President Bola Tinubu, in a speech on Wednesday, announced that Nigeria will establish a national credit guarantee company in May to provide loans to businesses and individuals.
Tinubu, who assumed office in May 2023, had campaigned on economic reforms, including expanding access to credit as a means to stimulate economic growth.
“To achieve this, the federal government will establish the National Credit Guarantee Company to expand risk-sharing instruments for financial institutions and enterprises.
Tinubu stated that the new credit guarantee company would collaborate with various government institutions, including the Bank of Industry, Nigerian Consumer Credit Corporation, the Nigerian Sovereign Investment Agency, and Ministry of Finance Incorporated. It will also work with the private sector and multilateral organizations.
“This initiative will strengthen the confidence of the financial system, expand credit access, and support under-served groups such as women and youth. It will drive growth, re-industrialisation, and better living standards for our people,” Tinubu said.
Tinubu launched the Nigerian Consumer Credit Corporation eight months ago to improve access to credit for employed Nigerians. The programme’s implementation was planned in stages starting with the Federal Civil Service employees and then the general public.
