Bill Sponsor: Hon. Abbas Tajudeen (Speaker) and Hon. Adewale Hammed. Bill Progress: First Reading.
The Nigeria Consumer Credit Corporation (Establishment) Bill, 2025 (HB.2507) has been introduced in the House of Representatives, signaling a significant step toward improving consumer credit accessibility in the country. More specific details regarding the bill will soon be available. However, its connection to the already established Nigerian Consumer Credit Corporation (CREDICORP) has generated considerable interest among stakeholders.
The core impetus behind the establishment of CREDICORP, and by extension, this proposed legislation, revolves around democratizing access to consumer credit in Nigeria. The current financial landscape often presents challenges for a large segment of the working population, who encounter structural and market barriers when seeking loans for personal and household needs.
Credit for essentials, such as cars, appliances, and other goods, is frequently out of reach for many Nigerians. The proposed bill aims to address this disparity head-on, ensuring that a broader swath of the population can secure the funding they need to improve their quality of life.
One of the ambitious targets set forth by CREDICORP is to accelerate consumer credit access to 50% of all working Nigerians by the year 2030. This proactive approach seeks to empower individuals by providing them with the means to procure necessary items through manageable monthly payments, rather than imposing the burden of large upfront costs that can be prohibitive for many. Such a shift has the potential not only to enhance the quality of life for countless citizens but also to contribute to the overall economic stability of Nigeria.
In conclusion, the Nigeria Consumer Credit Corporation (Establishment) Bill, 2025, represents a forward-thinking approach to addressing the pressing needs of consumers in Nigeria. By formalizing and reinforcing the framework for CREDICORP, the bill aspires to create a more inclusive economy bolstered by accessible credit. As Nigeria grapples with various socio-economic challenges, empowering its citizens through enhanced financial access could be a game-changer. The passage of this bill could herald a new era for consumer credit in Nigeria, ultimately striving to uplift the standards of living for millions and foster a resilient economy that benefits all.
