The Federal Government has set a target of expanding access to consumer credit to 500,000 Nigerians by December 2026, as it intensifies efforts to build a stronger and more inclusive credit ecosystem.
The target is contained in the Nigerian Consumer Credit Corporation’s (CREDICORP) H2 2026 Outlook, published in its 2026 Impact Report.
The corporation said the target follows the successful expansion of its programme, which had reached more than 300,000 beneficiaries and facilitated over N45.2 billion in consumer credit by the first half of the year.
According to the report, the government’s priorities for the remainder of 2026 include increasing the number of Nigerians accessing consumer credit, expanding loan volumes, mobilising additional capital, strengthening partnerships with lenders and vendors, and deepening consumer education to promote responsible borrowing.
CREDICORP said it would continue to focus on priority sectors including mobility, digital devices, energy solutions, home improvement and life essentials, enabling more Nigerians to acquire productive assets capable of improving their livelihoods.
The corporation also plans to advance national initiatives such as the Credit Passport and Consumer Credit Guidelines, as well as support enabling legislation while expanding participation among lenders, manufacturers, vendors and development partners.
“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,” the corporation said.
CREDICORP said the foundations of Nigeria’s consumer credit ecosystem were firmly established during the first half of 2026, allowing it to shift its focus from building the system to scaling its impact nationwide.
N45.2bn Credit Facilitated
Reflecting on its performance in the first half of the year, the corporation described the period as a major milestone in its development.
The initiative began in April 2024 following a presidential directive to expand access to consumer credit and has since grown into one of Nigeria’s major development finance programmes.
CREDICORP said more than 300,000 Nigerians had accessed affordable consumer credit by June, enabling them to purchase vehicles, digital devices, solar energy solutions, work tools, home improvement materials and other essential items.
Within its first full year of operations, the corporation said it facilitated more than N45.2 billion in consumer credit through participating financial institutions.
It currently works with 36 active participating financial institutions, supports 15 local industries and has maintained a zero non-performing loan record.
The report showed that 36.9 per cent of beneficiaries were accessing formal credit for the first time, while young Nigerians accounted for 46.3 per cent of beneficiaries. Women represented 56.4 per cent, compared with 43.6 per cent for men.
CREDICORP said the figures demonstrate that responsible consumer lending can expand financial inclusion while supporting economic growth.
“Behind every number is a transport operator, market woman, civil servant, young professional, or household breadwinner whose access to affordable credit is creating new opportunities for growth and prosperity,” it said.
Green Financing Reaches 1,352 Beneficiaries
As part of its sustainability agenda, CREDICORP said its Green, Resilient, Equitable, Efficient Nigeria (G.R.E.E.N.) initiative is providing Nigerians with access to climate-friendly financing while reducing carbon emissions.
The report disclosed that 1,352 beneficiaries had been reached under the programme by June 2026, while more than N414.8 million had been invested in green assets.
The initiative has also reduced carbon emissions by about 1,143.7 tonnes of carbon dioxide, with clean cooking stoves making the largest contribution to emission reduction.
CREDICORP said it is targeting a green portfolio worth N1 billion, a reduction of 5,000 tonnes of carbon dioxide emissions and 10,000 beneficiaries before the end of 2026.
Consumer credit literacy improves
The corporation also reported progress in financial literacy through Nigeria’s first Consumer Credit Index, a national framework designed to measure how Nigerians understand, use and perceive consumer credit.
According to the report, the index draws on borrower surveys, loan performance data, national credit bureau records and market engagement patterns to guide public policy and identify underserved communities.
The 2026 survey covered 27,051 Nigerians, more than double the number surveyed in 2025, making it the country’s largest national assessment of consumer credit culture.
The report said the average consumer credit score rose to 40 per cent from 20 per cent, while respondents’ credit education score doubled from about 200 to 400 points out of 1,000, indicating improved public understanding of responsible borrowing.
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CREDICORP said its programmes support several United Nations Sustainable Development Goals, including poverty reduction, gender equality, decent work and economic growth, reduced inequalities and partnerships for development.
It said affordable consumer credit is helping transport operators, market women, civil servants and young professionals acquire productive assets that improve incomes and quality of life.
The corporation noted that its programmes deliberately target women and financially excluded Nigerians, with more than 40 per cent of beneficiaries being first-time formal borrowers.
It added that its partnership model, involving financial institutions, government agencies, development partners and the private sector, continues to expand, creating a stronger foundation for responsible consumer lending across Nigeria.
Looking ahead, CREDICORP said it remains committed to expanding responsible lending, improving consumer education, strengthening governance and mobilising additional investment to build a sustainable consumer credit market that supports inclusive economic growth.
Esther Ososanya is an investigative journalist with Pinnacle Daily, reporting across health, business, environment, metro, Fct and crime. Known for her bold, empathetic storytelling, she uncovers hidden truths, challenges broken systems, and gives voice to overlooked Nigerians. Her work drives national conversations and demands accountability one powerful story at a time.