Close Menu
    Facebook X (Twitter) Instagram
    Trending
    • Wanted Chinese Gang Leader Arrested In Nigeria, Deported To China By INTERPOL
    • Fake Pregnancy, Real Cocaine: Widow In NDLEA Net After Attempt To Supply Abuja Clients
    • Court Documents Reveal How Truck Driver, Foreign Nationals Defraud Dangote Of Billions
    • Coalition Wobbles: ADC Faces Uncertainty Without Atiku, Obi’s Commitment
    • Nigeria: Why Brazil. Yes, Brazil – By Sunday Dare
    • Who Spoke, Who Stayed Silent?: 48 Reps, 5 Senators Recorded Zero Contributions In One Year, Report Reveals
    • ‘Kauyawa’ And ‘Ajo’ Wedding Parties Now Forbidden’, Taraba Muslim Leaders Announce Ban
    • Nigerian Air Force Kills 35 ISWAP Fighters In Precision Strikes Near Cameroon Border
    Facebook X (Twitter) Instagram
    NEWS POINT NIGERIANEWS POINT NIGERIA
    UBA 720X90
    • HOME
    • NEWS

      Wanted Chinese Gang Leader Arrested In Nigeria, Deported To China By INTERPOL

      August 24, 2025

      Fake Pregnancy, Real Cocaine: Widow In NDLEA Net After Attempt To Supply Abuja Clients

      August 24, 2025

      Court Documents Reveal How Truck Driver, Foreign Nationals Defraud Dangote Of Billions

      August 24, 2025

      Coalition Wobbles: ADC Faces Uncertainty Without Atiku, Obi’s Commitment

      August 24, 2025

      Who Spoke, Who Stayed Silent?: 48 Reps, 5 Senators Recorded Zero Contributions In One Year, Report Reveals

      August 24, 2025
    • COLUMN

      Nigeria Is Full Of Single Girls – By Funke Egbemode

      August 24, 2025

      Bye Elections And The Reality Check – By Jonathan Nda-Isaiah

      August 23, 2025

      Putin As The President’s Medicine – By Azu Ishiekwene

      August 22, 2025

      AI As The New Indolence, That Netanyahu Call, Salah’s Tweet And Our Kwam Mentality (1) – By Dr Hassan Gimba

      August 18, 2025

      From KWAM 1 To KWAM 2: How Not To Run A Nation – By Kazeem Akintunde

      August 18, 2025
    • EDUCATION

      FG Names Prof. Adamu Acting Vice-Chancellor To Steer UniAbuja For Three Months

      August 9, 2025

      13 Countries Offering Free Or Low-Cost PhD Programmes For Non-Citizens

      January 25, 2025

      NECO: Abia, Imo Top Performing States In Two Years, Katsina, Zamfara Come Last

      October 3, 2024

      NBTE Accredits 17 Programmes At Federal Polytechnic Kabo

      August 20, 2024

      15 Most Expensive Universities In Nigeria

      May 19, 2024
    • INTERNATIONAL

      Israeli Attacks Kill 63 As Troops Push Deeper Into Gaza City

      August 24, 2025

      Russia Claims More Ukraine Land As Hopes For Peace Agreement Fade

      August 24, 2025

      Dutch Prime Minister, Cabinet Members Resign Over EU’s Refusal To Sanction Israel On Gaza Genocide

      August 23, 2025

      Tension As North Korea Accuses South Korean Troops Of Firing Warning Shots Near Border

      August 23, 2025

      Israeli’s Netanyahu Approves Gaza City Seizure Despite Ceasefire Talks

      August 22, 2025
    • JUDICIARY

      FULL LIST: Judicial Council Recommends Appointment Of 11 Supreme Court Justices

      December 6, 2023

      Supreme Court: Judicial Council Screens 22 Nominees, Candidates Face DSS, Others

      November 29, 2023

      FULL LIST: Judicial Commission Nominates 22 Justices For Elevation To Supreme Court

      November 16, 2023

      Seven Key Issues Resolved By Seven Supreme Court Judges

      October 26, 2023

      FULL LIST: CJN To Swear In Falana’s Wife, 57 Others As SANs November 27

      October 12, 2023
    • POLITICS

      What Peter Obi May Lose If He Joins Coalition As VP Candidate

      May 25, 2025

      Atiku Moves To Unseat Wike’s Damagum As PDP Chairman, Backs Suswam As Replacement

