In his Independence Day address marking Nigeria’s 65th anniversary, President Bola Tinubu revealed that the National Consumer Credit Corporation (Credicorp) has successfully disbursed N30 billion in affordable loans to 153,000 Nigerian citizens.
Expanding Access to Essential Goods
The Credicorp initiative has made it possible for thousands of Nigerians to acquire critical items through affordable financing. Beneficiaries have used these loans to purchase vehicles, install solar energy systems, upgrade their homes, buy digital devices, and access other essential goods that would otherwise be out of reach for many citizens.
Youth-Focused Credit Program Takes Off
President Tinubu also announced the successful launch of YouthCred, a specialized credit program designed for young Nigerians. The initiative has particularly benefited members of the National Youth Service Corps (NYSC), with tens of thousands of corps members now accessing consumer credit to support their resettlement after service.
The President emphasized that over the past two years, his administration has partnered with various stakeholders to roll out this program, specifically targeting young entrepreneurs and innovators in Nigeria’s technology and creative industries.
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Economic Recovery Gains Momentum
During the broadcast, President Tinubu highlighted several economic achievements his administration has recorded. He pointed to Nigeria’s second quarter 2025 GDP growth of 4.23%, the fastest pace in four years, which exceeded the International Monetary Fund’s projection of 3.4%.
The President also noted that inflation has declined to 20.12% as of August 2025, marking the lowest rate in three years. He attributed this progress to deliberate efforts to increase agricultural production and ensure food security across the nation.
Record Revenue and Reserves
Other significant economic milestones include:
- Non-oil revenue reached unprecedented levels, with the 2025 target achieved by August, totaling over N20 trillion
- September 2025 alone saw N3.65 trillion in revenue generation, representing a 411% increase compared to May 2023
- External reserves climbed to $42.03 billion in September 2025, the highest level recorded since 2019
Background on Credicorp
The federal government established Credicorp in 2024 with the primary objective of expanding credit access and alleviating financial pressure on Nigerian citizens. In February 2025, the corporation launched a dedicated credit scheme for locally assembled vehicles, initially focusing on motorcycles and tricycles manufactured by Simba (TVS).
The program has since expanded, with Credicorp and the National Automotive Design and Development Council partnering in December 2024 to establish a N20 billion consumer credit fund specifically for purchasing locally assembled automobiles.
These initiatives form part of the government’s broader strategy to stimulate domestic manufacturing, improve citizens’ purchasing power, and drive economic growth through accessible financing options.
