Over 100,000 Nigerians Access Credit Scheme, 400,000 More to Benefit — President Bola Tinubu

President Bola Tinubu has revealed that more than 100,000 Nigerians have so far accessed the national consumer credit scheme aimed at expanding economic inclusion and supporting enterprise growth. An additional 400,000 individuals are set to benefit from the next phase of the initiative.

Speaking in Abuja at the 32nd Annual Meetings of the African Export-Import Bank (Afrexim Bank), President Tinubu highlighted a series of reforms and projects aimed at strengthening the country’s economic resilience and unlocking long-term development opportunities.

He noted that over ₦45.9 billion has been invested in upgrading nearly 9,000 primary health centres, with efforts also ongoing to boost digital infrastructure and road networks across the country. According to him, major national routes and logistics corridors are under construction, including the Lagos–Calabar Coastal Highway and the Abuja–Kaduna–Kano Road.

Tinubu also pointed to Nigeria’s engagement with Afrexim Bank, stating that the country has received over $52 billion in support from the institution in sectors such as energy, manufacturing, healthcare, and agriculture.

He announced plans to partner with the bank to establish the Africa Energy Bank, headquartered in Abuja, with an initial capital of $5 billion to fund Africa’s energy transition.

Among other projects cited were the Bakassi Deep Seaport, expansions in the fertiliser sector, and new efforts to foster creative and export-driven small businesses. He urged African countries to embrace the Pan-African Payment and Settlement System (PAPSS), which enables local currency transactions across borders, to reduce dependence on foreign exchange and strengthen regional trade.

The event also saw Tinubu confer a national honour—Grand Commander of the Order of the Niger (GCON)—on Afrexim Bank President Benedict Oramah, in recognition of his contributions to African economic development.

Presenting his end-of-tenure report, Prof. Oramah highlighted the bank’s expansion during his leadership, noting that its assets grew from $5 billion to over $37 billion, with strong interventions during the COVID-19 pandemic and in strategic sectors like health, agriculture, and industrialisation.

The forum was attended by leaders from across Africa, including former heads of state from Nigeria, Ghana, Senegal, and Niger.