close the yawning supply gap, as a condition precedent to support the consumer credit system.
The United States Department of Homeland Security has added 10 Nigerians to its “Worst of the Worst” register, a database highlighting immigrants arrested by Immigration and Customs Enforcement over alleged criminal offences.
The latest names were published on the official DHS website and include individuals linked to cases involving fraud, identity theft, drug offences, assault, conspiracy and offences involving children.
The 10 Nigerians listed in the latest update are:
Temitope Bashua — Wire fraud, identity theft and fraud — Allenwood, Pennsylvania
Ojehoro Lewis — Cruelty towards a child — Conroe, Texas
Osemudiamen Kingsley Oziegbe — Wire fraud — Louisville, Kentucky
Daniel Oworen — Dangerous drugs — Conroe, Texas
Raymond H. Ekevwo — Wire fraud — Oxford, Wisconsin
Franklin Dikeocha — Sex offence against a child – fondling — Dallas, Texas
Johnson Ogunlana — Fraud and identity theft — White Deer, Pennsylvania
Chukwuemeka Okorocha — Wire fraud, dangerous drugs, possession of a weapon and aggravated assault involving a non-family gun — Allenwood, Pennsylvania
Tunde Korede — Conspiracy — Allenwood, Pennsylvania
Chukwuemeka Chinye — Larceny from a banking-type institution, fraud, larceny, identity theft and conspiracy — Pollock, Louisiana
DHS said the register was established to draw attention to immigrants it describes as the “worst of worst criminal aliens” arrested by ICE.
“Every day, the patriots of ICE are working to target the worst of the worst criminal illegal aliens from our country. Just yesterday, ICE arrested murderers, pedophiles, kidnappers, and other violent criminals to make America safe again,” said Secretary of Homeland Security Markwayne Mullin.
“Under President Trump’s leadership, there will be no safe haven for illegal aliens, including in sanctuary cities which put illegal aliens over their own citizens. We will never apologize for arresting and deporting illegal aliens, because that’s how we protect American lives.”
The department said the latest immigration enforcement actions were part of the Trump administration’s deportation policy.
“Under DHS leadership, the hardworking men and women of DHS and ICE are fulfilling President Trump’s promise and carrying out mass deportations – starting with the worst of the worst – including the illegal aliens you see here,” the department said.
The latest publication comes after DHS released another list in July containing 124 Nigerians arrested by ICE and identified on the same register.
The July list featured Nigerians associated with a range of criminal offences, although the department did not provide specific deportation dates for those individuals
…Orders CCTV installation to stop vandalism
The federal government on Friday announced the closure of the River Niger bridge for one week.
The closure is to carry out repairs on the vandalised sections of the River Niger bridge road and install security architecture in the area.
Minister for Works, Engr Dave Umahi, disclosed this at Ogbunike in Oyi Local Government Area of Anambra during an inspection tour of the bridge and other roads under construction in the South East and South South geopolitical zones of the country.
The first River Niger Bridge linking Asaba and Onitsha
He said motorists would, at the closure of the bridge, be directed to the Second Niger Bridge in order to give the contractors an adequate time frame to carry out the necessary repairs.
Recall that suspected vandals had looted vital bolts and irons used in the construction of the bridge, thereby exposing the bridge to obvious collapse and, in the process, threatening the lives of millions of road users and passersby.
He explained that security measures are being taken to avert a repeat occurrence of vandalism on the bridge.
“Bridges are designed for light load and dynamic loads so we have directed that work should start immediately and the entire asphalt be removed and put another one and there will be solar lights on that bridge in the next one week and we shall fix CCTV and connect it to the one in the 2nd Niger Bridge so that security will observe and whoever that tries to touch the bridge again is going to be arrested.
“Now on the first Niger bridge, we have seen the wickedness of the underworld. We have seen the man’s inhumanity to man; those things that they are removing is very dangerous to the beauty of that bridge and we have commenced action on that bridge,” he said.
He added; “There Is so much accumulated workload on that bridge, like it was with the 3rd Mainland Bridge, and every government that comes will put asphalt, and it is causing a lot of gridlock on that bridge.
