FG Expands Consumer Credit Scheme: ₦45bn for 500,000 Nigerians to Buy Cars, Phones and Home Goods

The Federal Government plans to extend its consumer credit programme to 500,000 Nigerians by the end of 2026, according to the latest outlook from the Nigerian Consumer Credit Corporation. So far, over ₦45.2 billion has been disbursed to more than 300,000 beneficiaries since the scheme launched in April 2024. More than 40% of these recipients are first-time formal borrowers. Designed to help citizens acquire vehicles, smartphones, laptops, solar energy products and home improvement items, the initiative will focus in the second half of 2026 on boosting loan disbursements, securing fresh capital and strengthening lender and vendor partnerships. This drive is part of a broader effort to deepen financial inclusion and create a credit-enabled economy, giving more Nigerians access to responsible loans and helping them build sustainable financial histories.

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