President Tinubu: Consumer Credit Loan Scheme amount of the Applicants Currently
President Tinubu: Consumer Credit Scheme amount of the Applicants Currently
Consumer Credit Scheme: Within a week, from April 24 to May 1, 2024, over 1.1 million Nigerians made Expressions of Interest (EOI) for consumer credit totaling over N1.28 trillion. Vanguard was able to obtain a report from the Nigerian Consumer Credit Corporation (CrediCorp) that included this information.
Remember that two weeks ago, President Bola Tinubu gave his approval for the Nigerian Consumer Credit Scheme’s initial phase to begin, a program that provides credit facilities to the nation’s working population.
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According to a breakdown of the report, as of May 1, different categories of Nigerians across the 36 states of the federation and the Federal Capital Territory (FCT) had made consumer credit requests totaling about 1.15 million worth over N1.28 trillion, covering 723 out of the 774 Local Government Areas in the nation.
The average request was for N1.115 million. Additionally, the report showed that 26% of the submissions were made by women and 74% of the submissions were made by men.
A more detailed analysis reveals that 207,962 (18%) requests were submitted for small company loans; 182,195 (16%) for personal and household costs; 179,186 (16%) for school fees; 176,620 (15%) for home purchases; 120,936 for car purchases; and 73,054 (6%) for investments.
The remaining amounts are 53,237 for appliances; 48,590 (4%) for house rental; 41,582 (4%) for medical expenditures; 28,511 (2%) for debt repayment; 12,982 (91%), for weddings or other special occasions; 12, 305 (1%) for utilities; and 7,809 (1%) for trips and vacations.
According to the research, more than a million Nigerians applied for consumer loans through CREDICORP by submitting Expressions of Interest (EOI) in just one week. In addition, this EOI process functioned as an organic national survey to ascertain the credit needs and personal economics of Nigerians. This study provides an overview of important insights.
The demand for consumer credit is high across the country (1.3 trillion in only one week), as evidenced by online applications from 85% of LGAs. There appears to be a significant bias in favor of men, but more submission rounds—including offline and field—may show differently.
