Nigeria is set to launch a National Credit Guarantee Company in May 2025, aimed at enhancing credit accessibility for both businesses and individuals, as announced by President Bola Tinubu on Wednesday.
This initiative is a key component of Tinubu’s economic reform strategy, designed to promote financial inclusion and stimulate economic development by broadening risk-sharing mechanisms for financial institutions. “This initiative will enhance the confidence in the financial system, increase access to credit, and support marginalized groups such as women and youth,” stated Tinubu.
The new entity will work in partnership with essential government bodies, including the Bank of Industry, the Nigerian Consumer Credit Corporation, the Nigerian Sovereign Investment Agency, and the Ministry of Finance, as well as private sector and multilateral organizations.
Eight months prior, Tinubu introduced the Nigerian Consumer Credit Corporation to improve credit access for employed Nigerians. Initially focused on federal civil service employees, the program has now been extended to the wider public.
The president highlighted that this initiative is part of a larger strategy to promote re-industrialization and enhance living standards across Nigeria.
