Dike Onwuamaeze
In a recent interview during the “Africa Credit Expo” in Lagos, Mr. Aderemi Abdul-Bojela, Chairman of the Nigerian Consumer Credit Corporation (CrediCorp), emphasized the transformative potential of the consumer credit system in revitalizing Nigeria’s industrial sector. He believes this initiative is crucial to achieving President Bola Tinubu’s ambitious goal of establishing a $1 trillion economy by 2030.
Abdul-Bojela remarked, “To drive our economy forward, we need large-scale credit, especially in consumer lending and mortgages. The current administration is aiming for a $1 trillion economy within the next five years, and consumer credit is a fundamental component of this framework. I can assure you that credit will play a pivotal role in reviving the economy, particularly through a core consumer credit guarantee for ‘Made in Nigeria’ products and services. This is the direction we are heading.”
He went on to discuss plans to leverage credit for the resurgence of the country’s industries and bridge the gap between production and credit access.
Echoing this sentiment, Mr. Uzoma Nwagba, Managing Director and CEO of CrediCorp, noted the critical opportunity that consumer credit presents for economic transformation. He outlined the necessity of establishing a sustainable credit system within Nigeria’s high-interest environment, which requires a robust credit infrastructure capable of identifying users and generating reliable credit scores. This, he explained, would encourage financial institutions to extend loans.
Nwagba stressed the government’s role in creating regulations that define credit scores, ensuring all loans—both formal and informal—are logged with credit registries. “These loans need to exist within a trackable system, allowing for monitoring of borrowers and fostering a culture of accountability,” he stated. “Credit fundamentally relies on trust—credibility between individuals.”
He emphasized that CrediCorp aims to facilitate cheaper capital access for underserved populations and provide credit guarantees to promote local purchases. “Our goal is to bring interest rates as close to zero as possible for local buyers,” he revealed.
Dr. Jameelah Sharrieff-Ayedun, Managing Director and CEO of Credit Registry Nigeria, added in her opening address that the time has come to enhance financial literacy among individuals to help them build generational wealth. “Credit is a powerful tool for financial freedom, enabling individuals to start businesses and purchase homes,” she said. “By 2030, we aim to support three million families through our financial literacy initiatives, helping them embark on their journey towards financial independence.”
Furthermore, Hon. John Omotola Soares, CEO of Walfin Brook Limited, highlighted the pivotal moment Nigeria faces in reshaping its credit culture to empower its citizens. He stated, “Our financial systems need to be accessible to everyone, regardless of socioeconomic status. Often, underserved communities encounter barriers that restrict their access to credit and financial services. By partnering with fintech innovators and local organizations, we can develop tailored solutions to meet the unique challenges these communities face.”
