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No Connections Needed – Beneficiary Shares CREDICORP Loan Experience
No Connections Needed – Beneficiary Shares CREDICORP Loan Experience. The Federal Government has launched a new loan program through the Nigerian Consumer Credit Corporation to provide financial relief to Nigerians facing the impact of recent fuel price hikes.....KINDLY READ THE FULL STORY HERE▶
CREDICORP, a Development Finance Institution (DFI), was established to democratise access to consumer credit for Nigeria’s working population. The loans are being offered through participating financial institutions to help households meet urgent needs and ease the burden on their budgets.
In a statement released on Monday, CREDICORP emphasised, “This initiative is part of the government’s efforts to address the rising cost of living and provide much-needed support during these challenging times.”
The Corporation added that Nigerians interested in applying for the loan can do so by visiting the CREDICORP website at [www.credicorp.ng](http://www.credicorp.ng).
Currently, civil servants are the primary beneficiaries of the program, though it is expected to expand to the general public soon.
CREDICORP further explained that “over 10,942 civil servants across various sectors have already benefited, including 4,786 education workers, 1,307 healthcare professionals, 753 specialized workers, 1,264 police and paramilitary officers, and 2,831 administrators.”
One beneficiary, Mrs. Hauwa Bawa from the Ministry of Labour and Productivity, shared her experience, “I got my loan without knowing anyone. I applied online, and the funds were disbursed promptly. It helped me take care of my small farm and some serious household needs. I can’t thank CREDICORP and President Bola Ahmed Tinubu enough.”
This loan program comes at a critical time as Nigerians struggle with soaring fuel costs.
In September 2024, the Nigerian National Petroleum Corporation raised fuel prices from N568 to N897 per litre, with some stations charging as much as N1,000.
This has led to a surge in the cost of basic commodities, exacerbating the already high inflation rate, which now stands at 34.19%.
The statement further read, “CREDICORP’s mandate focuses on three key pillars including, infrastructure to strengthening Nigeria’s consumer credit system and ensuring that all economically active citizens have a comprehensive credit score.
“Capital to provide funding and credit guarantees to financial institutions that expand consumer credit access and cultural re-orientation, majorly to educate the public on responsible credit usage and encouraging institutions to improve consumer credit underwriting.
President Tinubu’s administration remains committed to offering timely relief to Nigerians through this initiative. “Our goal is to support the population in weathering the current economic storm,” the President’s office said in the statement.
The future of Nigeria’s Naira-for-Crude policy remains in limbo as negotiations continue between the Nigerian government and Dangote Refinery. The six-month agreement between the Nigerian National Petroleum Corporation (NNPCL) and Dangote Refinery expired on March 31, 2025, without a renewal, leading to the suspension of the refinery’s sale of refined petroleum products in Naira. However, the refinery has continued processing approximately 400,000 barrels of crude oil daily, with 35% of the crude sourced from international markets, particularly Brazil and Equatorial Guinea.....KINDLY READ THE FULL STORY HERE▶
Although the policy’s future is still under review, sources suggest that its economic implications, especially concerning fuel prices and foreign exchange rates, make it crucial to the national economy. Despite challenges in crude supply from NNPC, Dangote Refinery has expanded its global sourcing and is currently sourcing crude from Brazil’s Petrobras and Equatorial Guinea.
No official agreement has been reached yet to extend the Naira-for-Crude deal. The Nigerian government’s committee in charge of the policy is waiting for recommendations from the Nigeria Upstream Petroleum Regulatory Commission before proceeding. Meanwhile, the refinery’s management has expressed uncertainty regarding the renewal of the deal, citing concerns over the financial strain and volatility of exchange rates. The future of the policy remains unclear, with NNPC expected to supply crude oil to Dangote Refinery in April, but payment terms are yet to be finalized.
The price of cement, a vital resource for Nigeria’s construction industry, has witnessed significant changes recently, with rates fluctuating depending on brand, location, and market factors. Here is an overview of the current prices for some leading cement brands:....KINDLY READ THE FULL STORY HERE▶
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Dangote Cement: The cost of a 50kg bag of Dangote Cement ranges between ₦8,000 and ₦10,300. Known for its high quality, Dangote Cement remains a preferred choice in various construction projects. Prices are generally lower in areas near production plants but tend to rise in regions requiring extensive distribution.
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BUA Cement: Priced between ₦8,000 and ₦8,500 per 50kg bag, BUA Cement is popular among builders due to its competitive pricing and stability. Prices may vary slightly depending on proximity to manufacturing sites.
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Lafarge Water Shield Cement: Priced at ₦20,000 per 50kg bag, this cement variant is specifically formulated for durability and resistance to moisture, making it ideal for projects in damp environments.
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Waterproof Cement JK: Available at ₦15,000 per 50kg bag, Waterproof Cement JK is engineered to offer exceptional protection against water ingress, particularly useful for wet construction sites.
Over the past year, cement prices in Nigeria have surged significantly. At the start of 2024, a 50kg bag cost around ₦4,500. By November 2024, the price rose to about ₦8,500, reflecting an increase of approximately 89%. This upward trend is attributed to factors such as rising production costs, increased demand, and logistical challenges.
Marketers predict a potential further increase in cement prices, emphasizing the need for stakeholders in the construction sector to stay informed and plan accordingly.
A recent survey conducted by Naija News has revealed a notable decrease in the price of cooking gas in Nigeria, offering much-needed relief to households and small businesses. According to the survey, the cost of refilling cooking gas per kilogram has reduced significantly from ₦1,350 to ₦1,020.....KINDLY READ THE FULL STORY HERE▶
This positive development is expected to ease the financial burden on Nigerian families and small enterprises, especially those that heavily depend on cooking gas as a primary energy source. The survey, encompassing gas stations and vendors from various parts of the country, shows that the reduced price may help lower the overall cost of living.
The revised price breakdown is as follows:
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1 kg of Cooking Gas: ₦1,020
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3 kg of Cooking Gas: ₦3,060
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5 kg of Cooking Gas: ₦5,100
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10 kg of Cooking Gas: ₦10,200
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12.5 kg of Cooking Gas: ₦12,750
This decline marks a significant shift from the previous upward trend in gas prices and is likely to positively impact the economy, particularly the food and hospitality sectors. Businesses that rely on cooking gas will experience reduced operational costs, ultimately boosting their profit margins.
Experts attribute the drop in cooking gas prices to several factors, including fluctuations in global energy costs and adjustments within local supply chains. Despite recent variations in crude oil and natural gas prices, the reduction is perceived as a welcome development for Nigerian consumers.
By spending less on cooking gas, households and small businesses will now see some financial relief in their monthly budgets, especially during these economically challenging times.
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