      April 15, 2024

      Edo’s Senator Matthew Uroghide, Others Defect To APC

      April 13, 2024

      Finally, Wike Opens Up On Rift With Peter Odili

      April 2, 2024

      El-Rufa’i’s Debt Burden: APC Suspends Women Leader For Criticising Kaduna Gov

      March 31, 2024
    • SPORTS

      Super Eagles Striker, Victor Boniface’s AC Milan Transfer Stalls Over Fresh Knee Injury Concerns

      August 24, 2025

      Tottenham Emerge Favourites As Five English Clubs Chase Nigeria’s Forward, Ademola Lookman

      August 24, 2025

      Osimhen, Ndidi, Iwobi Return As Coach Chelle Names Squad For Crucial World Cup Qualifiers

      August 23, 2025

      Taribo West Slams NFF, Lagos FA For Abandoning Late Goalkeeper Peter Rufai’s Family

      August 23, 2025

      Former Super Eagles Forward, Brown Ideye Retires From Football At 36

      August 22, 2025
    • MORE
      • AFRICA
      • ANALYSIS
      • BUSINESS
      • ENTERTAINMENT
      • FEATURED
      • LENS SPEAK
      • INFO – TECH
      • INTERVIEW
      • NIGERIA DECIDES
      • OPINION
      • Personality Profile
      • Picture of the month
      • Science
      • Special Project
      • Videos
      • Weekend Sports
    NEWS POINT NIGERIANEWS POINT NIGERIA
    UBA 720X90
    Home - As Tinubu Moves To Rev Up Economic Recovery With Consumer Credit – By Tope Ajayi

    As Tinubu Moves To Rev Up Economic Recovery With Consumer Credit – By Tope Ajayi

    By Tope AjayiJanuary 3, 2024
    tinubu Suit

    AS the new year 2024 begins with a positive outlook, Nigerians can look forward to a great and economically rewarding year as the Federal Government is set to launch a massive consumer credit system in the country.

    While seeking the mandate of Nigerians during the last  electioneering season, President Bola Tinubu was big and loud on the catalytic effect of consumer credit in driving economic recovery, growth and development, in boosting industrial production and as a strong weapon against corruption.

    Long before he declared for the Presidency of Nigeria, President Tinubu had been a big advocate of consumer credit. He made it a key highlight of his remarks at the 2016 edition of the Bola Tinubu Colloquium in Lagos where he called out Chairman of Zenith Bank, Jim Ovia; his UBA counterpart, Tony Elumelu, and other bankers in attendance to begin to rethink consumer credit in Nigeria and charged them to develop good banking products in this regard.

    TAZKIYAH UNIVERSITY

    In ‘Financialism: Water from Empty Well’, a book he co-authored with Brian Browne, several pages were devoted to how consumer credit can propel unprecedented growth and shared prosperity. To demonstrate his absolute commitment to achieving this objective and a major campaign promise clearly enunciated in his Renewed Hope Agenda for a better Nigeria, President Tinubu has set in motion the process to entrench consumer credit as one of the building blocks of a virile and productive economy.

    Against this backdrop, the Presidential Council on Industrial Revitalisation, on December 20, 2023, just before the Christmas holiday, established a Technical Working Group to develop the needed framework to enhance consumer credit in Nigeria. 

    UBA

    The Tinubu-led administration in the words of the Minister of Industry, Trade and Investment, Doris Uzoka-Anite, recognises the importance of consumer credit and its linkage to market efficiencies.

    “An efficient consumer credit system is a highly essential component of successful economies, as it works to improve market efficiencies and fill in gaps in consumption and productivity by providing consumers immediate access to credit, allowing them to purchase ahead of ability,” the Minister said.

    Happy Birthday

    At the inaugural meeting of the Technical Working Group on Consumer credit system that had other members including the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, Minister of Communications and Digital Economy, Bosun Tijani, Uzoka-Anite lamented how the absence of consumer credit had shrunk the productive capacity of the economy and hampered financial inclusion.

    “The absence of a well-structured consumer credit system has been a significant impediment to financial inclusion and economic prosperity,” the Minister of Industry, Trade and Investment declared.

    Nigerian TAX Reform - Federal Goverment

    Given the current state of the economy and the strong push by the government to revamp it, the setting up of the Technical Working Group by the Presidential Council on Industrial Revitalization can be said to be timely and strategic. The Technical Working Group among other things will draw up a working proposal and implementation method on how the country can achieve a viable institutional and regulatory framework that will significantly open up the consumer credit landscape. 

