Consumer credit expansion boosting household prosperity, Made-in-Nigeria poducts, economic growth

The Tinubu Stakeholders Forum (TSF) has welcomed the impressive progress recorded by the Nigerian Consumer Credit Corporation (CrediCorp), which has reached more than 300,000 Nigerians and disbursed over ₦45.2 billion in consumer credit within the first half of 2026.

The Forum said in a statement signed by its Chairman Ahmad Sajoh and Secretary Danjuma Sada that the milestone demonstrates that President Bola Tinubu’s Renewed Hope reforms are translating into tangible benefits for Nigerians.

“We acknowledge that consumer credit is a critical pillar of every modern economy because it enables households to acquire essential goods and services without waiting years to accumulate savings.

“By making responsible and affordable credit available for education, healthcare, household appliances, transportation and other productive needs, the programme is helping families improve their quality of life while stimulating economic activity,” it said.

The Forum further noted that the consumer credit programme is serving as a catalyst for the growth of Made-in-Nigeria products and local manufacturing.

“By enabling more Nigerians to purchase locally manufactured goods through affordable credit, the initiative is expanding domestic demand, increasing manufacturers’ sales and profitability, and encouraging businesses to expand production and invest in new capacity.

“The resulting growth will create jobs, strengthen local supply chains, reduce dependence on imports, conserve foreign exchange and accelerate Nigeria’s industrialisation and long-term economic growth,” the statement added.

The Forum said the rapid uptake of the programme reflects growing public confidence in Nigeria’s evolving consumer credit ecosystem and validates the Tinubu administration’s commitment to building inclusive financial institutions that serve ordinary Nigerians while supporting sustainable economic growth.

“We commend CrediCorp for surpassing 300,000 beneficiaries within six months and expressed confidence that the corporation would exceed its target of 500,000 beneficiaries before the end of the year as more financial institutions, employers and manufacturers join the initiative.

“It is imperative to urge Nigerians to embrace the opportunities created by the programme while maintaining a strong repayment culture, noting that responsible borrowing is essential to building a sustainable consumer credit market that can serve millions of Nigerians for generations.

“For us, it is a reaffirmation that the rapid expansion of consumer credit is laying the foundation for a more inclusive, consumption-driven and industrial economy,” TSF added.

The group said the programme will not only improve household welfare but also strengthen domestic production, support enterprise growth and ensure that the gains of the Renewed Hope Agenda are increasingly reflected in the everyday lives of Nigerians.