January 01, (THEWILL) – President Bola Tinubu has unveiled plans to establish a National Credit Guarantee Company aimed at improving access to credit for individuals and critical sectors of the economy, a move designed to bolster confidence in Nigeria’s financial system and stimulate economic growth.
In his New Year message delivered on Wednesday, the President highlighted the initiative as a key component of his administration’s strategy to broaden access to credit, re-industrialize the nation, and uplift marginalized groups, including women and youth.
“The establishment of the National Credit Guarantee Company is a critical step toward expanding risk-sharing instruments for financial institutions and enterprises. This initiative will enhance access to finance, encourage re-industrialization, and improve living standards for Nigerians,” Tinubu stated.
The company, expected to commence operations before the end of the second quarter of 2025, will function as a collaborative effort involving government institutions, the private sector, and multilateral organizations.
Key partners include the Bank of Industry, the Nigerian Consumer Credit Corporation, the Nigerian Sovereign Investment Agency, and the Ministry of Finance Incorporated.
The President emphasised that the initiative aims to provide financial institutions with tools to mitigate risks, thereby increasing their willingness to extend credit to small businesses and critical industries.
“This is not just about providing credit—it’s about creating an enabling environment that encourages sustainable economic growth and fosters financial inclusion for all Nigerians, particularly women and youth,” Tinubu added.
Reaffirming his administration’s commitment to Nigerians’ welfare, Tinubu expressed optimism that the initiative would contribute to his government’s broader reform agenda, which seeks to drive sustainable economic development and prosperity.
“My administration remains on the right path to building a Nigeria that works for everyone. The necessary reforms we are embarking on will ensure sustainable growth and a brighter future for all citizens,” the President assured.
This development aligns with the government’s vision of positioning Nigeria as a robust and inclusive economy through strategic reforms and partnerships.
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