Precious Anga
Lagos — President Bola Tinubu has said Nigerians can use consumer credit provided through the Nigerian Consumer Credit Corporation, CREDICORP, to acquire solar systems, vehicles, digital devices and other essential assets without having to save for years before making such purchases.
Tinubu disclosed this in his Independence Day address on Thursday as Nigeria marked its 66th anniversary, linking access to consumer credit with the government’s wider efforts to ease financial pressure on households and expand economic opportunities.
“It is why CREDICORP is giving working Nigerians access to consumer credit, allowing people to acquire vehicles, solar systems, digital devices and other essential assets without first having to accumulate years of savings,” Tinubu said.
The solar component provides a financing route for households and workers seeking alternative power solutions without bearing the full cost of a solar system upfront. CREDICORP’s mandate includes expanding access to consumer credit and reducing barriers that prevent Nigerians from acquiring essential assets.
The initiative is particularly relevant to Nigeria’s power sector, where households and businesses continue to seek more reliable electricity supply and alternative energy solutions. The Federal Government has also identified off-grid solar deployment as part of efforts to expand electricity access.
Beyond solar energy, Tinubu said the government was using a range of interventions to support vulnerable Nigerians while pursuing measures aimed at improving productivity, creating jobs and strengthening the economy.
He also highlighted the Nigerian Education Loan Fund, saying the scheme was helping children from low-income families pursue higher education where their parents might otherwise struggle to meet tuition costs.
The President said the government was equally strengthening direct support for poorer households through an improved National Social Register, with the aim of ensuring that assistance reaches people who meet the relevant criteria.
“These programmes are not substitutes for prosperity. They are a bridge to aid our nation’s citizens on their path towards it,” he said.
Tinubu said the administration’s broader economic strategy remained focused on reducing the cost of living by lowering the cost of producing and transporting goods, while identifying agriculture, mechanisation, irrigation, storage, roads, railways and ports as areas of investment.
He also said the government would continue to prioritise jobs, enterprise and industrial growth while expanding digital connectivity and access to finance.
For Nigeria’s energy market, the inclusion of solar systems in the consumer-credit programme places financing alongside technology and electricity access as key factors in enabling more households and businesses to adopt alternative power solutions. CREDICORP said earlier in 2026 that it was established to build credit infrastructure, provide catalytic capital and widen access to consumer credit.
