FG targets 500,000 Nigerians for N45.2 billion consumer credit scheme by 2026

The Federal Government has announced plans to expand its consumer credit programme to reach 500,000 Nigerians by December 2026. The Nigerian Consumer Credit Corporation (CREDICORP) has already crossed the 300,000-beneficiary mark and disbursed over N45.2 billion in consumer credit during the first six months of the year.

The target was outlined in CREDICORP's H2 2026 Outlook, published as part of its 2026 Impact Report. The document showed that the programme has achieved what the body described as a major milestone since it launched in April 2024 following a presidential directive.

Priority sectors and expansion plans

For the remainder of the year, the government said its priorities include growing the volume of loans issued, mobilising more capital, strengthening partnerships with lenders and vendors, and deepening consumer education to encourage responsible borrowing.

CREDICORP said it will keep its attention on key sectors including mobility, digital devices, energy solutions, home improvement and life essentials. The goal is to help Nigerians acquire assets that improve their daily lives and economic standing.

The corporation also plans to advance national initiatives such as the Credit Passport, Consumer Credit Guidelines and enabling legislation, while widening participation among lenders, manufacturers, vendors and development partners.

Focus on financial inclusion

CREDICORP's programmes are deliberately designed to reach women and Nigerians who have been shut out of the formal financial system. More than 40 per cent of current beneficiaries are first-time formal borrowers, according to the corporation.

CREDICORP said its partnership model, which brings together financial institutions, government agencies, development partners and private sector players, has continued to grow, strengthening the foundation for responsible consumer lending in Nigeria.

In its own words, CREDICORP said: "Our ambition for H2 is clear: reach more Nigerians, strengthen the consumer credit ecosystem, and accelerate the transition towards a credit-enabled economy where access to finance drives productivity, inclusion, and sustainable economic growth."

Digital device credit scheme

Earlier, CREDICORP also introduced a nationwide digital device credit scheme aimed at making smartphones, laptops, and other essential tech tools more accessible to working Nigerians. The initiative is expected to enable more than 15,000 people to acquire the devices they need to stay productive in an increasingly digital world. It comes with a clear age requirement, limiting eligibility to citizens between 18 and 39 years.

Looking ahead, the corporation said it remains committed to responsible lending, improved consumer education, stronger governance and mobilising additional investment to build a sustainable credit market that supports inclusive economic growth.

For Nigerian consumers and businesses, the expansion of CREDICORP's reach means more access to affordable credit for productive assets, which could ease the burden of upfront payments in a tight economy and support household productivity.