July 18, 2024

Nigeria needs N180 trillion credit annually – CREDICORP CEO Nwagba

The Chief Executive Officer of the Nigerian Consumer Credit Corporation, CREDICORP, Uzoma Nwagba, said that Nigeria needs N180 trillion annually to close its credit gap.

Nwagba, who was recently appointed by President Bola Tinubu to head CREDICORP, disclosed this during a recent interview on Channels Television.

He noted that his first assignment would be to integrate the National Identity Number, NIN, into credit rating to boost trust.

“The government cannot fund that. In the financial system, the people who are already doing lending today are the ones who have the capital. They have the money; they’re just afraid because they cannot put their money out there and lose it.

“The CBN is quite a strong partner on this journey with us, as well as credit registries and credit bureaus. Once we have been able to establish the trust, the N180 trillion we are looking for will go away from all these flights to safety and start lending to Nigerians,” he said.

“My first job is to strengthen the credit infrastructure of the country. It means that every economically active Nigerian will have a credit score written on their NIN so that they cannot run away from their credit behaviour,” he said.

DAILY POST recalls that the National Identity Management Commission, NIMC, recently disclosed that over 107.3 million Nigerians had been registered as of April 2024.

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