The credit revolution: Powering Nigeria’s renewed hope, By Zainab Bakare

The government is building a system in which a Nigerian’s character — their history of paying rent on time or fulfilling ajo obligations — can finally be translated into formal financial power.

By systematically lowering the cost of borrowing and building a universal credit identity, the Renewed Hope Agenda is doing something no previous administration has even attempted: dismantling the barriers that have kept Nigerians in a perpetual cycle of cash-strapped survival.

When President Bola Ahmed Tinubu assumed office on 29 May, 2023, he inherited an economy in shambles and on life-support, while haemorrhaging seriously from criminalised state subsidies, all manners of financial arbitrages, a widening fiscal deficit, crumbling infrastructure, and a financial system that excluded roughly 28 million adults. Hence, there was the immediate need to activate the policy platform he had campaigned on, while seeking office to stem the negative tide – the Renewed Hope Agenda.

This is a strategic framework of five interconnected pillars – fiscal discipline, economic
reform, infrastructure expansion, local industry support, and financial inclusion. This sets out on a swift re-engineering of the Nigerian economy to trigger sustainable development through priority areas that include job creation, security, healthcare, education, a digital economy and social investment towards the improvement of the lives of citizens. Crucial to its projected goal is the creation of a $1 trillion dollar economy, a vital flank of which is the fostering of financial inclusion through a credit revolution.

For decades, the average Nigerian has lived in a “pay-now, receive-now” economy. In this cash-dominant reality, the dreams of the working class — owning a home, driving a car, or scaling a business — were often deferred indefinitely or surrendered to the mercies of predatory lenders. But beneath the surface of Nigeria’s cash-dominant reality, a fundamental shift has been activated.

From Shadows to Systems

Under the APC’s Renewed Hope Agenda, the Nigerian Consumer Credit Corporation (CREDICORP) has emerged not just as another government agency, but as the structural backbone of the building of a new Nigerian middle class. I dare say that it is the most consequential structural intervention in the country’s economic history till date. This is not an opinion, but an observation backed by hard statistics.

To appreciate the weight of CREDICORP, you must first understand the chaos it was built to solve. For years, the informal sector — ajo, esusu, adashe — kept families afloat but left traders and workers as “financial ghosts.” When formal banks looked at a market woman who had never missed a daily contribution, they saw no data, no score, no history. So, she was invisible.

Then came the digital “loan sharks.” Exploiting the desperation of an underserved market, these apps offered quick cash at annual interest rates exceeding 600 per cent, enforced through systemic harassment and public shaming. CREDICORP is the federal government’s decisive move to bring credit out of these shadows and into a regulated, sustainable, and empowering light.

The impact of this strategy is already visible in the numbers. By December 2025, CREDICORP had successfully funnelled over ₦30 billion into the hands of more than 200,000 Nigerians. Most remarkably, this expansion was achieved with a reported zero non-performing loan (NPL) rate, a testament to the institution’s rigorous focus on credit education and documented income streams.

The Mechanics of Renewed Hope

CREDICORP’s brilliance lies in its “wholesale” model. It does not compete with banks; it empowers them. By providing capital and credit guarantees to over 15 partner financial institutions — including names like Ecobank, Stanbic IBTC, and Wema Bank — the government has fundamentally altered the risk appetite of the private sector.

The impact of this strategy is already visible in the numbers. By December 2025, CREDICORP had successfully funnelled over ₦30 billion into the hands of more than 200,000 Nigerians. Most remarkably, this expansion was achieved with a reported zero non-performing loan (NPL) rate, a testament to the institution’s rigorous focus on credit education and documented income streams.

And the results are no longer theoretical. By December 2025, CREDICORP had funnelled over ₦30 billion into the hands of more than 200,000 Nigerians. Read that again. Thirty billion naira! But the figure that truly silenced critics was the reported zero non-performing loan (NPL) rate. Zero. In a country where debt is culturally feared and repayment scepticism is high; this is a quiet revolution in financial discipline and credit education. It proves that Nigerians are not untrustworthy borrowers; they have simply never been given a fair chance.

Tailored Solutions for a Diverse Nation

Of course, “Renewed Hope” is not a one-size-fits-all slogan. CREDICORP’s targeted programming demonstrates a sophistication rarely seen in government development finance. For federal civil servants, the Consumer Credit Scheme provides a low-risk entry point using payroll-linked repayments. When the petrol subsidy removal threatened to cripple household budgets, the S.C.A.L.E. (Securing Consumer Access for Local Enterprises) initiative stepped in, offering credit for locally assembled CNG or electric vehicles and solar energy solutions — simultaneously easing living costs and stimulating domestic manufacturing.

Then there is YouthCred – loans up to ₦5 million for employed citizens aged 18 to 39 at rates as low as 2 per cent per month. Contrast that with the digital loan shark’s 20 per cent or more. And with a target of reaching 10,000 women, this initiative specifically addresses the gender gap in financial access, empowering female entrepreneurs who have historically been excluded from formal systems.

The foundation has been laid. If the current trajectory of execution and accountability continues, the story of the “new Nigerian middle class” will not be remembered as a political slogan. It will be remembered as the most powerful economic legacy of this era. The credit revolution has begun. It is time for every Nigerian to claim their score.

Beyond the Loan: The Infrastructure of Identity

Perhaps the most transformative aspect of CREDICORP is its mandate to ensure every economically active citizen has a credit score. This is the ultimate “Renewed Hope” infrastructure. A credit score is more than a number; it is a financial passport; it allows a diligent borrower to build a reputation that eventually leads to better rates and larger loan limits.

For the first time, the government is building a system in which a Nigerian’s character — their history of paying rent on time or fulfilling ajo obligations — can finally be translated into formal financial power. That is the ultimate “Renewed Hope” — the promise that your reputation precedes you, not as a liability, but as an asset.

Let me be clear-eyed. Early success is not final victory. The path to reaching 50 per cent of working Nigerians by 2030 is lined with potential pitfalls. History warns us of “mission creep,” political interference, and the temptation to turn a merit-based lender into a slush fund for the connected few. To maintain public trust, CREDICORP must remain ruthlessly data-driven and transparent. Furthermore, with 38 per cent of Nigerians still unbanked, the government must close the data infrastructure gap. You cannot score someone who does not exist in the system.

Yet, despite these caveats, the direction is unmistakable. CREDICORP is more than a lending agency. It is a declaration that the Nigerian worker is trustworthy. It is a statement that aspirations are not frivolous. By systematically lowering the cost of borrowing and building a universal credit identity, the Renewed Hope Agenda is doing something no previous administration has even attempted: dismantling the barriers that have kept Nigerians in a perpetual cycle of cash-strapped survival.

The foundation has been laid. If the current trajectory of execution and accountability continues, the story of the “new Nigerian middle class” will not be remembered as a political slogan. It will be remembered as the most powerful economic legacy of this era. The credit revolution has begun. It is time for every Nigerian to claim their score.

Zainab Bakare, a media analyst and journalist with Zeal Africa Network, writes from Ikeja, Lagos.