Leadnaija
This was disclosed in President Bola Tinubu’s new year message where he described that the initiative aims to boost credit access for individuals and businesses, ultimately driving economic growth and national productivity.
“In this new year, my administration will further consolidate and increase access to credit for individuals and critical sectors of the economy to boost national economic output.
“To achieve this, the federal government will establish the National Credit Guarantee Company to expand risk-sharing instruments for financial institutions and enterprises,” he stated.
Tinubu added that the company is expected to commence operations before the end of the second quarter of 2025.
It will serve as a platform for expanding risk-sharing instruments for financial institutions, encouraging them to extend more loans to critical sectors of the economy and underserved groups.
He continued, “The Company—expected to start operations before the end of the second quarter—is a partnership of government institutions, such as the Bank of Industry, Nigerian Consumer Credit Corporation, the Nigerian Sovereign Investment Agency, and Ministry of Finance Incorporated, the private sector, and multilateral institutions.”
“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.Tap Here for the Full Story