    According to Uzoka-Anite, Nigeria has numerous financial institutions and credit schemes, but many Nigerians still face substantial hurdles in accessing credit due to stringent eligibility criteria, high interest rates, identity-related challenges, fragmented data sources for proof of livelihood and financial worth, lack of awareness or understanding of credit processes, and inadequate credit available for lending. To make sure the agenda of President Tinubu is established on a solid ground and for seamless take-off of the credit scheme, the government has brought together various Ministries and agencies of government that have roles to play to work collaboratively for a successful execution.

    The Technical Working Group draws its members from the Central Bank of Nigeria (CBN), Federal Inland Revenue Service (FIRS), National Identity Management Commission (NIMC), the National Insurance Commission (NAICOM), the National Institute of Credit Administration (NICA), the Federal Competition & Consumer Protection Commission (FCCPC) and the Bank of Industry (BOI) amongst others. It must be said that because of the importance attached to the scheme by President Tinubu, the TWG set for itself a five-month timeline to achieve its objectives. This means by May 2024, a comprehensive, life-changing and an all-encompassing consumer credit system will be launched.

    National Orientation Agency Page UP
    National Orientation Agency - Down

    Uzoka-Anite who is the Vice Chairman of the Presidential Council on Industrial Revitalisation spoke on the specific objectives and the tasks before her Committee to  include: “increasing consumer credit uptake in Nigeria, enabling a sustainable credit system for the country in line with global best practices, and enhancing the supporting infrastructure (technology, data, financial institutions, global partners) to boost credit operations and equip players in the industry.”

    In delivering on its core mandate, the TWG has adopted, according to the Vice Chairman, a holistic consultative approach that will draw on the experience, knowledge, and expertise of the credit ecosystem to understand the issues within the industry and define workable solutions to addressing them.

    As he declared in his New Year National Broadcast, President Tinubu committed himself to removing every obstacle that impedes economic recovery and competitiveness of the business environment. In the new year speech, he also assured that his administration would race against time to deliver necessary reforms that will make life better for all Nigerians. This move by the government to recalibrate consumer credit system is one important reform that will give a new lease of life to Nigerians to be able to own the consumer goods they desire without the burden of having to pay all at once.

    The strategy will also be calibrated to promote local industries and boost productivity among Nigerians towards achieving the lofty economic growth and development promises of the Tinubu administration, as Nigerians will be encouraged to patronise local goods and services. This way, the velocity of credit will be enhanced and the dreams of President Bola Ahmed Tinubu for the transformative power of credit and capital will be achieved.

    Ajayi is Senior Special Assistant to the President on Media & Publicity

    Tinubu Tope Ajayi’s Article
    Share. Facebook Twitter WhatsApp LinkedIn Telegram Email

    Related Posts

    Nigeria: Why Brazil. Yes, Brazil – By Sunday Dare

    August 24, 2025

    President Tinubu Departs Japan For State Visit To Brazil

    August 22, 2025

    ‘Nigeria Is Rising Again’, Tinubu Assures Nigerians In Diaspora

    August 21, 2025

    ‘Nigeria Pursuing Multi-Billion Dollar Deals, Not Trade Stalls’, Presidency Clarifies Role At TICAD9

    August 20, 2025
    Add A Comment
    Leave A Reply Cancel Reply

    Latest Posts

    Wanted Chinese Gang Leader Arrested In Nigeria, Deported To China By INTERPOL

    August 24, 2025

    Fake Pregnancy, Real Cocaine: Widow In NDLEA Net After Attempt To Supply Abuja Clients

    August 24, 2025

    Court Documents Reveal How Truck Driver, Foreign Nationals Defraud Dangote Of Billions

    August 24, 2025

    Coalition Wobbles: ADC Faces Uncertainty Without Atiku, Obi’s Commitment

    August 24, 2025

    Nigeria: Why Brazil. Yes, Brazil – By Sunday Dare

    August 24, 2025
    Advertisement
    WIDGET ADS
    News Point NG
    © 2025 NEWS POINT NIGERIA Developed by ENGRMKS & CO.
    • Home
    • About us
    • Disclaimer
    • Our Advert Rates
    • Privacy Policy
    • Terms of Use

    Type above and press Enter to search. Press Esc to cancel.

    Join Us On WhatsApp