“So these are the actions that we have taken and then getting down we came to the Enugu – Onitsha express and they are working in three sections and there the Enugu -Onitsha and another one is 17.5 km and the last one is about 20km by two and so I have directed them not to start any asphalt work or concrete work so what they are to do is to take measurements of all the failed sections and it should be milled out and then use 16mm binder to cover them very well all the way from head bridge to 21.5 km and they will finish one carriage way before they go to the other one.
“We have to attempt to work at night so that we don’t interfere with traffic and we have to get the road safety involved and our own local traffic managers they should commence the desilting of the drainage before commencing.
“To that effect we may have to close down the first Niger bridge in seven days time and we direct traffic to the second Niger bridge for us to fix the first Niger bridge in good time,” he stated.
At the ongoing construction of the second Niger Bridge access road, Engr Timothy Emenike, Controller, and Engr Nnamdi explained that there would be no more slow pace of work on the project, adding that the project is being executed from both fronts in order to beat the deadline.
“The project starts from Obosi down to Mkpor and Ogidi and now we are in Ogbunike and along this alignment between the last time you came we are working on several stops along this alignment and you have just seen the second bridge that is ongoing and we are almost about to start the third one”.
“Work pace will not be a hindrance until we exhaust what was given to us by the Anambra state government and I am happy to inform you that since the new Commissioner took over we have been going to the new Commissioner’s office and have been pressuring him to give us more work space.”
According to him, in the next week we shall have another work space of 5km between Obosi axis, working from both ends.
“We are cutting through the hill at Ogbunike to continue the work in that area,” they stated.
Anambra State Commissioner for Works, Arc Okey Ezeobi, announced that the right of way being demanded by the contractors would be granted to them, adding that an additional 5km has been added to the contractors.
Ezeobi thanked President Ahmed Bola Tinubu and Engr Dave Umahi for providing democracy dividends for the people of Anambra and the South East.
He reiterated the support of the people of the state ahead of the 2027 general elections.
“There is no better way to describe this as a renewed hope and not fit saying it and the Hon Minister with what you are doing with our wonderful President for the first time Easterners can come in and move out with ease and the bottleneck they had been a great harassment and that is sending people out of the South East, has been taken care of.
“One can now bypass Onitsha, bypass Asaba and you are on your way.
“You don’t know how glad the people of Anambra and the South East is and thank Mr President for us.
“There is no way to ask for democracy dividend than this and that is when you have a visionary leadership tailored towards alleviating the sufferings of the masses.
“Mr President is developing every part of Nigeria and regarding the right of way for this project, we are finalizing it and we are adding another 5km to what we have now and there will be more than enough for the contractor to work with,” he added.
The family of The Eagle Online publisher, Dotun Oladipo, has announced September 10 and 11, 2026 as the dates for the funeral programmes of the journalist and media entrepreneur.
Oladipo died on Tuesday, August 25, at the age of 56.
According to the family, a service of songs will hold at DayStar Church, Oregun, Ikeja, on Thursday, September 10.
The burial service will take place at the same venue on Friday, September 11, followed by his interment.
Oladipo was president of the Guild of Corporate Online Publishers (GOCOP) from 2017 to 2021 and was among the foundational members who helped shape the association during its formative years.
GOCOP President, Danlami Nmodu, described his death as a painful loss to the Guild and recalled his contribution to the development of online publishing in Nigeria.Exploring African Diaspora Media
“Dotun played an important role in the development of GOCOP. He led the Guild for four years at a time when there was still a lot of work to be done to establish online publishers as an important part of the media. His contribution will always be remembered,” Nmodu said.
Nmodu said Oladipo brought his experience as a journalist and publisher to the leadership of the Guild.
“Dotun understood journalism and he understood the business of publishing. He was passionate about the place of online media in Nigeria and he gave his time to the growth of the Guild. We are saddened by his passing,” Nmodu said.
Oladipo was also a member of the Nigerian Guild of Editors (NGE) and the International Press Institute (IPI Nigeria), and was active in the development of Nigeria’s online publishing industry.
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