Nigeria, June 17 -- The federal government has unveiled plans to offer Nigerians interest-free consumer credit of up to N2 million under a new Credicorp-backed initiative, the Managing Director of the Consumer Credit Corporation of Nigeria (Credicorp), Uzoma Nwagba, announced on Tuesday.

Speaking to journalists after a meeting with President Bola Tinubu at the Presidential Villa in Abuja, Mr Nwagba said the initiative aims to ease the financial burden on Nigerians by providing an affordable way to purchase essential goods and services, such as school fees, rent, devices and household appliances.

He clarified that Credicorp will not lend directly to individuals, but will support financial institutions that provide credit. The agency will...