President Bola Tinubu announced on Wednesday that Nigeria will establish a National Credit Guarantee Company in May to expand access to credit for businesses and individuals.
This move aligns with Tinubu’s campaign promise to revitalize the economy through economic reforms, including increased access to credit.
The company will operate by sharing risks with financial institutions and enterprises, thereby fostering greater confidence within the financial system.
Key partners in this initiative will include government institutions such as the Bank of Industry, the Nigerian Consumer Credit Corporation, and the Nigerian Sovereign Investment Agency, alongside private sector entities and multilateral institutions.
President Tinubu emphasized that this initiative will play a crucial role in driving economic growth, supporting under-served segments of the population, and ultimately improving living standards for all Nigerians.
This announcement follows the launch of the Nigerian Consumer Credit Corporation eight months ago, which aimed to enhance credit access for employed Nigerians. The program began with Federal civil service employees and has since been extended to the general public.
