Nigeria to Launch National Credit Guarantee Company to Expand Economic Opportunities
President Bola Tinubu announced on Wednesday that Nigeria will establish a National Credit Guarantee Company in May to enhance lending opportunities for businesses and individuals. This initiative aligns with Tinubu’s economic reform agenda, which he emphasized during his campaign, aiming to boost economic growth through expanded credit access.
“The federal government will establish the National Credit Guarantee Company to expand risk-sharing instruments for financial institutions and enterprises,” Tinubu said. The company will collaborate with entities such as the Bank of Industry, Nigerian Consumer Credit Corporation, Nigerian Sovereign Investment Agency, Ministry of Finance Incorporated, as well as private sector stakeholders and multilateral institutions.
Tinubu underscored that this initiative will strengthen confidence in the financial system, expand credit access, and prioritize under-served groups, including women and youth. “It will drive growth, re-industrialization, and better living standards for our people,” he stated.
This announcement builds on Tinubu’s previous efforts, including the launch of the Nigerian Consumer Credit Corporation eight months ago. The corporation was established to enhance credit access for employed Nigerians, with its implementation rolled out in stages, starting with federal civil service employees and now extending to the general public.
