In his National Broadcast marking Nigeria’s 65th Independence Anniversary, President Bola Tinubu revealed that over 153,000 Nigerians have accessed N30 billion in affordable loans under the National Consumer Credit Corporation (Credicorp) scheme.
The initiative, launched in 2024 to expand access to credit and ease financial burdens, has enabled Nigerians to purchase vehicles, solar energy systems, home improvements, digital devices, and other essentials at favorable rates.
“Credicorp, another initiative of our administration, has granted 153,000 Nigerians N30 billion affordable loans for vehicles, solar energy, home upgrades, digital devices, and more,” President Tinubu said.
He further introduced YouthCred, a complementary credit program targeting young Nigerians, particularly members of the National Youth Service Corps (NYSC). According to the President, tens of thousands of NYSC members are now benefiting from this program aimed at supporting youth in technology and creative sectors.
“Over the last two years, we have collaborated with our partners to launch the programme, supporting our young builders and dreamers in the technology and creative sectors,” he added.
Economic Progress Highlights
President Tinubu also highlighted key economic milestones, underscoring strong recovery and reform gains:
- GDP growth of 4.23% in Q2 2025, the fastest pace in four years, surpassing the IMF’s 3.4% forecast.
- Inflation declined to 20.12% in August 2025, the lowest level in three years.
- A record N20 trillion non-oil revenue target reached by August 2025, with N3.65 trillion raised in September alone, a 411% increase from May 2023.
- Nigeria’s external reserves hit $42.03 billion in September, the highest since 2019.
- Ongoing government efforts to boost agricultural production and food security, aimed at reducing food costs.
Background: Credicorp and Vehicle Credit Scheme
Credicorp was launched in 2024 to provide affordable credit access nationwide. In February 2025, the program introduced a credit facility specifically for purchasing locally assembled vehicles.
During the first phase, hundreds of buyers benefited from financing for motorcycles and tricycles assembled by Simba (TVS), Nigeria’s largest manufacturer in this category.
A related N20 billion consumer credit fund was provided by Credicorp and the National Automotive Design and Development Council (NADDC) in December 2024.
About the Author
